Nabors(US:NBR)2022-10-27 20:26Financial Performance - Operating revenues for the three months ended September 30, 2022, totaled $694.1 million, representing an increase of $170.0 million, or 32%, compared to the same period in 2021[118]. - Net loss from continuing operations attributable to Nabors common shareholders was $13.8 million ($1.80 per diluted share) for the three months ended September 30, 2022, a decrease of $108.7 million from a net loss of $122.5 million ($15.79 per diluted share) in the same period of 2021[119]. - Operating revenues for the nine months ended September 30, 2022 totaled $1.9 billion, an increase of $419.6 million, or 28%, compared to the same period in 2021[134]. - Net loss from continuing operations attributable to common shareholders decreased by $178.1 million to $281.2 million ($32.72 per diluted share) for the nine months ended September 30, 2022, compared to a net loss of $459.3 million ($62.26 per diluted share) in the prior year[135]. - The company reported a net loss attributable to common shareholders of $223.4 million for the nine months ended September 30, 2022, compared to a loss of $444.9 million in the same period of 2021[180]. Revenue Segments - U.S. Drilling segment operating revenues increased by $123.7 million, or 71%, to $297.2 million for the three months ended September 30, 2022, driven by a 37% increase in average rigs working[125]. - International Drilling segment operating revenues increased by $36.3 million, or 13%, due to an 11% increase in average rigs working[127]. - Drilling Solutions segment operating revenues increased by $16.1 million, or 35%, reflecting improved market conditions and increased drilling activity[128]. - Rig Technologies segment operating revenues increased by $8.4 million, or 20%, due to improved demand for services[129]. - U.S. Drilling segment operating revenues increased by $290.4 million, or 61%, to $767.8 million, driven by a 41% increase in average rigs working[142]. - International Drilling segment operating revenues increased by $109.6 million, or 14%, totaling $881.7 million, supported by a 10% increase in average rigs working[144]. - Drilling Solutions segment operating revenues increased by $51.3 million, or 43%, reflecting improved market conditions and increased demand[145]. - Rig Technologies segment operating revenues increased by $30.0 million, or 29%, due to improved market conditions[146]. Expenses - General and administrative expenses increased by $4.7 million, or 9%, to $57.6 million for the three months ended September 30, 2022, reflecting higher workforce and operating costs[120]. - General and administrative expenses increased by $10.3 million, or 6%, totaling $169.4 million for the nine months ended September 30, 2022, reflecting higher workforce and operating costs[136]. - Research and engineering expenses rose by $3.9 million, or 41%, to $13.4 million for the three months ended September 30, 2022, due to increased R&D activities and engineering support costs[121]. - Research and engineering expenses rose by $11.1 million, or 45%, totaling $36.0 million for the nine months ended September 30, 2022, due to increased R&D activities[138]. Cash Flow and Investments - Net cash provided by operating activities for the nine months ended September 30, 2022, was $301.1 million, a decrease of 7.7% compared to $326.5 million in the same period of 2021[169]. - Cash from operating results (before working capital changes) increased to $295.5 million for the nine months ended September 30, 2022, up from $174.1 million in the corresponding 2021 period, reflecting increased business activity[169]. - Net cash used for investing activities was $267.0 million during the nine months ended September 30, 2022, compared to $65.1 million in the same period of 2021[170]. - The company invested $19.0 million in energy transition-related technologies during the nine months ended September 30, 2022[171]. Debt and Liabilities - Interest expense for the three months ended September 30, 2022, was $43.8 million, an increase of $1.6 million, or 4%, primarily due to the issuance of $700 million in senior notes[130]. - Interest expense for the nine months ended September 30, 2022 was $133.7 million, an increase of $6.7 million, or 5%, primarily due to the issuance of $700 million in senior notes[147]. - As of September 30, 2022, the company had cash and short-term investments of $425.1 million and working capital of $406.7 million, down from $991.5 million and $1.0 billion, respectively, at the end of 2021[151]. - As of September 30, 2022, the company had outstanding purchase commitments totaling approximately $272.5 million, primarily for capital expenditures and inventory purchases[163]. - The company repaid $460.0 million in net amounts under its revolving credit facility during the nine months ended September 30, 2022[173]. - Current liabilities decreased to $63.0 million as of September 30, 2022, from $75.1 million at the end of 2021[180]. Assets - Total assets decreased to $6.26 billion as of September 30, 2022, from $7.04 billion at the end of 2021[180]. - The company has a share repurchase program authorized for up to $400.0 million, with $278.9 million remaining as of September 30, 2022[166].