Income Statement Weatherford International plc

Equities

WFRD

IE00BLNN3691

Oil Related Services and Equipment

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09-04	Transcript : Weatherford International plc Presents at Barclays 38th Annual CEO Energy-Power Conference 2024, Sep-04-2024 09:10 AM
09-03	Weatherford International Acquires Datagration Solutions	MT

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Published financial data: WEATHERFORD INTERNATIONAL PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	5.22B	3.68B	3.64B	4.33B	5.14B
Total Revenues	5.22B	3.68B	3.64B	4.33B	5.14B
Cost of Goods Sold, Total	4.22B	2.94B	2.72B	3.02B	3.4B
Gross Profit	995M	740M	922M	1.31B	1.74B
Selling General & Admin Expenses, Total	940M	837M	738M	778M	804M
R&D Expenses	143M	97M	85M	90M	112M
Other Operating Expenses	104M	34M	-17M	9M	4M
Other Operating Expenses, Total	1.19B	968M	806M	877M	920M
Operating Income	-192M	-228M	116M	434M	820M
Interest Expense, Total	-374M	-266M	-260M	-179M	-182M
Interest And Investment Income	-	-	-	-	59M
Net Interest Expenses	-374M	-266M	-260M	-179M	-123M
Currency Exchange Gains (Loss)	1M	-34M	-9M	-	-57M
Other Non Operating Income (Expenses)	-27M	-19M	-20M	-90M	-129M
EBT, Excl. Unusual Items	-592M	-547M	-173M	165M	511M
Restructuring Charges	-189M	-206M	-	-22M	-
Impairment of Goodwill	-730M	-239M	-	-	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	127M	12M	-	-	-
Asset Writedown	-111M	-825M	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	5.3B	-9M	-170M	-5M	-5M
EBT, Incl. Unusual Items	3.8B	-1.81B	-343M	138M	506M
Income Tax Expense	144M	85M	86M	87M	57M
Earnings From Continuing Operations	3.66B	-1.9B	-429M	51M	449M
Net Income to Company	3.66B	-1.9B	-429M	51M	449M
Minority Interest	-25M	-22M	-21M	-25M	-32M
Net Income - (IS)	3.64B	-1.92B	-450M	26M	417M
Net Income to Common Incl Extra Items	3.64B	-1.92B	-450M	26M	417M
Net Income to Common Excl. Extra Items	3.64B	-1.92B	-450M	26M	417M
Per Share Items
Net EPS - Basic	3.79	-27.44	-6.43	0.37	5.79
Basic EPS - Continuing Operations	3.79	-27.44	-6.43	0.37	5.79
Basic Weighted Average Shares Outstanding	958M	70M	70M	71M	72M
Net EPS - Diluted	3.79	-27.44	-6.43	0.36	5.66
Diluted EPS - Continuing Operations	3.79	-27.44	-6.43	0.36	5.66
Diluted Weighted Average Shares Outstanding	958M	70M	70M	72M	74M
Normalized Basic EPS	-0.41	-5.2	-1.84	1.1	3.99
Normalized Diluted EPS	-0.41	-5.2	-1.84	1.09	3.88
Supplemental Items
EBITDA	289M	275M	556M	783M	1.15B
EBITA	-122M	-65M	272M	589M	976M
EBIT	-192M	-228M	116M	434M	820M
EBITDAR	492M	408M	678M	927M	1.38B
Total Revenues (As Reported)	5.22B	3.68B	3.64B	4.33B	5.14B
Effective Tax Rate - (Ratio)	3.79	-4.69	-25.07	63.04	11.26
Total Current Taxes	119M	90M	96M	83M	143M
Total Deferred Taxes	25M	-5M	-10M	4M	-86M
Normalized Net Income	-395M	-364M	-129M	78.12M	287M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	50M	-	-	-	-
Non-Cash Pension Expense	5M	2M	4M	4M	3M
Supplemental Operating Expense Items
General and Administrative Expenses	123M	-	-	-	-
Research And Development Expense From Footnotes	143M	97M	85M	90M	112M
Net Rental Expense, Total	203M	133M	122M	144M	232M
Imputed Operating Lease Interest Expense	116M	106M	92.66M	82.09M	151M
Imputed Operating Lease Depreciation	86.69M	26.56M	29.34M	61.91M	80.83M
Stock-Based Comp., SG&A Exp. (Total)	-	-	25M	25M	35M
Stock-Based Comp., Other (Total)	46M	-	-	-	-
Total Stock-Based Compensation	46M	-	25M	25M	35M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	618M	1.12B	951M	910M	958M
Total Cash And Short Term Investments	618M	1.12B	951M	910M	958M
Accounts Receivable, Total	1.24B	833M	825M	1.03B	1.28B
Total Receivables	1.24B	833M	825M	1.03B	1.28B
Inventory	972M	717M	670M	689M	788M
Prepaid Expenses	-	-	-	-	-
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	182M	167M	162M	202M	105M
Other Current Assets, Total	437M	342M	303M	214M	217M
Total Current Assets	3.45B	3.18B	2.91B	3.04B	3.34B
Gross Property Plant And Equipment	2.4B	1.74B	1.73B	1.81B	1.98B
Accumulated Depreciation	-25M	-367M	-623M	-773M	-883M
Net Property Plant And Equipment	2.38B	1.37B	1.11B	1.03B	1.1B
Long-term Investments	-	-	-	-	-
Goodwill	239M	-	-	-	-
Other Intangibles, Total	1.11B	810M	657M	506M	370M
Accounts Receivable Long-Term	-	-	-	21M	24M
Other Long-Term Assets, Total	109M	73M	97M	117M	234M
Total Assets	7.29B	5.43B	4.77B	4.72B	5.07B
Liabilities
Accounts Payable, Total	585M	325M	380M	460M	679M
Accrued Expenses, Total	270M	297M	343M	367M	387M
Short-term Borrowings	3M	4M	-	-	-
Current Portion of Long-Term Debt	-	-	-	31M	151M
Current Portion of Leases	89M	80M	71M	58M	63M
Current Income Taxes Payable	205M	185M	140M	141M	138M
Unearned Revenue Current, Total	12M	37M	26M	54M	58M
Other Current Liabilities	508M	434M	372M	359M	390M
Total Current Liabilities	1.67B	1.36B	1.33B	1.47B	1.87B
Long-Term Debt	2.1B	2.55B	2.37B	2.16B	1.68B
Long-Term Leases	267M	225M	172M	158M	167M
Unearned Revenue Non Current	-	-	-	-	5M
Pension & Other Post Retirement Benefits	198M	231M	207M	121M	130M
Other Non Current Liabilities	143M	126M	195M	258M	299M
Total Liabilities	4.38B	4.5B	4.28B	4.17B	4.15B
Common Stock, Total	-	-	-	-	-
Additional Paid In Capital	2.9B	2.9B	2.9B	2.93B	2.91B
Retained Earnings	-26M	-1.95B	-2.4B	-2.37B	-1.95B
Comprehensive Income and Other	9M	-43M	-35M	-22M	-28M
Total Common Equity	2.88B	907M	472M	535M	924M
Minority Interest	36M	30M	24M	16M	-2M
Total Equity	2.92B	937M	496M	551M	922M
Total Liabilities And Equity	7.29B	5.43B	4.77B	4.72B	5.07B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	70M	70.02M	70.49M	70.89M	72.32M
ECS Total Common Shares Outstanding	70M	70M	70M	71M	72M
Book Value / Share	41.14	12.96	6.74	7.54	12.83
Tangible Book Value	1.53B	97M	-185M	29M	554M
Tangible Book Value Per Share	21.81	1.39	-2.64	0.41	7.69
Total Debt	2.46B	2.86B	2.62B	2.41B	2.06B
Net Debt	1.84B	1.74B	1.66B	1.5B	1.1B
Debt Equivalent of Unfunded Proj. Benefit Obligation	54M	67M	47M	24M	24M
Debt Equivalent Oper. Leases	1.62B	1.06B	976M	1.15B	1.86B
Minority Interest, Total (Incl. Fin. Div)	36M	30M	24M	16M	-2M
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	-	3
Inventories - Raw Materials, Total	78M	62M	75M	-	-
Inventories - Work In Process, Total	64M	-	-	88M	100M
Inventories - Finished Goods, Total	830M	655M	595M	601M	688M
Land - (BS)	571M	515M	484M	476M	482M
Machinery, Total	1.58B	1.09B	1.14B	1.22B	1.36B
Full Time Employees	24K	17.2K	17K	17.7K	18.5K
Accumulated Allowance for Doubtful Accounts (Supple)	-	32M	31M	26M	16M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.66B	-1.92B	-450M	26M	417M
Depreciation & Amortization - CF	411M	340M	284M	194M	171M
Amortization of Goodwill and Intangible Assets - (CF)	70M	163M	156M	155M	156M
Depreciation & Amortization, Total	481M	503M	440M	349M	327M
(Gain) Loss From Sale Of Asset	-112M	-	-22M	-41M	-11M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	57M
Asset Writedown & Restructuring Costs	-320M	1.11B	-	5M	-
Stock-Based Compensation (CF)	46M	-	25M	25M	35M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	-	-	-	-	-
Other Operating Activities, Total	-4.1B	227M	243M	70M	86M
Change In Accounts Receivable	-99M	378M	-6M	-193M	-221M
Change In Inventories	-197M	64M	-18M	-56M	-114M
Change In Accounts Payable	-151M	-250M	56M	84M	231M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	104M	96M	54M	80M	25M
Cash from Operations	-686M	210M	322M	349M	832M
Capital Expenditure	-270M	-154M	-85M	-132M	-209M
Sale of Property, Plant, and Equipment	84M	22M	41M	82M	28M
Cash Acquisitions	-	-	-	-	-
Divestitures	335M	11M	-	-	-
Sale (Purchase) of Intangible assets	-14M	-4M	-	-	-
Investment in Marketable and Equity Securities, Total	-	50M	-	-	-
Other Investing Activities, Total	-	-	-39M	-4M	-108M
Cash from Investing	135M	-75M	-83M	-54M	-289M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	3.13B	453M	2.07B	-	-
Total Debt Issued	3.13B	453M	2.07B	-	-
Short Term Debt Repaid, Total	-348M	-27M	-4M	-	-
Long-Term Debt Repaid, Total	-1.85B	-9M	-2.31B	-198M	-386M
Total Debt Repaid	-2.2B	-36M	-2.32B	-198M	-386M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-56M
Other Financing Activities, Total	-186M	-69M	-159M	-50M	-72M
Cash from Financing	747M	348M	-403M	-248M	-514M
Foreign Exchange Rate Adjustments	2M	2M	-8M	-48M	-78M
Net Change in Cash	198M	485M	-172M	-1M	-49M
Supplemental Items
Cash Interest Paid	272M	232M	269M	220M	181M
Cash Income Tax Paid (Refund)	91M	79M	62M	86M	132M
Levered Free Cash Flow	-435M	510M	372M	348M	569M
Unlevered Free Cash Flow	-201M	676M	534M	460M	682M
Change In Net Working Capital	324M	-474M	-82M	53M	-17M
Net Debt Issued / Repaid	933M	417M	-244M	-198M	-386M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-1.73	-2.24	1.42	5.71	10.47
Return on Total Capital	-2.48	-3.11	2.1	8.94	17.25
Return On Equity %	-976	-98.57	-59.87	9.74	60.96
Return on Common Equity	-881.21	-101.45	-65.26	5.16	57.16
Margin Analysis
Gross Profit Margin %	19.08	20.08	25.29	30.27	33.89
SG&A Margin	18.02	22.71	20.25	17.96	15.66
EBITDA Margin %	5.54	7.46	15.25	18.08	22.34
EBITA Margin %	-2.34	-1.76	7.46	13.6	19.01
EBIT Margin %	-3.68	-6.19	3.18	10.02	15.97
Income From Continuing Operations Margin %	70.18	-51.53	-11.77	1.18	8.74
Net Income Margin %	69.7	-52.13	-12.35	0.6	8.12
Net Avail. For Common Margin %	69.7	-52.13	-12.35	0.6	8.12
Normalized Net Income Margin	-7.57	-9.87	-3.54	1.8	5.6
Levered Free Cash Flow Margin	-8.34	13.85	10.21	8.04	11.08
Unlevered Free Cash Flow Margin	-3.85	18.36	14.66	10.63	13.29
Asset Turnover
Asset Turnover	0.75	0.58	0.71	0.91	1.05
Fixed Assets Turnover	2.34	1.96	2.94	4.04	4.83
Receivables Turnover (Average Receivables)	4.39	3.55	4.42	4.56	4.46
Inventory Turnover (Average Inventory)	4.23	3.49	3.93	4.44	4.6
Short Term Liquidity