Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

Schedule of financial information with respect to operating segments

The following table sets forth financial information with respect to our reportable operating segments:

	Three Months Ended
	March 31, 2025
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	230,746	$	381,718	$	93,179	$	44,165	$	749,808	$	(13,622)	$	736,186
Direct costs		(131,928)		(248,440)		(44,223)		(31,235)		(455,826)		8,526		(447,300)
Depreciation and amortization		(61,112)		(82,528)		(7,940)		(1,228)		(152,808)		(1,830)		(154,638)
Other segment expenses (2)		(6,107)		(17,792)		(8,103)		(7,367)		(39,369)		(43,172)		(82,541)
Total adjusted operating income (loss) (2)	$	31,599	$	32,958	$	32,913	$	4,335	$	101,805	$	(50,098)	$	51,707
Capital expenditures	$	32,400	$	108,128	$	7,172	$	283	$	147,983	$	2,528	$	150,511

	Three Months Ended
	March 31, 2024
		U.S. Drilling		International Drilling		Drilling Solutions		Rig Technologies		Total Reportable Segments		Other items (1)		Total
	(In thousands)
Operating revenues	$	271,989	$	349,359	$	75,574	$	50,156	$	747,078	$	(13,374)	$	733,704
Direct costs		(145,426)		(230,938)		(36,508)		(34,259)		(447,131)		10,054		(437,077)
Depreciation and amortization		(69,874)		(80,022)		(4,894)		(2,592)		(157,382)		(303)		(157,685)
Other segment expenses (2)		(6,160)		(15,923)		(7,279)		(9,096)		(38,458)		(37,156)		(75,614)
Total adjusted operating income (loss) (2)	$	50,529	$	22,476	$	26,893	$	4,209	$	104,107	$	(40,779)	$	63,328
Capital expenditures	$	29,943	$	73,584	$	3,531	$	2,406	$	109,464	$	2,932	$	112,396

	Three Months Ended
	March 31,
	2025		2024
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)	$	57,179	$	(9,002)
Income tax expense (benefit)		15,007		16,044
Income (loss) before income taxes		72,186		7,042
Investment (income) loss		(6,596)		(10,201)
Interest expense		54,326		50,379
Gain on bargain purchase		(112,999)		—
Other, net		44,790		16,108
Total adjusted operating income (loss) (3)	$	51,707	$	63,328

	March 31,		December 31,
	2025		2024
	(In thousands)
Total assets:
U.S. Drilling	$	1,091,647	$	1,049,650
International Drilling		2,466,943		2,348,590
Drilling Solutions		434,066		79,065
Rig Technologies		189,738		215,225
Total reportable segments		4,182,394		3,692,530
Other reconciling items (4)		867,290		811,771
Total	$	5,049,684	$	4,504,301

(1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment and unallocated corporate expenses, assets and capital expenditures.

(2) Other segment expenses represent general and administrative expenses and research and engineering expenses.

(3) Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) is provided in the above table.

(4) Represents corporate-related assets.