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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 September 30, 2019

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

MDR

New York Stock Exchange (NYSE)

 

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 October 31, 2019 was 181,824,089.

 

 

 


TABLE OF CONTENTS

 

McDERMOTT INTERNATIONAL, INC.

INDEX—FORM 10-Q

 

 

PAGE

 

 

PART I—FINANCIAL INFORMATION

1

Item 1—Condensed Consolidated Financial Statements

1

Statements of Operations

1

Statements of Comprehensive Income (Loss)

2

Balance Sheets

3

Statements of Cash Flows

4

Statements of Stockholders’ Equity

5

Notes to the Condensed Consolidated Financial Statements

7

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

51

Item 3—Quantitative and Qualitative Disclosures about Market Risk

85

Item 4—Controls and Procedures

86

PART II—OTHER INFORMATION

87

Item 1—Legal Proceedings

87

Item 1A—Risk Factors

87

Item 6—Exhibits

94

SIGNATURES

96

 

 

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

PART I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

 

McDERMOTT INTERNATIONAL, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In millions, except per share amounts)

 

Revenues

 

$

2,121

 

 

$

2,289

 

 

$

6,469

 

 

$

4,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of operations

 

 

2,173

 

 

 

1,986

 

 

 

6,140

 

 

 

3,948

 

Project intangibles and inventory-related amortization

 

 

7

 

 

 

30

 

 

 

27

 

 

 

42

 

Total cost of operations

 

 

2,180

 

 

 

2,016

 

 

 

6,167

 

 

 

3,990

 

Research and development expenses

 

 

9

 

 

 

8

 

 

 

25

 

 

 

13

 

Selling, general and administrative expenses

 

 

40

 

 

 

64

 

 

 

189

 

 

 

188

 

Other intangibles amortization

 

 

21

 

 

 

25

 

 

 

65

 

 

 

35

 

Transaction costs

 

 

14

 

 

 

5

 

 

 

29

 

 

 

45

 

Restructuring and integration costs

 

 

14

 

 

 

31

 

 

 

103

 

 

 

106

 

Goodwill impairment

 

 

1,370

 

 

 

-

 

 

 

1,370

 

 

 

-

 

Intangible assets impairment

 

 

143

 

 

 

-

 

 

 

143

 

 

 

-

 

Other asset impairments

 

 

18

 

 

 

-

 

 

 

18

 

 

 

-

 

Loss on asset disposals

 

 

-

 

 

 

1

 

 

 

103

 

 

 

2

 

Total expenses

 

 

3,809

 

 

 

2,150

 

 

 

8,212

 

 

 

4,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from investments in unconsolidated affiliates

 

 

7

 

 

 

3

 

 

 

19

 

 

 

2

 

Investment in unconsolidated affiliates-related amortization

 

 

(3

)

 

 

(13

)

 

 

(8

)

 

 

(13

)

Operating (loss) income

 

 

(1,684

)

 

 

129

 

 

 

(1,732

)

 

 

242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(108

)

 

 

(86

)

 

 

(300

)

 

 

(169

)

Other non-operating income (expense), net

 

 

-

 

 

 

1

 

 

 

(1

)

 

 

(13

)

Total other expense, net

 

 

(108

)

 

 

(85

)

 

 

(301

)

 

 

(182

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before provision for income taxes

 

 

(1,792

)

 

 

44

 

 

 

(2,033

)

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

72

 

 

 

44

 

 

 

2

 

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

(1,864

)

 

 

-

 

 

 

(2,035

)

 

 

79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

9

 

 

 

(2

)

 

 

26

 

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to McDermott

 

$

(1,873

)

 

$

2

 

 

$

(2,061

)

 

$

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends on redeemable preferred stock

 

 

(10

)

 

 

-

 

 

 

(30

)

 

 

-

 

Accretion of redeemable preferred stock

 

 

(4

)

 

 

-

 

 

 

(12

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to common stockholders

 

 

(1,887

)

 

 

2

 

 

 

(2,103

)

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share attributable to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(10.37

)

 

$

0.01

 

 

$

(11.62

)

 

$

0.60

 

Diluted

 

$

(10.37

)

 

$

0.01

 

 

$

(11.62

)

 

$

0.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

182

 

 

 

180

 

 

 

181

 

 

 

140

 

Diluted

 

 

182

 

 

 

181

 

 

 

181

 

 

 

141

 

See accompanying Notes to these Condensed Consolidated Financial Statements.

 

1

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

McDERMOTT INTERNATIONAL, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(In millions)

 

Net (loss) income

 

$

(1,864

)

 

$

-

 

 

$

(2,035

)

 

$

79

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on derivatives

 

 

(28

)

 

 

(1

)

 

 

(68

)

 

 

(13

)

Foreign currency translation

 

 

(13

)

 

 

(8

)

 

 

(47

)

 

 

(20

)

Total comprehensive (loss) income

 

 

(1,905

)

 

 

(9

)

 

 

(2,150

)

 

 

46

 

Less: Comprehensive income (loss) attributable to noncontrolling interests

 

 

9

 

 

 

(2

)

 

 

26

 

 

 

(5

)

Comprehensive (loss) income attributable to McDermott

 

$

(1,914

)

 

$

(7

)

 

$

(2,176

)

 

$

51

 

See accompanying Notes to these Condensed Consolidated Financial Statements.

 

 

2

 

 


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

McDERMOTT INTERNATIONAL, INC.

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

September 30, 2019

 

 

December 31, 2018

 

 

 

(In millions, except per share amounts)

 

Assets

 

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents ($256 and $146 related to variable interest entities ("VIEs"))

 

$

677

 

 

$

520

 

Restricted cash and cash equivalents

 

 

333

 

 

 

325

 

Accounts receivable—trade, net ($107 and $29 related to VIEs)

 

 

935

 

 

 

932

 

Accounts receivable—other ($36 and $57 related to VIEs)

 

 

209

 

 

 

175

 

Contracts in progress ($223 and $144 related to VIEs)

 

 

1,063

 

 

 

704

 

Project-related intangible assets, net

 

 

68

 

 

 

137

 

Inventory

 

 

52

 

 

 

101

 

Other current assets ($32 and $24 related to VIEs)

 

 

149

 

 

 

139

 

Total current assets

 

 

3,486

 

 

 

3,033

 

Property, plant and equipment, net

 

 

2,118

 

 

 

2,067

 

Operating lease right-of-use assets

 

 

361

 

 

 

-

 

Accounts receivable—long-term retainages

 

 

49

 

 

 

62

 

Investments in unconsolidated affiliates

 

 

450

 

 

 

452

 

Goodwill

 

 

1,335

 

 

 

2,654

 

Other intangibles, net

 

 

790

 

 

 

1,009

 

Other non-current assets

 

 

165

 

 

 

163

 

Total assets

 

$

8,754

 

 

$

9,440

 

 

 

 

 

 

 

 

 

 

Liabilities, Mezzanine Equity and Stockholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Revolving credit facility

 

$

801

 

 

$

-

 

Debt

 

 

3,450

 

 

 

30

 

Lease obligations

 

 

161

 

 

 

8

 

Accounts payable ($322 and $277 related to VIEs)

 

 

1,421

 

 

 

595

 

Advance billings on contracts ($497 and $717 related to VIEs)

 

 

1,359

 

 

 

1,954

 

Project-related intangible liabilities, net

 

 

24

 

 

 

66

 

Accrued liabilities ($66 and $136 related to VIEs)

 

 

1,517

 

 

 

1,564