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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Current assets:      
Cash and cash equivalents $ 165,536   $ 124,457
Restricted cash 10,565   14,231
Accounts receivable 226,383   260,124
Less: allowance for credit losses [1] (5,715)   (5,801)
Accounts receivable, net 220,668   254,323
Prepaid expenses and other current assets 61,600   63,412
Asset held for sale 1,000   1,000
Total current assets 459,369   457,423
Drilling and other property and equipment, net of accumulated depreciation 1,139,802   1,156,368
Other assets 84,392   98,762
Total assets 1,683,563   1,712,553
Current liabilities:      
Accounts payable 44,294   42,037
Accrued liabilities 164,727   203,336
Taxes payable 33,397   34,817
Current finance lease liabilities 16,525   15,960
Total current liabilities 258,943   296,150
Long-term debt 534,480   533,514
Noncurrent finance lease liabilities 103,742   113,201
Deferred tax liability 19,831   10,966
Other liabilities 95,221   113,871
Commitments and contingencies (Note 7)  
Total liabilities 1,012,217   1,067,702
Stockholders’ equity:      
Preferred stock (par value $0.0001, 50,000 shares authorized, none issued and outstanding at June 30, 2024 and December 31, 2023) 0   0
Common stock (par value $0.0001, 750,000 shares authorized; 103,562 shares issued and 102,596 shares outstanding at June 30, 2024 and 103,189 shares issued and 102,322 shares outstanding at December 31, 2023) 10   10
Additional paid-in capital 985,460   978,575
Treasury stock (9,810)   (8,493)
Accumulated deficit (304,322)   (325,261)
Accumulated other comprehensive income 8   20
Total stockholders’ equity 671,346 $ 659,311 644,851
Total liabilities and stockholders’ equity $ 1,683,563   $ 1,712,553
[1] The allowance for credit losses at June 30, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “Financial Instruments and Fair Value Disclosures” for a discussion of our concentrations of credit risk and allowance for credit losses.