Company Quick10K Filing
McDermott
Price2.00 EPS-26
Shares182 P/E-0
MCap364 P/FCF-1
Net Debt1,216 EBIT-4,789
TEV1,580 TEV/EBIT-0
TTM 2019-09-30, in MM, except price, ratios
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MDR 10Q Quarterly Report

Part I: Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Nature of Operations and Organization
Note 2 - Basis of Presentation
Note 3 - Reorganization
Note 5 - Revenue Recognition
Note 6 - Project Changes in Estimates
Note 7 - Accounts Receivable - Trade, Net
Note 8 - Goodwill and Other Intangible Assets
Note 9 - Joint Venture and Consortium Arrangements
Note 10 - Restructuring and Integration Costs and Transaction Costs
Note 11 - Debt
Note 12 - Lease Obligations
Note 13 - Pension and Postretirement Benefits
Note 14 - Accrued Liabilities
Note 15 - Fair Value Measurements
Note 16 - Derivative Financial Instruments
Note 17 - Income Taxes
Note 18 - Stockholders' Equity and Equity - Based Incentive Plans
Note 19 - Redeemable Preferred Stock
Note 20 - Earnings per Share
Note 21 - Commitments and Contingencies
Note 22 - Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.5 mdr-ex105_12.htm
EX-31.1 mdr-ex311_9.htm
EX-31.2 mdr-ex312_8.htm
EX-32.1 mdr-ex321_6.htm
EX-32.2 mdr-ex322_11.htm

McDermott Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1511851-12012201420172020
Assets, Equity
2.31.30.3-0.8-1.8-2.82012201420172020
Rev, G Profit, Net Income
0.80.60.40.1-0.1-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      

Commission File No. 001-08430

 

McDERMOTT INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

 

 

Republic of Panama

 

 

 

72-0593134

(State or Other Jurisdiction of

Incorporation or Organization)

 

 

 

(I.R.S. Employer

Identification No.)

 

 

 

 

 

757 N. Eldridge Parkway

Houston, Texas

 

 

77079

(Address of Principal Executive Offices)

 

 

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (281) 870-5000

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of exchange on which registered

Common stock, par value $1.00 per share

MDRIQ (1)

OTC Pink Marketplace (1)

 

Securities registered pursuant to Section 12(g) of the Act: None

 

(1)

On February 6, 2020, the New York Stock Exchange filed a Form 25 with the Securities and Exchange Commission to delist the common stock, $1.00 par value (the “Common Stock”), of McDermott International, Inc. (the “Registrant”) from the New York Stock Exchange. The delisting was effective 10 days after the Form 25 was filed. The deregistration of the Common Stock under Section 12(b) of the Act will become effective 90 days after the filing date of the Form 25, at which point the Common Stock will be deemed registered under Section 12(g) of the Act. The Registrant’s Common Stock began trading on the OTC Pink Marketplace on January 22, 2020 under the symbol “MDRIQ.”

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

  

 

Smaller reporting company

 

 

 

Emerging growth company

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.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  

The number of shares of the registrant’s common stock outstanding at May 6, 2020 was 193,081,224.

 


TABLE OF CONTENTS

 

McDERMOTT INTERNATIONAL, INC.

INDEX—FORM 10-Q

 

 

PAGE

 

 

PART I—FINANCIAL INFORMATION

3

Item 1—Condensed Consolidated Financial Statements

3

Statements of Operations

3

Statements of Comprehensive Income (Loss)

4

Balance Sheets

5

Statements of Cash Flows

6

Statements of Stockholders’ Equity

7

Notes to the Condensed Consolidated Financial Statements

9

Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations

54

Item 3—Quantitative and Qualitative Disclosures about Market Risk

82

Item 4—Controls and Procedures

83

PART II—OTHER INFORMATION

84

Item 1—Legal Proceedings

84

Item 1A—Risk Factors

84

Item 6—Exhibits

86

SIGNATURES

88

 

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

McDERMOTT INTERNATIONAL, INC. (DEBTOR-IN-POSSESSION)

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

 

 

Three months ended

March 31,

 

 

 

2020

 

 

2019

 

 

 

(In millions, except per share amounts)

 

Revenues

 

$

1,906

 

 

$

2,063

 

Costs and Expenses:

 

 

 

 

 

 

 

 

Cost of operations

 

 

1,853

 

`

 

1,928

 

Project intangibles and inventory-related amortization

 

 

3

 

 

 

5

 

Total cost of operations

 

 

1,856

 

 

 

1,933

 

Selling, general and administrative expenses

 

 

62

 

 

 

68

 

Research and development expenses

 

 

2

 

 

 

2

 

Transaction costs

 

 

35

 

 

 

4

 

Restructuring and integration costs

 

 

14

 

 

 

69

 

Other intangibles amortization

 

 

8

 

 

 

11

 

Property, plant and equipment impairment

 

 

884

 

 

 

-

 

Goodwill impairment

 

 

91

 

 

 

-

 

Intangible assets impairment

 

 

3

 

 

 

-

 

Total expenses

 

 

2,955

 

 

 

2,087

 

Loss from investments in unconsolidated affiliates

 

 

(2

)

 

 

-

 

Investment in unconsolidated affiliates-related amortization

 

 

-

 

 

 

(1

)

Operating loss from continuing operations

 

 

(1,051

)

 

 

(25

)

Other expense:

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(56

)

 

 

(92

)

Reorganization items, net

 

 

(246

)

 

 

-

 

Other non-operating income, net

 

 

3

 

 

 

1

 

Total other expense, net

 

 

(299

)

 

 

(91

)

Loss from continuing operations before provision for income taxes

 

 

(1,350

)

 

 

(116

)

Income tax expense (benefit)

 

 

8

 

 

 

(21

)

Net loss from continuing operations

 

 

(1,358

)

 

 

(95

)

Net (loss) income from discontinued operations

 

 

(14

)

 

 

38

 

Net loss

 

 

(1,372

)

 

 

(57

)

Less: Net income (loss) attributable to noncontrolling interests

 

 

6

 

 

 

(1

)

Net loss attributable to McDermott

 

 

(1,378

)

 

 

(56

)

 

 

 

 

 

 

 

 

 

Dividends on redeemable preferred stock

 

 

(3

)

 

 

(10

)

Accretion of redeemable preferred stock

 

 

(1

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(1,382

)

 

$

(70

)

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to common stockholders

 

 

 

 

 

 

 

 

Continuing operations

 

 

 

 

 

 

 

 

Basic

 

 

(7.09

)

 

 

(0.60

)

Diluted

 

 

(7.09

)

 

 

(0.60

)

Discontinued operations

 

 

 

 

 

 

 

 

Basic

 

 

(0.07

)

 

 

0.21

 

Diluted

 

 

(0.07

)

 

 

0.21

 

 

 

 

 

 

 

 

 

 

Shares used in the computation of net (loss) income per share

 

 

 

 

 

 

 

 

Basic

 

 

193

 

 

 

181

 

Diluted

 

 

193

 

 

 

181

 

See accompanying Notes to these Condensed Consolidated Financial Statements.

 

3

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

McDERMOTT INTERNATIONAL, INC. (DEBTOR-IN-POSSESSION)

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(Unaudited)

 

 

 

 

 

 

 

Three months ended

March 31,

 

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Net loss

 

$

(1,372

)

 

$

(57

)

Other comprehensive loss from continuing operations, net of tax:

 

 

 

 

 

 

 

 

Loss on derivatives

 

 

(42

)

 

 

(19

)

Foreign currency translation

 

 

(28

)

 

 

(22

)

Other comprehensive loss from discontinued operations, net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation

 

 

(4

)

 

 

(17

)

Total comprehensive loss

 

 

(1,446

)

 

 

(115

)

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

6

 

 

 

(1

)

Comprehensive loss attributable to McDermott

 

$

(1,452

)

 

$

(114

)

 

See accompanying Notes to these Condensed Consolidated Financial Statements.

 

 

4

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

McDERMOTT INTERNATIONAL, INC. (DEBTOR-IN-POSSESSION)

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

March 31, 2020 (Unaudited)

 

 

December 31, 2019

 

 

 

(In millions, except per share amounts)

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents ($239 and $213 related to variable interest entities ("VIEs"))

 

$

1,177

 

 

$

790

 

Restricted cash and cash equivalents

 

 

397

 

 

 

393

 

Accounts receivable—trade, net ($92 and $102 related to VIEs)

 

 

832

 

 

 

942

 

Accounts receivable—other ($29 and $32 related to VIEs)

 

 

186

 

 

 

178

 

Contracts in progress ($246 and $195 related to VIEs)

 

 

979

 

 

 

703

 

Project-related intangible assets, net

 

 

27

 

 

 

33

 

Current assets of discontinued operations held for sale

 

 

2,451

 

 

 

306

 

Other current assets ($25 and $25 related to VIEs)

 

 

192

 

 

 

210

 

Total current assets

 

 

6,241

 

 

 

3,555

 

Property, plant and equipment, net

 

 

1,224

 

 

 

2,066

 

Operating lease right-of-use assets

 

 

330

 

 

 

349

 

Accounts receivable—long-term retainages

 

 

32

 

 

 

24

 

Investments in unconsolidated affiliates

 

 

74

 

 

 

73

 

Goodwill

 

 

56

 

 

 

147

 

Other intangibles, net

 

 

168

 

 

 

179

 

Non-current assets of discontinued operations held for sale

 

 

-

 

 

 

2,173

 

Other non-current assets

 

 

175

 

 

 

171

 

Total assets

 

$

8,300

 

 

$

8,737

 

 

 

 

 

 

 

 

 

 

Liabilities, Mezzanine Equity and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Debt

 

$

2,038

 

 

$

5,107

 

Lease obligations

 

 

138

 

 

 

140

 

Accounts payable ($149 and $182 related to VIEs)

 

 

796

 

 

 

1,083

 

Advance billings on contracts ($504 and $542 related to VIEs)

 

 

1,177

 

 

 

1,191

 

Project-related intangible liabilities, net

 

 

8

 

 

 

10

 

Current liabilities of discontinued operations held for sale

 

 

426

 

 

 

383

 

Accrued liabilities ($64 and $69 related to VIEs)

 

 

1,302

 

 

 

1,530

 

Total current liabilities

 

 

5,885

 

 

 

9,444

 

Long-term lease obligations

 

 

279

 

 

 

294

 

Deferred income taxes

 

 

55

 

 

 

59

 

Non-current liabilities of discontinued operations held for sale

 

 

-

 

 

 

76

 

Other non-current liabilities

 

 

804

 

 

 

717

 

Total liabilities not subject to compromise

 

 

7,023

 

 

 

10,590

 

 

 

 

 

 

 

 

 

 

Liabilities subject to compromise

 

 

4,578

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

 

Redeemable preferred stock

 

 

294

 

 

 

290

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $1.00 per share, authorized 255 shares; issued 196 shares

 

 

196

 

 

 

196

 

Capital in excess of par value

 

3,557

 

 

 

3,553

 

Accumulated deficit

 

 

(7,082

)

 

 

(5,693

)

Accumulated other comprehensive loss

 

 

(177

)

 

 

(103

)

Treasury stock, at cost: 3 and 3 shares, respectively

 

 

(96

)

 

 

(96

)

Total McDermott Stockholders' Equity

 

 

(3,602

)

 

 

(2,143

)

Noncontrolling interest

 

 

7

 

 

 

-

 

Total stockholders' equity

 

 

(3,595

)

 

 

(2,143

)

Total liabilities and stockholders' equity

 

$

8,300

 

 

$

8,737

 

See accompanying Notes to these Condensed Consolidated Financial Statements.

 

5

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

McDERMOTT INTERNATIONAL, INC. (DEBTOR-IN-POSSESSION)

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(1,372

)

 

$

(57

)

Adjustments to reconcile net loss to cash flows from operating activities:

 

 

 

 

 

 

 

 

Property, plant and equipment impairment

 

 

884

 

 

 

-

 

Goodwill impairment

 

 

91

 

 

 

-

 

Depreciation and amortization

 

 

60

 

 

 

76

 

Debt issuance cost amortization

 

 

8

 

 

 

11

 

Debt discount and make-whole accretion

 

 

27

 

 

 

-

 

Reorganization items, net - Claims valuation adjustments

 

 

96

 

 

 

-

 

Reorganization items, net - DIP Credit Facility fees

 

 

87

 

 

 

-

 

Intangible assets impairment

 

 

3

 

 

 

-

 

Stock-based compensation charges

 

 

4

 

 

 

6

 

Other non-cash items

 

 

1

 

 

 

-

 

Changes in operating assets and liabilities, net of effects of businesses acquired (disposed):

 

 

 

 

 

 

 

 

Accounts receivable

 

 

92

 

 

 

(87

)

Contracts in progress, net of advance billings on contracts

 

 

(307

)

 

 

(638

)

Accounts payable

 

 

(293

)

 

 

357