NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2024 RESULTS AND ADDITIONAL SHARE REPURCHASE AUTHORIZATION
Noble reported Q3 2024 results following the closure of Diamond acquisition on September 4th. Key highlights include: net income of $61 million, diluted EPS of $0.40, and Adjusted EBITDA of $291 million. The company generated $284 million in operating cash flow and $165 million in free cash flow. The Board approved a $0.50 per share dividend for Q4 2024 and authorized an additional $400 million share repurchase program. Q4 2024 guidance projects revenue of $850-890 million and Adjusted EBITDA of $275-305 million. The company's current backlog stands at $6.2 billion.
Noble ha riportato i risultati del terzo trimestre 2024 dopo la chiusura dell'acquisizione di Diamond avvenuta il 4 settembre. Tra i punti salienti ci sono: reddito netto di 61 milioni di dollari, EPS diluito di 0,40 dollari e EBITDA rettificato di 291 milioni di dollari. L'azienda ha generato 284 milioni di dollari in flusso di cassa operativo e 165 milioni di dollari in flusso di cassa libero. Il Consiglio ha approvato un dividendo di 0,50 dollari per azione per il quarto trimestre 2024 e ha autorizzato un ulteriore programma di riacquisto di azioni da 400 milioni di dollari. Le previsioni per il quarto trimestre 2024 prevedono un fatturato compreso tra 850 e 890 milioni di dollari e un EBITDA rettificato di 275-305 milioni di dollari. L'attuale portafoglio dell'azienda ammonta a 6,2 miliardi di dollari.
Noble presentó los resultados del tercer trimestre de 2024 tras el cierre de la adquisición de Diamond el 4 de septiembre. Los puntos destacados incluyen: ingresos netos de 61 millones de dólares, EPS diluido de 0,40 dólares y EBITDA ajustado de 291 millones de dólares. La empresa generó 284 millones de dólares en flujo de caja operativo y 165 millones de dólares en flujo de caja libre. La Junta aprobó un dividendo de 0,50 dólares por acción para el cuarto trimestre de 2024 y autorizó un programa adicional de recompra de acciones por 400 millones de dólares. Las proyecciones para el cuarto trimestre de 2024 prevén ingresos de entre 850 y 890 millones de dólares y un EBITDA ajustado de 275-305 millones de dólares. La cartera actual de la empresa se sitúa en 6,2 mil millones de dólares.
노블은 9월 4일 다이아몬드 인수 완료 후 2024년 3분기 결과를 발표했습니다. 주요 하이라이트로는 순이익 6천만 달러, 희석 주당순이익 0.40달러, 조정 EBITDA 2억 9천1백만 달러가 있습니다. 이 회사는 운영 현금 흐름으로 2억 8천4백만 달러, 자유 현금 흐름으로 1억 6천5백만 달러를 창출했습니다. 이사회는 2024년 4분기 주당 0.50달러 배당금을 승인했으며, 추가로 4억 달러 규모의 자사주 매입 프로그램을 승인했습니다. 2024년 4분기 가이던스는 매출이 8억 5천만에서 8억 9천만 달러, 조정 EBITDA가 2억 7천5백만에서 3억 5백만 달러에 이를 것으로 예상됩니다. 현재 회사의 미결 주문 잔고는 62억 달러입니다.
Noble a annoncé les résultats du troisième trimestre 2024 suite à la clôture de l'acquisition de Diamond le 4 septembre. Les points saillants incluent : revenu net de 61 millions de dollars, EPS dilué de 0,40 dollar, et EBITDA ajusté de 291 millions de dollars. L'entreprise a généré 284 millions de dollars de flux de trésorerie d'exploitation et 165 millions de dollars de flux de trésorerie disponible. Le Conseil a approuvé un dividende de 0,50 dollar par action pour le quatrième trimestre 2024 et a autorisé un programme de rachat d'actions supplémentaire de 400 millions de dollars. Les prévisions pour le quatrième trimestre 2024 projettent un chiffre d'affaires de 850 à 890 millions de dollars et un EBITDA ajusté de 275 à 305 millions de dollars. Le carnet de commandes actuel de l'entreprise s'élève à 6,2 milliards de dollars.
Noble berichtete über die Ergebnisse des dritten Quartals 2024 nach dem Abschluss der Übernahme von Diamond am 4. September. Zu den wichtigsten Highlights gehören: Nettoeinkommen von 61 Millionen Dollar, verwässertes EPS von 0,40 Dollar und bereinigtes EBITDA von 291 Millionen Dollar. Das Unternehmen generierte 284 Millionen Dollar an operativem Cashflow und 165 Millionen Dollar an freiem Cashflow. Der Vorstand genehmigte eine Dividende von 0,50 Dollar pro Aktie für das vierte Quartal 2024 und ermächtigte ein zusätzliches Aktienrückkaufprogramm über 400 Millionen Dollar. Die Prognose für das vierte Quartal 2024 beträgt einen Umsatz von 850–890 Millionen Dollar und ein bereinigtes EBITDA von 275–305 Millionen Dollar. Der aktuelle Auftragsbestand des Unternehmens beträgt 6,2 Milliarden Dollar.
- Secured additional 4.8 years of backlog from ExxonMobil Guyana
- Strong Q3 free cash flow of $165 million
- Increased shareholder returns with new $400M share buyback authorization
- Contract drilling services revenue increased to $764M from $661M QoQ
- Marketed fleet utilization improved to 82% from 78% QoQ
- Net income decreased to $61M from $195M QoQ
- Softer utilization environment expected throughout 2025
- Contract drilling costs increased to $434M from $336M QoQ
- contract fixtures for lower specification floaters in 2024
- Total debt principal of approximately $2.0B
Insights
Noble's Q3 results demonstrate solid financial performance with
Key positives include strong free cash flow of
However, near-term challenges exist with softer utilization expected in 2025 for lower-spec floaters. The balance sheet carries
The offshore drilling market shows a diverging trend between high-end and lower-specification assets. Premium drillships maintain strong dayrates of
Noble's fleet utilization improvements (marketed fleet at
- Closed Diamond acquisition on September 4th
- Increased capital return program with additional share repurchase authorization of
$400 million - Repurchased 6.9 million of shares in Q3 2024,
per share dividend declared for Q4 2024, bringing total FY 2024 cash returns to shareholders to over$0.50 , including Q4 dividend$525 million - Q3 Net Income of
, Diluted Earnings Per Share of$61 million , Adjusted EBITDA of$0.40 , net cash provided by operating activities of$291 million , and Free Cash Flow of$284 million $165 million - Q4 2024 Guidance provided as follows: Total Revenue
to$850 , Adjusted EBITDA$890 million to$275 , Capital Additions (net of reimbursements)$305 million to$105 $135 million
Three Months Ended | ||||||
(in millions, except per share amounts) | September 30, | September 30, | June 30, | |||
Total Revenue | $ 801 | $ 697 | $ 693 | |||
Contract Drilling Services Revenue | 764 | 671 | 661 | |||
Net Income (Loss) | 61 | 158 | 195 | |||
Adjusted EBITDA* | 291 | 283 | 271 | |||
Adjusted Net Income (Loss)* | 89 | 127 | 105 | |||
Basic Earnings (Loss) Per Share | 0.41 | 1.14 | 1.37 | |||
Diluted Earnings (Loss) Per Share | 0.40 | 1.09 | 1.34 | |||
Adjusted Diluted Earnings (Loss) Per Share* | 0.58 | 0.87 | 0.72 | |||
* A Non-GAAP supporting schedule is included with the statements and schedules in this press release. |
Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated "We are excited to have closed on the Diamond acquisition during the third quarter, enabling us to start capturing the value from the transaction earlier than expected. Our strategy of pursuing rational and accretive growth in the high-end deepwater segment toward an ultimate objective of maximizing cash returns to shareholders is yielding tangible results, as evidenced by robust third quarter free cash flow and a sector leading dividend and buyback program. Despite a more muted near-term demand environment than we had envisioned coming into this year, Noble is uniquely well positioned to deliver customer and shareholder value through various market conditions."
Third Quarter Results
Contract drilling services revenue for the third quarter of 2024 totaled
Balance Sheet, Capital Allocation, and Increased Shareholder Return Authorization
The Company's balance sheet as of September 30, 2024, reflected total debt principal value of approximately
The Company repurchased approximately 6.9 million shares in the third quarter for
On November 5, 2024, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of
Operating Highlights and Backlog
Noble's marketed fleet of twenty-five floaters was
Utilization of Noble's thirteen marketed jackups improved to
Subsequent to last quarter's earnings press release, ExxonMobil Guyana awarded an additional 4.8 years of backlog under the Commercial Enabling Agreement (CEA), intended to extend the contract duration for each of our four drillships operating under the CEA from Q2 2027 to Q3 2028. Additionally, the Ocean Endeavor has been awarded an additional 130 days with Shell in the
Noble's current backlog as of November 5, 2024 stands at
Outlook
For the fourth quarter of 2024, Noble is providing guidance as follows: Total revenue in the range of
Commenting on Noble's outlook, Mr. Eifler stated, "We remain encouraged by the high level of tangible contract opportunities in our commercial pipeline which is expected to drive a backlog inflection sometime next year. In the meantime, Noble is poised to generate robust cash flow amid sub-optimal utilization over the near term. We remain committed to returning essentially all free cash flow to shareholders and are pleased to announce a second
Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's fourth quarter 2024 GAAP financial results.
Conference Call
Noble will host a conference call related to its third quarter 2024 results on Wednesday, November 6th, 2024, at 8:00 a.m.
For additional information, visit www.noblecorp.com or email investors@noblecorp.com.
About Noble Corporation plc
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. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.
Dividend Details and Return of Capital Disclaimers
Dividends payable to Noble shareholders will generally be paid in
On October 22, 2024, the Board of Directors approved a share repurchase program of up to
Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding future guidance, including revenue, adjusted EBITDA, the offshore drilling market and demand fundamentals, realization and timing of integration synergies, costs, the benefits or results of acquisitions or dispositions such as the acquisition of Diamond Offshore Drilling, Inc. (the "Diamond Transaction"), free cash flow expectations, capital expenditures, capital additions, capital allocation expectations, including planned dividends and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, major project schedules, dayrates and duration, any asset sales, access to capital, fleet condition and utilization, timing and amount of insurance recoveries and 2024 financial guidance. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "guidance," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "shall," "target," "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. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the
NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating revenues | ||||||||
Contract drilling services | $ 763,543 | $ 671,004 | $ 2,036,678 | $ 1,852,474 | ||||
Reimbursables and other | 37,006 | 26,446 | 93,799 | 93,565 | ||||
800,549 | 697,450 | 2,130,477 | 1,946,039 | |||||
Operating costs and expenses | ||||||||
Contract drilling services | 434,192 | 354,199 | 1,159,913 | 1,078,521 | ||||
Reimbursables | 28,185 | 16,682 | 69,196 | 67,484 | ||||
Depreciation and amortization | 109,879 | 77,146 | 287,347 | 218,412 | ||||
General and administrative | 43,596 | 33,039 | 109,226 | 95,428 | ||||
Merger and integration costs | 69,214 | 12,966 | 89,163 | 47,049 | ||||
(Gain) loss on sale of operating assets, net | — | — | (17,357) | — | ||||
Hurricane losses and (recoveries), net | — | 2,642 | — | 22,120 | ||||
685,066 | 496,674 | 1,697,488 | 1,529,014 | |||||
Operating income (loss) | 115,483 | 200,776 | 432,989 | 417,025 | ||||
Other income (expense) | ||||||||
Interest expense, net of amounts capitalized | (24,951) | (13,005) | (54,491) | (44,539) | ||||
Gain on bargain purchase | — | 5,005 | — | 5,005 | ||||
Gain (loss) on extinguishment of debt, net | — | — | — | (26,397) | ||||
Interest income and other, net | 2,292 | 17,206 | (10,626) | 16,292 | ||||
Income (loss) before income taxes | 92,824 | 209,982 | 367,872 | 367,386 | ||||
Income tax benefit (provision) | (31,608) | (51,659) | (16,167) | (35,184) | ||||
Net income (loss) | $ 61,216 | $ 158,323 | $ 351,705 | $ 332,202 | ||||
Per share data | ||||||||
Basic: | ||||||||
Net income (loss) | $ 0.41 | $ 1.14 | $ 2.43 | $ 2.42 | ||||
Diluted: | ||||||||
Net income (loss) | $ 0.40 | $ 1.09 | $ 2.37 | $ 2.29 |
NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | ||||
September 30, 2024 | December 31, 2023 | |||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | $ 391,858 | $ 360,794 | ||
Accounts receivable, net | 752,270 | 548,844 | ||
Prepaid expenses and other current assets | 266,563 | 152,110 | ||
Total current assets | 1,410,691 | 1,061,748 | ||
Intangible assets | 1,580 | 10,128 | ||
Property and equipment, at cost | 6,795,699 | 4,591,936 | ||
Accumulated depreciation | (746,262) | (467,600) | ||
Property and equipment, net | 6,049,437 | 4,124,336 | ||
Other assets | 573,436 | 311,225 | ||
Total assets | $ 8,035,144 | $ 5,507,437 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ 405,907 | $ 395,165 | ||
Accrued payroll and related costs | 119,665 | 97,313 | ||
Other current liabilities | 374,893 | 149,202 | ||
Total current liabilities | 900,465 | 641,680 | ||
Long-term debt | 1,981,237 | 586,203 | ||
Other liabilities | 445,096 | 307,451 | ||
Noncurrent contract liabilities | 23,397 | 50,863 | ||
Total liabilities | 3,350,195 | 1,586,197 | ||
Commitments and contingencies | ||||
Total shareholders' equity | 4,684,949 | 3,921,240 | ||
Total liabilities and equity | $ 8,035,144 | $ 5,507,437 |
NOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | ||||
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities | ||||
Net income (loss) | $ 351,705 | $ 332,202 | ||
Adjustments to reconcile net income (loss) to net cash flow from operating activities: | ||||
Depreciation and amortization | 287,347 | 218,412 | ||
Amortization of intangible assets and contract liabilities, net | (46,580) | (95,540) | ||
Gain on bargain purchase | — | (5,005) | ||
(Gain) loss on extinguishment of debt, net | — | 26,397 | ||
(Gain) loss on sale of operating assets, net | (17,357) | — | ||
Changes in components of working capital and other operating activities | (55,854) | (189,618) | ||
Net cash provided by (used in) operating activities | 519,261 | 286,848 | ||
Cash flows from investing activities | ||||
Capital expenditures | (434,653) | (268,131) | ||
Proceeds from insurance claims | 16,426 | — | ||
Cash paid in stock-based business combination, net | (400,458) | — | ||
Proceeds from disposal of assets, net | 4,885 | — | ||
Net cash provided by (used in) investing activities | (813,800) | (268,131) | ||
Cash flows from financing activities | ||||
Issuance of debt | 824,000 | 600,000 | ||
Borrowings on credit facilities | 35,000 | — | ||
Repayments of credit facilities | (35,000) | — | ||
Repayments of debt | — | (673,411) | ||
Debt extinguishment costs | — | (25,697) | ||
Debt issuance costs | (10,002) | (24,914) | ||
Warrants exercised | 628 | 156 | ||
Share repurchases | (250,000) | (80,000) | ||
Dividend payments | (198,150) | (42,369) | ||
Taxes withheld on employee stock transactions | (57,167) | (8,612) | ||
Other | 22,578 | — | ||
Net cash provided by (used in) financing activities | 331,887 | (254,847) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | 37,348 | (236,130) | ||
Cash, cash equivalents and restricted cash, beginning of period | 367,745 | 485,707 | ||
Cash, cash equivalents and restricted cash, end of period | $ 405,093 | $ 249,577 |
NOBLE CORPORATION plc AND SUBSIDIARIES OPERATIONAL INFORMATION (Unaudited) | |||||
Average Rig Utilization (1) | |||||
Three Months Ended | Three Months Ended | Three Months Ended | |||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||
Floaters | 72 % | 70 % | 77 % | ||
Jackups | 83 % | 77 % | 64 % | ||
Total | 76 % | 73 % | 72 % | ||
Operating Days | |||||
Three Months Ended | Three Months Ended | Three Months Ended | |||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||
Floaters | 1,418 | 1,138 | 1,348 | ||
Jackups | 991 | 914 | 824 | ||
Total | 2,409 | 2,052 | 2,172 | ||
Average Dayrates | |||||
Three Months Ended | Three Months Ended | Three Months Ended | |||
September 30, 2024 | June 30, 2024 | September 30, 2023 | |||
Floaters | $ 424,199 | $ 435,677 | $ 403,813 | ||
Jackups | 159,444 | 155,585 | 140,775 | ||
Total | $ 315,295 | $ 310,962 | $ 304,040 |
(1) Average Rig Utilization statistics include all marketed and cold stacked rigs. |
NOBLE CORPORATION plc 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: | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Numerator: | ||||||||
Net income (loss) | $ 61,216 | $ 158,323 | $ 351,705 | $ 332,202 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 149,727 | 139,400 | 144,863 | 137,478 | ||||
Dilutive effect of share-based awards | 1,877 | 3,204 | 1,877 | 3,204 | ||||
Dilutive effect of warrants | 1,334 | 3,117 | 1,502 | 4,339 | ||||
Weighted average shares outstanding - diluted | 152,938 | 145,721 | 148,242 | 145,021 | ||||
Per share data | ||||||||
Basic: | ||||||||
Net income (loss) | $ 0.41 | $ 1.14 | $ 2.43 | $ 2.42 | ||||
Diluted: | ||||||||
Net income (loss) | $ 0.40 | $ 1.09 | $ 2.37 | $ 2.29 |
NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
Certain non-GAAP 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 income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; amortization of intangible assets and contract liabilities, net; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.
The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. We may have certain obligations such as non-discretionary debt service that are not deducted from the measure. Such business needs, obligations, and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses including return of capital.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
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 costs, 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 plc AND SUBSIDIARIES NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)
| ||||||
Reconciliation of Adjusted EBITDA | ||||||
Three Months Ended September 30, | Three Months Ended | |||||
2024 | 2023 | June 30, 2024 | ||||
Net income (loss) | $ 61,216 | $ 158,323 | $ 195,008 | |||
Income tax (benefit) provision | 31,608 | 51,659 | (5,228) | |||
Interest expense, net of amounts capitalized | 24,951 | 13,005 | 11,996 | |||
Interest income and other, net | (2,292) | (17,206) | 8,183 | |||
Depreciation and amortization | 109,879 | 77,146 | 90,770 | |||
Amortization of intangible assets and contract liabilities, net | (3,730) | (10,803) | (22,497) | |||
Gain on bargain purchase | — | (5,005) | — | |||
Merger and integration costs | 69,214 | 12,966 | 10,618 | |||
(Gain) loss on sale of operating assets, net | — | — | (17,357) | |||
Hurricane losses and (recoveries), net | — | 2,642 | — | |||
Adjusted EBITDA | $ 290,846 | $ 282,727 | $ 271,493 |
Reconciliation of Income Tax Benefit (Provision) | ||||||
Three Months Ended September 30, | Three Months Ended | |||||
2024 | 2023 | June 30, 2024 | ||||
Income tax benefit (provision) | $ (31,608) | $ (51,659) | $ 5,228 | |||
Adjustments | ||||||
Amortization of intangible assets and contract liabilities, net | 90 | 6,079 | 101 | |||
Joint taxation scheme compensation | — | (1,981) | — | |||
Gain (loss) on sale of operating assets, net | — | — | 2,500 | |||
Discrete tax items | (37,688) | (17,088) | (63,067) | |||
Total Adjustments | (37,598) | (12,990) | (60,466) | |||
Adjusted income tax benefit (provision) | $ (69,206) | $ (64,649) | $ (55,238) |
NOBLE CORPORATION plc AND SUBSIDIARIES NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited)
| ||||||
Reconciliation of Net Income (Loss) | ||||||
Three Months Ended September 30, | Three Months Ended | |||||
2024 | 2023 | June 30, 2024 | ||||
Net income (loss) | $ 61,216 | $ 158,323 | $ 195,008 | |||
Adjustments | ||||||
Amortization of intangible assets and contract liabilities, net | (3,640) | (4,724) | (22,396) | |||
Joint taxation scheme compensation | — | (19,837) | — | |||
Gain on bargain purchase | — | (5,005) | — | |||
Merger and integration costs | 69,214 | 12,966 | 10,618 | |||
(Gain) loss on sale of operating assets, net | — | — | (14,857) | |||
Hurricane losses and (recoveries), net | — | 2,642 | — | |||
Discrete tax items | (37,688) | (17,088) | (63,067) | |||
Total Adjustments | 27,886 | (31,046) | (89,702) | |||
Adjusted net income (loss) | $ 89,102 | $ 127,277 | $ 105,306 | |||
Reconciliation of Diluted EPS | ||||||
Three Months Ended September 30, | Three Months Ended | |||||
2024 | 2023 | June 30, 2024 | ||||
Unadjusted diluted EPS | $ 0.40 | $ 1.09 | $ 1.34 | |||
Adjustments | ||||||
Amortization of intangible assets and contract liabilities, net | (0.02) | (0.03) | (0.15) | |||
Joint taxation scheme compensation | — | (0.14) | — | |||
Gain on bargain purchase | — | (0.03) | — | |||
Merger and integration costs | 0.45 | 0.08 | 0.06 | |||
(Gain) loss on sale of operating assets, net | — | — | (0.10) | |||
Hurricane losses and (recoveries), net | — | 0.02 | — | |||
Discrete tax items | (0.25) | (0.12) | (0.43) | |||
Total Adjustments | 0.18 | (0.22) | (0.62) | |||
Adjusted diluted EPS | $ 0.58 | $ 0.87 | $ 0.72 | |||
Reconciliation of Free Cash Flow | ||||||
Three Months Ended September 30, | Three Months Ended | |||||
2024 | 2023 | June 30, 2024 | ||||
Net cash provided by (used in) operating activities | $ 283,781 | $ 138,768 | $ 106,791 | |||
Capital expenditures, net of proceeds from insurance claims | (119,104) | (98,601) | (132,513) | |||
Free cash flow | $ 164,677 | $ 40,167 | $ (25,722) |
NOBLE OFFSHORE DRILLING INC.
UNAUDITED SELECTED FINANCIALS
On the Merger Effective Date, Diamond Offshore Drilling, Inc. merged into Noble Offshore Drilling, Inc. with Noble Offshore Drilling, Inc. being the surviving entity.
The indenture governing the
September 30, 2024 | ||
Balance Sheets | ||
Cash and cash equivalents | $ 179,801 | |
Total current assets | 455,946 | |
Total current liabilities | 298,270 | |
Total debt | 1,171,316 | |
Total shareholders' equity | 864,444 |
Consolidated Diamond | Consolidated Noble | |||
Period from | Period from | |||
Statements of Operations | ||||
Operating revenues | $ 197,013 | $ 94,380 | ||
Operating costs and expenses | 142,917 | 95,246 | ||
Depreciation and amortization | 22,210 | 11,357 | ||
Statements of Cash Flows | ||||
Net cash provided by (used in) operating activities | $ 56,867 | $ (8,887) | ||
Capital expenditures | (17,434) | (10,562) | ||
Proceeds from disposal of assets, net | 8,910 | 5,575 | ||
Dividend payments | — | — |
View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2024-results-and-additional-share-repurchase-authorization-302296981.html
SOURCE Noble Corporation plc
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