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Noble Corporation Reports Second Quarter 2021 Results

August 03, 2021
- Signed three new contracts for legacy Pacific Drilling rigs
- On track to achieve Pacific Drilling synergy target three months early
- Successful contract startups for three jackups and two floaters
- Listed on New York Stock Exchange (NYSE: NE)

SUGAR LAND, Texas, Aug. 3, 2021 /PRNewswire/ -- Noble Corporation (NYSE: NE, "Noble", or the "Company") today reported second quarter 2021 results. 


Successor



Predecessor


Three
Months
Ended
Jun 30, 2021



Period from
Feb 6, 2021 -
Mar 31, 2021



Period from
Jan 1, 2021 -
Feb 5, 2021



Three
Months
Ended
Jun 30, 2020

(stated in millions, except per share amounts)







Total Revenue

$          219



$            92



$            77



$          238

Contract Drilling Services Revenue

200



85



74



220

Net Income (Loss)

20



(18)



250



(42)

Adjusted EBITDA*

10



6



22



58

Adjusted Net Loss*

(22)



(19)



(1)



(89)

Diluted Earnings (Loss) Per Share

0.30



(0.36)



0.98



(0.17)

Adjusted Diluted Loss Per Share*

(0.32)



(0.37)



-



(0.35)

Contract Drilling Services Backlog

1,518



1,543



 NM 



1,359












* 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.  

Robert W. Eifler, President and Chief Executive Officer of Noble Corporation, stated, "I am pleased with the continued strong execution in the second quarter demonstrated by the entire Noble team.  During the quarter, we delivered safety and uptime performance to our customers that is outstanding by any measure.  Noble's achievements in the second quarter also validated our rationale behind the Pacific Drilling acquisition, which was announced in March and closed in April.  Specifically, the team has already signed three contracts on legacy Pacific Drilling rigs and retired two of its stacked drillships.  The integration of Pacific Drilling's fleet into Noble's operations is nearly complete and we are on track to deliver the identified synergies by the end of the third quarter this year, three months ahead of schedule.  In addition, we successfully ramped up four Noble rigs and returned them to dayrate while also mobilizing the Noble Sam Croft to a new country and customer, all in the midst of Covid-related travel restrictions that continue to make logistics for our crews and equipment more difficult.  These accomplishments reinforce my trust in Noble's people to manage significant operational challenges without compromising service or safety."

Second Quarter Results

Contract drilling services revenue for the second quarter of 2021 totaled $200 million compared to $159 million in the combined first quarter of 2021. The increase in revenue was largely due to contract commencements on the Noble Tom Prosser,Noble Hans Deul, and Noble Clyde Boudreaux; higher operating days on the Noble Sam Turner, and Noble Scott Marks; and the addition of the Pacific Santa Ana and Pacific Sharav into the fleet in April.  Additionally, contract drilling services revenue included a reduction of $14 million for the second quarter and $8 million for the combined first quarter related to the non-cash amortization of favorable customer contract intangibles which were recognized when Noble emerged from Chapter 11 bankruptcy protection on February 5, 2021 (the "Effective Date").  Marketed fleet utilization was 74 percent in the three months ended June 30, 2021 compared to 66 percent in the combined first quarter.

Contract drilling services costs for the second quarter were $189 million compared to $127 million in the combined first quarter of 2021. The increase was driven by the addition of the rigs acquired through the Pacific Drilling transaction in April, as well as mobilization and contract startup activities of five rigs in the Noble fleet and the shipyard upgrade project on the Noble Lloyd Noble.  As a result, contract drilling margin decreased to 12 percent from 24 percent in the previous period when excluding the non-cash intangible amortization. 

Adjusted EBITDA for the three months ended June 30, 2021 was $10 million compared to $28 million in the combined first quarter of 2021.           

Upon emergence, Noble adopted fresh-start accounting which resulted in Noble becoming a new reporting entity for accounting and financial reporting purposes.  Accordingly, our financial statements and notes after the Effective Date are not comparable to our financial statements and notes prior to that date.  As required by GAAP, results for the first quarter must be presented separately for the predecessor period from January 1, 2021 through February 5, 2021 (the "Predecessor" period) and the successor period from February 6, 2021 through all dates after (the "Successor" period).  However, the Company has combined certain results of the Predecessor and Successor periods as non-GAAP measures (referred to as "combined" results) to compare to prior periods for discussion purposes herein since we believe it provides the most meaningful basis to analyze our results.

Operating Highlights

Jackups – Over the course of the second quarter, customers elected to exercise options for the Noble Regina Allen and Noble Mick O'Brien for additional durations of one-well and one-year, respectively.  In early April, the Noble Hans Duel began its approximately 13-month contract with IOG in the North Sea.  In May, the Noble Sam Hartley moved to warm stacked status in Scotland after the completion of its contract with CNOOC, and the Noble Tom Prosser returned to work in Australia on an estimated 9-month campaign with Santos. In mid-June the Noble Scott Marks returned to operations with Saudi Aramco after its one-year suspension period.  The Noble Lloyd Noble is continuing its preparations for its upcoming contract in Norway which we expect to begin in early September.  In July, the Noble Tom Prosser signed a contract with Santos for three firm wells with an estimated duration of 160 days which is scheduled to begin in direct continuation of its current contract and is subject to final project sanctioning.

Floaters – In April, the Noble Sam Croft began its contract in Guyana, bringing our presence to four rigs working for ExxonMobil in that region.  Also in April, the Pacific Sharav commenced its contract with Murphy in the U.S. Gulf of Mexico, with firm term into the third quarter of 2022.  The Pacific Khamsin is preparing to begin operations in August for Petronas in Mexico and will follow on to a recently signed contract with Murphy for an estimated 83 days of work to begin in November 2021 in the U.S. Gulf of Mexico.  The rig will then move in direct continuation to the previously announced contract with EnVen.  The Noble Clyde Boudreaux began its approximately four-month contract with Premier Oil Indonesia, a Harbour Energy company, in late June.  In July, the Pacific Santa Ana signed a contract with APA Corporation in Suriname for one firm well plus two option wells commencing in early February 2022.

Backlog and Liquidity Update       

At June 30, 2021, the Company's estimated revenue backlog totaled approximately $1.5 billion, consisting of approximately $1.2 billion associated with the floating rig fleet and approximately $358 million with the jackup fleet. An estimated $464 million of the revenue backlog was attributable to the remainder of the year 2021.

At June 30, 2021, Noble had total liquidity of $636 million consisting of $161 million in cash and $475 million available under the Company's revolving credit facility. The Company has submitted the election to pay cash interest on its second lien notes at the upcoming interest payment date on August 15, 2021.

Outlook

Commenting on the state of the offshore drilling industry, Mr. Eifler added, "Throughout the first part of 2021 we have seen a building pipeline of floater tender opportunities, and we are pleased to have signed new contracts on some of the high specification drillships we recently acquired with the Pacific Drilling transaction and are targeting a number of new opportunities for additional work for those rigs.  We do not believe the recent volatility in commodity prices has changed our customer's offshore rig demand, especially for the most capable rigs, and we maintain our constructive outlook for ultra-deepwater floaters and stable outlook for jackups.

Mr. Eifler continued, "Noble accomplished several important milestones in the first half of 2021.  We emerged from our restructuring with a strengthened balance sheet, added high specification drillships through the Pacific Drilling acquisition, and listed our equity on the New York Stock Exchange, all while continuing to provide the highest level of safe and efficient operations to our customers.  As we move ahead, we remain committed to capital discipline and maintaining a strong balance sheet, and we look forward to returning to positive free cash flow in early 2022."

About Noble Corporation

Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921.  Currently, Noble performs, through its subsidiaries, contract drilling services with a fleet of 24 offshore drilling units, consisting of 12 drillships and semisubmersibles and 12 jackups, focused largely on ultra-deepwater and high-specification jackup drilling opportunities in both established and emerging regions worldwide. Noble is an exempted company incorporated in the Cayman Islands with limited liability with registered office at P.O. BOX 309, Ugland House, S. Church Street, Grand Cayman, KY1-1104.  Additional information on Noble is available at www.noblecorp.com.

Forward-looking Disclosure Statement

This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act.  All statements other than statements of historical facts included in this communication, including those regarding the effect, impact, and other implications of our emergence from bankruptcy, rig demand, the offshore drilling market, oil prices, contract backlog, fleet status, our future financial position, business strategy, liquidity, borrowings under our credit facility or other instruments, sources of funds, future capital expenditures, contract commitments, dayrates, contract commencements, extension or renewals, contract tenders, plans and objectives of management for future operations, industry conditions, access to financing, impact of competition, worldwide economic conditions and timing, benefits or results of acquisitions or dispositions (including the benefits of the Pacific Drilling acquisition) are forward-looking statements.  When used in this report, or in the documents incorporated by reference, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "project," "should," "shall" and "will" and similar expressions are intended to be among the statements that identify forward-looking statements.  Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct.  These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law.  We have identified factors, including, but not limited to, uncertainties relating to our emergence from bankruptcy, the ability to recognize the anticipated benefits of the Pacific Drilling acquisition, the effects of public health threats, pandemics and epidemics, such as the recent and ongoing outbreak of COVID-19, and the adverse impact thereof on our business, financial condition and results of operations (including but not limited to our growth, operating costs, supply chain, availability of labor, logistical capabilities, customer demand for our services and industry demand generally, our liquidity, the price of our securities and trading markets with respect thereto, our ability to access capital markets, and the global economy and financial markets generally), the effects of actions by, or disputes among OPEC+ members with respect to production levels or other matters related to the price of oil, market conditions, factors affecting the level of activity in the oil and gas industry, supply and demand of drilling rigs, factors affecting the duration of contracts, the actual amount of downtime, factors that reduce applicable dayrates, operating hazards and delays, risks associated with operations outside the US, actions by regulatory authorities, credit rating agencies, customers, joint venture partners, contractors, lenders and other third parties, legislation and regulations affecting drilling operations, compliance with regulatory requirements, violations of anti-corruption laws, shipyard risk and timing, delays in mobilization of rigs, hurricanes and other weather conditions, and the future price of oil and gas, that could cause actual plans or results to differ materially from those included in any forward-looking statements.  These factors include those "Risk Factors" referenced or described in the Company's most recent Form 10-K, Form 10-Q's, and other filings with the Commission.  We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements.  You should consider these risks and uncertainties when you are evaluating us.

Conference Call

Noble has scheduled a conference call and webcast related to its second quarter 2021 results on Wednesday, August 4, 2021, at 8:00 a.m. U.S. Central Time. Interested parties are invited to listen to the call by dialing 1-833-245-9653, or internationally 1-647-689-4225, using access code: 9852437, or by asking for the Noble Corporation conference call. Interested parties may also listen over the internet through a link posted in the Investor Relations section of the Company's Website. 

A replay of the conference call will be available on August 4, 2021, beginning at 11:00 a.m. U.S. Central Time, through September 1, 2021, ending at 11:00 p.m. U.S. Central Time. The phone number for the conference call replay is 1-800-585-8367 or, for calls from outside of the U.S., 1-416-621-4642, using access code: 9852437.  The replay will also be available on the Company's Website following the end of the scheduled call.

 

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)




Successor



Predecessor



Three Months Ended
June 30, 2021



Three Months Ended
June 30, 2020

Operating revenues






Contract drilling services


$

199,897




$

220,141


Reimbursables and other


19,446




17,777




219,343




237,918


Operating costs and expenses






Contract drilling services


188,712




144,154


Reimbursables


18,071




16,334


Depreciation and amortization


25,339




89,365


General and administrative


25,030




73,003


Merger and integration costs


6,740





Pre-petition charges





10,515




263,892




333,371


Operating loss


(44,549)




(95,453)


Other income (expense)






Interest expense, net of amounts capitalized


(7,863)




(70,279)


Gain on bargain purchase


64,479





Loss on extinguishment of debt, net





(593)


Interest income and other, net


6,509




2,956


Income (loss) before income taxes


18,576




(163,369)


Income tax benefit


1,859




121,175


Net income (loss)


$

20,435




$

(42,194)


Per share data






Basic:






Net income (loss)


$

0.32




$

(0.17)


Diluted:






Net income (loss)


$

0.30




$

(0.17)


 


NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS- CONTINUED

(In thousands, except per share amounts)

(Unaudited)




Successor



Predecessor



Period from



Period from





February 6, 2021



January 1, 2021





through



through


Six Months Ended



June 30, 2021



February 5, 2021


June 30, 2020

Operating revenues








Contract drilling services


$

284,526




$

74,051



487,505


Reimbursables and other


27,250




3,430



31,724




311,776




77,481



519,229


Operating costs and expenses








Contract drilling services


268,301




46,965



305,299


Reimbursables


25,115




2,737



28,018


Depreciation and amortization


39,583




20,622



193,046


General and administrative


32,957




5,727



90,842


Merger and integration costs


8,753







Pre-petition charges







10,515


Loss on impairment







1,119,517




374,709




76,051



1,747,237


Operating income (loss)


(62,933)




1,430



(1,228,008)


Other income (expense)








Interest expense, net of amounts capitalized


(14,758)




(229)



(141,159)


Gain on bargain purchase


64,479







Loss on extinguishment of debt, net







(593)


Interest income and other, net


6,517




399



674


Reorganization items, net





252,051




Income (loss) before income taxes


(6,695)




253,651



(1,369,086)


Income tax benefit (provision)


8,906




(3,423)



264,215


Net income (loss)


$

2,211




$

250,228



$

(1,104,871)


Per share data








Basic:








Net income (loss)


$

0.04




$

1.00



$

(4.41)


Diluted:








Net income (loss)


$

0.04




$

0.98



$

(4.41)


 

NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)




Successor



Predecessor



June 30, 2021



December 31, 2020

ASSETS






Current assets






Cash and cash equivalents


$

161,168




$

343,332


Accounts receivable, net


205,838




147,863


Prepaid expenses and other current assets


100,266




111,089


Total current assets


467,272




602,284


Intangible assets


90,674





Property and equipment, at cost


1,580,596




4,777,697


Accumulated depreciation


(38,774)




(1,200,628)


Property and equipment, net


1,541,822




3,577,069


Other assets


50,686




84,584


Total assets


$

2,150,454




$

4,263,937


LIABILITIES AND EQUITY






Current liabilities






Accounts payable


$

124,020




$

95,159


Accrued payroll and related costs


56,347




36,553


Other current liabilities


91,217




86,639


Total current liabilities


271,584




218,351


Long-term debt


406,000





Other liabilities


87,146




117,331


Liabilities subject to compromise





4,239,643


Total liabilities


764,730




4,575,325


Commitments and contingencies






Total shareholders' equity


1,385,724




(311,388)


Total liabilities and equity


$

2,150,454




$

4,263,937



 


NOBLE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)



Successor



Predecessor


Period from



Period from




February 6, 2021



January 1, 2021




through



through


Six Months Ended


June 30, 2021



February 5, 2021


June 30, 2020

Cash flows from operating activities







Net income (loss)

$

2,211




$

250,228



$

(1,104,871)


Adjustments to reconcile net income (loss) to net cash flow from operating
activities:







Depreciation and amortization

39,583




20,622



193,046


Loss on impairment






1,119,517


Loss on extinguishment of debt, net






593


Gain on bargain purchase

(64,479)







Amortization of intangible asset

22,715







Reorganization items, net




(280,790)




Changes in components of working capital







Change in taxes receivable

(8,029)




(1,789)



(121,130)


Net changes in other operating assets and liabilities

38,887




(33,719)



(38,872)


Net cash provided by (used in) operating activities

30,888




(45,448)



48,283


Cash flows from investing activities







Capital expenditures

(75,004)




(14,629)



(69,355)


Cash acquired in stock-based business combination

54,970







Proceeds from disposal of assets, net

30,960




194



227


Net cash provided by (used in) investing activities

10,926




(14,435)



(69,128)


Cash flows from financing activities







Issuance of second lien notes




200,000




Borrowings on credit facilities

40,000




177,500



210,000


Repayments of credit facilities

(27,500)




(545,000)




Repayments of debt






(101,132)


Debt issuance costs




(23,664)




Warrants exercised

271







Cash paid to settle equity compensation awards






(1,010)


Taxes withheld on employee stock transactions




(1)



(417)


Net cash provided by (used in) financing activities

12,771




(191,165)



107,441


Net increase (decrease) in cash, cash equivalents and restricted cash

54,585




(251,048)



86,596


Cash, cash equivalents and restricted cash, beginning of period

113,993




365,041



105,924


Cash, cash equivalents and restricted cash, end of period

$

168,578




$

113,993



$

192,520


 

NOBLE CORPORATION AND SUBSIDIARIES

OPERATIONAL INFORMATION

(Unaudited)



Average Rig Utilization











Successor



Predecessor




Period from



Period from






February 6, 2021



January 1, 2021




Three Months Ended


through



through


Three Months Ended


June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Jackups

69

%


53

%



58

%


65

%

Floaters

68

%


83

%



86

%


53

%

Total

68

%


64

%



68

%


59

%




















Operating Days











Successor



Predecessor




Period from



Period from






February 6, 2021



January 1, 2021




Three Months Ended


through



through


Three Months Ended


June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Jackups

752



342




252



709


Floaters

690



314




216



584


Total

1,442



656




468



1,293





















Average Dayrates











Successor



Predecessor




Period from



Period from






February 6, 2021



January 1, 2021




Three Months Ended


through



through


Three Months Ended


June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Jackups

$

85,938



$

83,472




$

95,212



$

148,781


Floaters

216,663



205,242




231,745



196,489


Total

$

148,509



$

141,752




$

158,228



$

170,325


 

NOBLE CORPORATION AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE

(In thousands, except per share amounts)

(Unaudited)


The following tables presents the computation of basic and diluted income(loss) per share:




Successor



Predecessor





Period from



Period from







Three Months


February 6, 2021



January 1, 2021


Three Months





Ended


through



through


Ended


Six Months Ended



June 30, 2021


June 30, 2021



February 5, 2021


June 30, 2020


June 30, 2020

Numerator:












Basic












Net income (loss)


$

20,435



$

2,211




$

250,228



$

(42,194)



$

(1,104,871)


Diluted












Net income (loss)


$

20,435



$

2,211




$

250,228



$

(42,194)



$

(1,104,871)


Denominator:












Weighted average shares outstanding - basic


64,048



58,816




251,115



250,978



250,512


Dilutive effect of share-based awards


3,114



3,114




5,456






Dilutive effect of warrants


884



169









Weighted average shares outstanding - diluted


68,046



62,099




256,571



250,978



250,512














Income (loss) per share












Basic:












Net income (loss)


$

0.32



$

0.04




$

1.00



$

(0.17)



$

(4.41)


Diluted:












Net income (loss)


$

0.30



$

0.04




$

0.98



$

(0.17)



$

(4.41)


 


NOBLE CORPORATION AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION

Certain non-GAAP performance measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. The Company defines "Adjusted EBITDA" as net loss from continuing operations before income taxes; interest income and other, net; gain (loss) on extinguishment of debt, net; interest expense, net of amounts capitalized; loss on impairment; pre-petition charges; reorganization items, net; certain corporate legal matters; and depreciation and amortization expense. We believe that Adjusted EBITDA measure provides greater transparency of our core operating performance.

In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company's press release issued on August 3, 2021, are appropriate measures of the continuing and normal operations of the Company:



(i)

In the second quarter of 2020, a charge related to ongoing litigation, a loss on debt extinguishment, pre-petition charges and discrete tax items;







(ii) 

In the period of January 1, 2021 to February 5, 2021, discrete tax items, and reorganization items, net. In the period of February 6, 2021 to March 31, 2021, merger and integration costs, intangible contract amortization and discrete tax items; and







(iii) 

In the second quarter of 2021, a gain on bargain purchase, merger and integration costs, intangible contract amortization and discrete tax items. The quarter also included professional services costs related to a success fee associated with the ultimate recovery of a tax refund and corporate projects including registrations of our post-emergence debt and equity, listing on the New York Stock Exchange and other corporate initiatives.

These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling cost, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.

 

NOBLE CORPORATION AND SUBSIDIARIES

NON-GAAP MEASURES

(In thousands, except per share amounts)

(Unaudited)


Reconciliation of Adjusted EBITDA


Successor



Predecessor





Period from



Period from








February 6, 2021



January 1, 2021






Three Months Ended


through



through


Three Months Ended




June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020


Income (loss) before income taxes


$

18,576



$

(25,271)




$

253,651



$

(163,369)



Interest expense, net of amounts capitalized


7,863



6,895




229



70,279



Interest income and other, net


(6,509)



(8)




(399)



(2,956)



Depreciation and amortization


25,339



14,244




20,622



89,365



Intangible contract amortization


14,256



8,459








Professional services - tax refund success fee


4,679










Professional services - corporate projects


3,414










Merger and integration costs


6,740



2,013








Gain on bargain purchase


(64,479)










Legal contingencies









54,000



Loss on extinguishment of debt









593



Pre-petition charges









10,515



Reorganization items, net







(252,051)





Adjusted EBITDA


$

9,879



$

6,332




$

22,052



$

58,427





Reconciliation of Income Tax Benefit (Provision)


Successor



Predecessor





Period from



Period from







February 6, 2021



January 1, 2021





Three Months Ended


through



through


Three Months Ended



June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Income tax benefit (provision)


$

1,859



$

7,047




$

(3,423)



$

121,175












Adjustments










Reorganization items, net







2,500




Discrete tax items


(6,954)



(10,829)




(1,692)



(111,930)


Total Adjustments


(6,954)



(10,829)




808



(111,930)


Adjusted income tax benefit (provision)


$

(5,095)



$

(3,782)




$

(2,615)



$

9,245


 

NOBLE CORPORATION AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(In thousands, except per share amounts)

(Unaudited)


Reconciliation of Net Income (Loss)


Successor



Predecessor





Period from



Period from





Three Months


February 6, 2021



January 1, 2021


Three Months



Ended


through



through


Ended



June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Net income (loss)


$

20,435



$

(18,224)




$

250,228



$

(42,194)












Adjustments










Intangible contract amortization


14,256



8,459







Professional services - tax refund success fee


4,679









Professional services - corporate projects


3,414









Merger and integration costs


6,740



2,013







Gain on bargain purchase


(64,479)









Legal contingencies









54,000


Loss on extinguishment of debt









593


Pre-petition charges









10,515


Reorganization items, net







(249,551)




Discrete tax items


(6,954)



(10,829)




(1,692)



(111,930)


Total Adjustments


(42,344)



(357)




(251,243)



(46,822)


Adjusted net loss


$

(21,909)



$

(18,581)




$

(1,015)



$

(89,016)












Reconciliation of Diluted EPS


Successor



Predecessor





Period from



Period from





Three Months


February 6, 2021



January 1, 2021


Three Months



Ended


through



through


Ended



June 30, 2021


March 31, 2021



February 5, 2021


June 30, 2020

Unadjusted diluted EPS


$

0.30



$

(0.36)




$

0.98



$

(0.17)












Adjustments










Intangible contract amortization


0.21



0.17







Professional services - tax refund success fee


0.07









Professional services - corporate projects


0.04









Merger and integration costs


0.10



0.04







Gain on bargain purchase


(0.95)









Legal contingencies









0.22


Pre-petition charges









0.04


Reorganization items, net







(0.97)




Discrete tax items


(0.09)



(0.22)




(0.01)



(0.44)


Total Adjustments


(0.62)



(0.01)




(0.98)



(0.18)


Adjusted diluted EPS


$

(0.32)



$

(0.37)




$



$

(0.35)


 

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