Note: Upon completing its financial restructuring in late 2019, the Company adopted fresh-start accounting resulting in
On a GAAP basis, revenues for the first quarter of 2020 were
On a non-GAAP basis:
"Notwithstanding these challenges, the Company's revenues increased in certain key markets and adjusted EBITDA and adjusted EBITDA margin increased meaningfully, on both a sequential and on a year-on-year basis. Our international business, which comprised over 70% of our first-quarter 2020 revenues, grew 2% year-on-year [1], with growth across the
"Adjusted EBITDA grew 15% sequentially during the first quarter of 2020 and 39% year-on-year, due to a combination of swift actions to reduce costs, favorable revenue mix and improved operating performance.
"Perhaps most importantly,
"Our performance during the quarter is noteworthy, as the COVID-19 pandemic and actions by certain producing nations caused commodity prices to decline precipitously and created a number of internal and external operating challenges. I am proud of how quickly our organization adapted and I would like to extend my gratitude to the many members of our team working in the field and at our manufacturing sites. We are focused on the safety of our employees and their families and will continue to implement policies in-line with guidance from the
"As we look ahead to the second quarter of 2020, we are seeing a significant acceleration of the disruptions associated with the COVID-19 pandemic and global storage for crude oil will likely reach full capacity, further pressuring crude pricing and forcing producers to shut-in a significant amount of production globally. These factors are expected to continue to have an unprecedented impact on global oil and gas activity. Moreover, once supply and demand dynamics rebalance, it is unclear when a stable oil market will return, as record crude inventories will likely dampen the pace of any recovery.
"We currently expect there to be a multi-year dislocation across the industry, with the quickest and deepest impacts in
"Against this outlook, we have more than doubled the cost savings actions that were underway going into 2020 and we will continue to adjust as required by market conditions. We are implementing a combination of structural reductions, headcount and pay reductions, furloughs, facility closures, capital expenditure reductions, and have consolidated our geographic, product line and support organizations.
"
Liquidity
The Company had over
However, as a result of the weak industry environment due to the COVID-19 pandemic, lower demand for hydrocarbons and activity declines,
Impairment and Restructuring Charges
In accordance with accounting guidelines, the Company is required to assess its goodwill, tangible and other intangible assets for impairment if events or changes in circumstances indicate the carrying value of the assets may not be recovered. Due to the challenging industry environment, management determined that impairment indicators existed and conducted an assessment resulting in impairment charges of
In addition,
Notes:
[1] Excludes the impact of Land Drilling Rigs and the
[2] Adjusted EBITDA excludes, among other items, impairments on goodwill and long-lived assets. Free cash flow is calculated as cash flows provided by (used in) operating activities, less capital expenditures, plus proceeds from disposition of assets. Net debt is calculated as total short- and long-term debt less cash and cash equivalents and restricted cash. Adjusted EBITDA, free cash flow and net debt are non-GAAP measures. Each measure is defined and reconciled to the most directly comparable GAAP measure in the tables below.
[3] In the first quarter of 2020 the Company began reporting adjusted EBITDA excluding the burden of stock-based compensation. Additional detail for the current and historical periods is provided in the tables below.
Operating Segments
Western Hemisphere
Successor |
Successor |
Predecessor |
Predecessor |
||||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
|||||||||||||||||
Ended |
|
|
Combined |
Ended |
|||||||||||||||||
($ in Millions) |
|
|
|
Results |
|
||||||||||||||||
Revenues: |
|||||||||||||||||||||
|
$ |
341 |
$ |
68 |
$ |
289 |
$ |
357 |
$ |
456 |
|||||||||||
|
247 |
53 |
211 |
264 |
270 |
||||||||||||||||
Total Revenues |
$ |
588 |
$ |
121 |
$ |
500 |
$ |
621 |
$ |
726 |
|||||||||||
Adjusted Segment EBITDA |
$ |
76 |
$ |
10 |
$ |
54 |
$ |
64 |
$ |
58 |
|||||||||||
% Margin |
13 |
% |
8 |
% |
11 |
% |
10 |
% |
8 |
% |
First-quarter 2020 Western Hemisphere revenues of
First-quarter 2020 adjusted segment EBITDA of
Eastern Hemisphere
Successor |
Successor |
Predecessor |
Predecessor |
||||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
|||||||||||||||||
Ended |
|
|
Combined |
Ended |
|||||||||||||||||
($ in Millions) |
|
|
|
Results |
|
||||||||||||||||
Revenues: |
|||||||||||||||||||||
|
$ |
403 |
$ |
88 |
$ |
298 |
$ |
386 |
$ |
390 |
|||||||||||
|
224 |
52 |
187 |
239 |
230 |
||||||||||||||||
Total Revenues |
$ |
627 |
$ |
140 |
$ |
485 |
$ |
625 |
$ |
620 |
|||||||||||
Adjusted Segment EBITDA |
$ |
127 |
$ |
30 |
$ |
84 |
$ |
114 |
$ |
93 |
|||||||||||
% Margin |
20 |
% |
21 |
% |
17 |
% |
18 |
% |
15 |
% |
First-quarter 2020 Eastern Hemisphere revenues of
First-quarter 2020 adjusted segment EBITDA of
Customer & Technology Highlights
About
Contact
Senior Director, Investor Relations
+1 713-836-6777
investor.relations@weatherford.com
Forward-Looking Statements
This news release contains forward-looking statements concerning, among other things, the Company's quarterly and full-year non-GAAP earnings (loss) per share, effective tax rate, net debt, forecasts or expectations regarding business outlook, and capital expenditures, and are also generally identified by the words "believe," "project," "expect," "anticipate," "estimate," "outlook," "budget," "intend," "strategy," "plan," "guidance," "may," "should," "could," "will," "would," "will be," "will continue," "will likely result," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of
|
||||||||||||||||||||
Quarterly Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||||||
($ in Millions, Except Per Share Amounts) |
||||||||||||||||||||
Successor |
Successor |
Predecessor |
Predecessor |
|||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
||||||||||||||||
Ended |
|
|
Combined |
Ended |
||||||||||||||||
|
|
|
Results |
|
||||||||||||||||
Revenues: |
||||||||||||||||||||
Western Hemisphere |
$ |
588 |
$ |
121 |
$ |
500 |
$ |
621 |
$ |
726 |
||||||||||
Eastern Hemisphere |
627 |
140 |
485 |
625 |
620 |
|||||||||||||||
Total Revenues |
1,215 |
261 |
985 |
1,246 |
1,346 |
|||||||||||||||
Operating Income (Loss): |
||||||||||||||||||||
Western Hemisphere |
29 |
(4) |
19 |
15 |
9 |
|||||||||||||||
Eastern Hemisphere |
18 |
10 |
30 |
40 |
20 |
|||||||||||||||
Segment Operating Income |
47 |
6 |
49 |
55 |
29 |
|||||||||||||||
Corporate Expenses |
(26) |
(5) |
(23) |
(28) |
(32) |
|||||||||||||||
Goodwill Impairment |
(167) |
— |
— |
— |
(229) |
|||||||||||||||
Restructuring Charges |
(26) |
— |
(96) |
(96) |
(20) |
|||||||||||||||
Prepetition Charges |
— |
— |
— |
— |
(10) |
|||||||||||||||
Other Charges, Net |
(650) |
— |
(246) |
(246) |
(39) |
|||||||||||||||
Total Operating Income (Loss) |
(822) |
1 |
(316) |
(315) |
(301) |
|||||||||||||||
Other Income (Expense): |
||||||||||||||||||||
Reorganization Items |
(9) |
(4) |
5,692 |
5,688 |
— |
|||||||||||||||
Interest Expense, Net |
(58) |
(12) |
(21) |
(33) |
(155) |
|||||||||||||||
Other Non-Operating Expenses, Net |
(25) |
— |
(8) |
(8) |
(9) |
|||||||||||||||
Net Income (Loss) Before Income Taxes |
(914) |
(15) |
5,347 |
5,332 |
(465) |
|||||||||||||||
Income Tax Provision |
(44) |
(9) |
(59) |
(68) |
(12) |
|||||||||||||||
Net Income (Loss) |
(958) |
(24) |
5,288 |
5,264 |
(477) |
|||||||||||||||
Net Income Attributable to Noncontrolling Interests |
8 |
2 |
9 |
11 |
4 |
|||||||||||||||
Net Income (Loss) Attributable to |
$ |
(966) |
$ |
(26) |
$ |
5,279 |
$ |
5,253 |
$ |
(481) |
||||||||||
Income (Loss) Per Share Attributable to |
||||||||||||||||||||
Basic and Diluted |
$ |
(13.80) |
$ |
(0.37) |
$ |
5.26 |
n/a |
$ |
(0.48) |
|||||||||||
Weighted Average Shares Outstanding: |
||||||||||||||||||||
Basic and Diluted |
70 |
70 |
1,004 |
n/a |
1,003 |
|
||||||
Selected Balance Sheet Data (Unaudited) |
||||||
($ in Millions) |
||||||
|
|
|||||
Assets: |
||||||
Cash and Cash Equivalents |
670 |
$ |
618 |
|||
Restricted Cash |
94 |
182 |
||||
Accounts Receivable, Net |
1,204 |
1,241 |
||||
Inventories, Net |
1,004 |
972 |
||||
Property, Plant and Equipment, Net |
1,554 |
2,122 |
||||
|
72 |
239 |
||||
Intangibles, Net |
928 |
1,114 |
||||
Liabilities: |
||||||
Accounts Payable |
544 |
585 |
||||
Short-term Borrowings and Current Portion of Long-term Debt |
26 |
13 |
||||
Long-term Debt |
2,149 |
2,151 |
||||
Shareholders' Equity: |
||||||
Total Shareholders' Equity |
1,863 |
2,916 |
||||
Components of Net Debt [1]: |
||||||
Short-term Borrowings and Current Portion of Long-term Debt |
26 |
13 |
||||
Long-term Debt |
2,149 |
2,151 |
||||
Less: Cash and Cash Equivalents |
670 |
618 |
||||
Less: Restricted Cash |
94 |
182 |
||||
Net Debt [1] |
1,411 |
1,364 |
[1] |
Net debt is a non-GAAP measure calculated as total short- and long-term debt less cash and cash equivalents and restricted cash. |
|
||||||||
Condensed Consolidated Statement of Cash Flows (Unaudited) |
||||||||
($ in Millions) |
||||||||
Successor |
Predecessor |
|||||||
Quarter |
Quarter |
|||||||
Ended |
Ended |
|||||||
|
|
|||||||
Cash Flows From Operating Activities: |
||||||||
Net Income (Loss) |
$ |
(958) |
$ |
(477) |
||||
Adjustments to Reconcile Net Income (Loss) to |
||||||||
Depreciation and Amortization |
157 |
123 |
||||||
Goodwill Impairment |
167 |
229 |
||||||
Long-Lived Asset Impairments and Other |
648 |
31 |
||||||
Working Capital [1] |
(83) |
(47) |
||||||
Other Operating Activities |
99 |
(108) |
||||||
Total Cash Flows Provided by (Used in) Operating Activities |
30 |
(249) |
||||||
Cash Flows From Investing Activities: |
||||||||
Capital Expenditures for Property, Plant and Equipment |
(38) |
(59) |
||||||
Proceeds from Disposition of Assets |
6 |
26 |
||||||
Proceeds from Disposition of Businesses, Net |
(1) |
74 |
||||||
Other Investing Activities |
(14) |
(5) |
||||||
Net Cash Provided by (Used in) Investing Activities |
(47) |
36 |
||||||
Cash Flows From Financing Activities: |
||||||||
Repayments of Long-term Debt |
(2) |
(15) |
||||||
Borrowings (Repayments) of Short-term Debt, Net |
(3) |
228 |
||||||
Other Financing Activities, Net |
(3) |
(5) |
||||||
Net Cash Provided by (Used in) Financing Activities |
(8) |
208 |
||||||
Free Cash Flow [2]: |
||||||||
Cash Flows Provided by (Used in) Operating Activities |
$ |
30 |
$ |
(249) |
||||
Capital Expenditures for Property, Plant and Equipment |
(38) |
(59) |
||||||
Proceeds from Disposition of Assets |
6 |
26 |
||||||
Free Cash Flow [2] |
$ |
(2) |
$ |
(282) |
[1] |
Working capital is defined as the cash changes in accounts receivable plus inventory less accounts payable. |
[2] |
Free cash flow is a non-GAAP measure calculated as cash flows provided by (used in) operating activities less capital expenditures for property, plant and equipment plus proceeds from disposition of assets. Management believes free cash flow is useful to understand liquidity and should be considered in addition to but not substitute cash flows provided by (used in) operating activities. |
|
||||||||||||||||||||||||
Quarterly Selected Statements of Operations Information (Unaudited) |
||||||||||||||||||||||||
($ in Millions) |
||||||||||||||||||||||||
Successor |
Successor |
Predecessor |
Predecessor |
|||||||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
||||||||||||||||||||
Ended |
|
|
Combined |
Ended |
||||||||||||||||||||
|
|
|
Results |
|
|
|
||||||||||||||||||
Revenues |
||||||||||||||||||||||||
Western Hemisphere |
$ |
588 |
$ |
121 |
$ |
500 |
$ |
621 |
$ |
675 |
$ |
719 |
$ |
726 |
||||||||||
Eastern Hemisphere |
627 |
140 |
485 |
625 |
639 |
590 |
620 |
|||||||||||||||||
Total Revenues |
$ |
1,215 |
$ |
261 |
$ |
985 |
$ |
1,246 |
$ |
1,314 |
$ |
1,309 |
$ |
1,346 |
||||||||||
Adjusted EBITDA |
||||||||||||||||||||||||
Western Hemisphere |
$ |
76 |
$ |
10 |
$ |
54 |
$ |
64 |
$ |
60 |
$ |
57 |
$ |
58 |
||||||||||
Eastern Hemisphere |
127 |
30 |
84 |
114 |
145 |
99 |
93 |
|||||||||||||||||
Adjusted Segment EBITDA(a) (b) |
203 |
40 |
138 |
178 |
205 |
156 |
151 |
|||||||||||||||||
Corporate and Other |
(25) |
(5) |
(18) |
(23) |
(26) |
(27) |
(23) |
|||||||||||||||||
Total Adjusted EBITDA |
$ |
178 |
$ |
35 |
$ |
120 |
$ |
155 |
$ |
179 |
$ |
129 |
$ |
128 |
||||||||||
Operating Income (Loss) |
||||||||||||||||||||||||
Western Hemisphere |
$ |
29 |
$ |
(4) |
$ |
19 |
$ |
15 |
$ |
15 |
$ |
11 |
$ |
9 |
||||||||||
Eastern Hemisphere |
18 |
10 |
30 |
40 |
56 |
28 |
20 |
|||||||||||||||||
Segment Operating Income |
47 |
6 |
49 |
55 |
71 |
39 |
29 |
|||||||||||||||||
Corporate Expenses |
(26) |
(5) |
(23) |
(28) |
(31) |
(32) |
(32) |
|||||||||||||||||
Goodwill Impairment |
(167) |
— |
— |
— |
(399) |
(102) |
(229) |
|||||||||||||||||
Restructuring Charges |
(26) |
— |
(96) |
(96) |
(53) |
(20) |
(20) |
|||||||||||||||||
Prepetition Charges |
— |
— |
— |
— |
— |
(76) |
(10) |
|||||||||||||||||
Gain on Sale of Operational Assets |
— |
— |
— |
— |
15 |
— |
— |
|||||||||||||||||
Other Charges, Net |
(650) |
— |
(246) |
(246) |
(50) |
73 |
(39) |
|||||||||||||||||
Total Operating Income (Loss) |
$ |
(822) |
$ |
1 |
$ |
(316) |
$ |
(315) |
$ |
(447) |
$ |
(118) |
$ |
(301) |
||||||||||
Depreciation and Amortization |
||||||||||||||||||||||||
Western Hemisphere |
$ |
47 |
$ |
14 |
$ |
34 |
$ |
48 |
$ |
44 |
$ |
45 |
$ |
48 |
||||||||||
Eastern Hemisphere |
109 |
20 |
54 |
74 |
73 |
70 |
72 |
|||||||||||||||||
Corporate |
1 |
— |
2 |
2 |
1 |
1 |
3 |
|||||||||||||||||
Total Depreciation and Amortization |
$ |
157 |
$ |
34 |
$ |
90 |
$ |
124 |
$ |
118 |
$ |
116 |
$ |
123 |
||||||||||
Stock-Based Compensation (b) |
||||||||||||||||||||||||
Western Hemisphere |
$ |
— |
$ |
— |
$ |
1 |
$ |
1 |
$ |
1 |
$ |
1 |
$ |
1 |
||||||||||
Eastern Hemisphere |
— |
— |
— |
— |
1 |
1 |
1 |
|||||||||||||||||
Corporate |
— |
— |
3 |
3 |
4 |
4 |
6 |
|||||||||||||||||
Stock-Based Compensation |
$ |
— |
$ |
— |
$ |
4 |
$ |
4 |
$ |
6 |
$ |
6 |
$ |
8 |
||||||||||
Product Line (c) Revenues |
||||||||||||||||||||||||
Production |
$ |
353 |
$ |
82 |
$ |
298 |
$ |
380 |
$ |
392 |
$ |
382 |
$ |
399 |
||||||||||
Completion |
314 |
66 |
225 |
291 |
286 |
303 |
306 |
|||||||||||||||||
Drilling and Evaluation |
281 |
57 |
226 |
283 |
320 |
311 |
336 |
|||||||||||||||||
|
267 |
56 |
236 |
292 |
316 |
313 |
305 |
|||||||||||||||||
Total Product Line Revenues |
$ |
1,215 |
$ |
261 |
$ |
985 |
$ |
1,246 |
$ |
1,314 |
$ |
1,309 |
$ |
1,346 |
(a) |
Includes the |
(b) |
In the first quarter of 2020 the Company began reporting adjusted EBITDA excluding the burden of stock-based compensation. Historical periods have been restated to reflect this methodology. |
(c) |
Production includes Artificial Lift Systems, Stimulation and Testing and Production Services. Completions includes Completion Systems, Liner Systems and Cementing Products. Drilling and Evaluation includes Drilling Services, Managed Pressure Drilling, and Wireline Services. |
We report our financial results in accordance with
|
||||||||||||||||||||||||
Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) |
||||||||||||||||||||||||
($ in Millions, Except Per Share Amounts) |
||||||||||||||||||||||||
Successor |
Successor |
Predecessor |
Predecessor |
|||||||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
||||||||||||||||||||
Ended |
|
|
Combined |
Ended |
||||||||||||||||||||
|
|
|
Results |
|
|
|
||||||||||||||||||
Operating Income (Loss): |
||||||||||||||||||||||||
GAAP Operating Income (Loss) |
$ |
(822) |
$ |
1 |
$ |
(316) |
$ |
(315) |
$ |
(447) |
$ |
(118) |
$ |
(301) |
||||||||||
Goodwill Impairment (a) |
167 |
— |
— |
— |
399 |
102 |
229 |
|||||||||||||||||
Restructuring Charges (b) |
26 |
— |
96 |
96 |
53 |
20 |
20 |
|||||||||||||||||
Long-lived Assets Impairment and Other (c) (d) |
650 |
— |
254 |
254 |
42 |
41 |
37 |
|||||||||||||||||
Prepetition Charges |
— |
— |
— |
— |
— |
76 |
10 |
|||||||||||||||||
Gain on Sale of Operational Assets |
— |
— |
— |
— |
(15) |
— |
— |
|||||||||||||||||
(Gain) Loss on Sale of Business |
— |
— |
(8) |
(8) |
8 |
(114) |
2 |
|||||||||||||||||
Operating Non-GAAP Adjustments |
843 |
— |
342 |
342 |
487 |
125 |
298 |
|||||||||||||||||
Non-GAAP Adjusted Operating Income |
$ |
21 |
$ |
1 |
$ |
26 |
$ |
27 |
$ |
40 |
$ |
7 |
$ |
(3) |
||||||||||
Income (Loss) Before Income Taxes: |
||||||||||||||||||||||||
GAAP Income (Loss) Before Income Taxes |
$ |
(914) |
$ |
(15) |
$ |
5,347 |
$ |
5,332 |
$ |
(784) |
$ |
(279) |
$ |
(465) |
||||||||||
Operating Non-GAAP Adjustments |
843 |
— |
342 |
342 |
487 |
125 |
298 |
|||||||||||||||||
Reorganization Items (e) |
9 |
4 |
(5,692) |
(5,688) |
303 |
— |
— |
|||||||||||||||||
Non-GAAP Adjustments Before Taxes |
852 |
4 |
(5,350) |
(5,346) |
790 |
125 |
298 |
|||||||||||||||||
Non-GAAP Loss Before Income Taxes |
$ |
(62) |
$ |
(11) |
$ |
(3) |
$ |
(14) |
$ |
6 |
$ |
(154) |
$ |
(167) |
||||||||||
Benefit (Provision) for Income Taxes: |
||||||||||||||||||||||||
GAAP Benefit (Provision) for Income Taxes |
(44) |
(9) |
(59) |
$ |
(68) |
$ |
(31) |
$ |
(33) |
$ |
(12) |
|||||||||||||
Tax Effect on Non-GAAP Adjustments |
(7) |
— |
24 |
24 |
(4) |
2 |
(8) |
|||||||||||||||||
Non-GAAP Provision for Income Taxes |
$ |
(51) |
$ |
(9) |
$ |
(35) |
$ |
(44) |
$ |
(35) |
$ |
(31) |
$ |
(20) |
||||||||||
Net Income (Loss) Attributable to |
||||||||||||||||||||||||
GAAP Net Income (Loss) |
$ |
(966) |
$ |
(26) |
$ |
5,279 |
$ |
5,253 |
$ |
(821) |
$ |
(316) |
$ |
(481) |
||||||||||
Non-GAAP Adjustments, net of tax |
845 |
4 |
(5,326) |
(5,322) |
786 |
127 |
290 |
|||||||||||||||||
Non-GAAP Net Loss |
$ |
(121) |
$ |
(22) |
$ |
(47) |
$ |
(69) |
$ |
(35) |
$ |
(189) |
$ |
(191) |
||||||||||
Diluted Income (Loss) Per Share Attributable to |
||||||||||||||||||||||||
GAAP Diluted Income (Loss) per Share |
$ |
(13.80) |
$ |
(0.37) |
$ |
5.26 |
n/a |
$ |
(0.82) |
$ |
(0.31) |
$ |
(0.48) |
|||||||||||
Non-GAAP Adjustments, net of tax |
12.07 |
0.06 |
(5.31) |
n/a |
0.79 |
0.12 |
0.29 |
|||||||||||||||||
Non-GAAP Diluted Loss per Share |
$ |
(1.73) |
$ |
(0.31) |
$ |
(0.05) |
n/a |
$ |
(0.03) |
$ |
(0.19) |
$ |
(0.19) |
(a) |
Represents goodwill impairment after a fair value assessment of our business and assets for the periods presented. |
(b) |
Represents restructuring, facility consolidation and severance costs for the periods presented. |
(c) |
Primarily included a long-lived assets impairment after a fair value assessment of our business and assets in the first quarter of 2020. |
(d) |
Primarily included asset write-downs and inventory charges, partially offset by a gain on purchase of a joint venture remaining interest in the predecessor prior quarter. |
(e) |
Primarily from the gain on settlement of liabilities subject to compromise and fresh start valuation adjustments in the fourth quarter of 2019 and unamortized debt issuance and other fees in the third quarter of 2019. |
|
||||||||||||||||||||||||
Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures - EBITDA (Unaudited) |
||||||||||||||||||||||||
($ in Millions) |
||||||||||||||||||||||||
Successor |
Successor |
Predecessor |
Predecessor |
|||||||||||||||||||||
Quarter |
Period From |
Period From |
Non-GAAP |
Quarter |
||||||||||||||||||||
Ended |
|
|
Combined |
Ended |
||||||||||||||||||||
|
|
|
Results |
|
|
|
||||||||||||||||||
Net Income (Loss) Attributable to |
$ |
(966) |
$ |
(26) |
$ |
5,279 |
$ |
5,253 |
$ |
(821) |
$ |
(316) |
$ |
(481) |
||||||||||
Net Income Attributable to Noncontrolling Interests |
8 |
2 |
9 |
11 |
6 |
4 |
4 |
|||||||||||||||||
Net Income (Loss ) |
(958) |
(24) |
5,288 |
5,264 |
(815) |
(312) |
(477) |
|||||||||||||||||
Interest Expense, Net |
58 |
12 |
21 |
33 |
26 |
160 |
155 |
|||||||||||||||||
Income Tax Provision |
44 |
9 |
59 |
68 |
31 |
33 |
12 |
|||||||||||||||||
Depreciation and Amortization |
157 |
34 |
90 |
124 |
118 |
116 |
123 |
|||||||||||||||||
EBITDA |
(699) |
31 |
5,458 |
5,489 |
(640) |
(3) |
(187) |
|||||||||||||||||
Other (Income) Expense Adjustments: |
||||||||||||||||||||||||
Reorganization Items |
9 |
4 |
(5,692) |
(5,688) |
303 |
— |
— |
|||||||||||||||||
Goodwill Impairment |
167 |
— |
— |
— |
399 |
102 |
229 |
|||||||||||||||||
Long-lived Asset Impairments and Other |
650 |
— |
254 |
254 |
42 |
41 |
37 |
|||||||||||||||||
Restructuring Charges |
26 |
— |
96 |
96 |
53 |
20 |
20 |
|||||||||||||||||
Prepetition Charges |
— |
— |
— |
— |
— |
76 |
10 |
|||||||||||||||||
(Gain) Loss on Sale of Business |
— |
— |
(8) |
(8) |
8 |
(114) |
2 |
|||||||||||||||||
Stock-Based Compensation [1] |
— |
— |
4 |
4 |
6 |
6 |
8 |
|||||||||||||||||
Other Non-Operating Expense, Net |
25 |
— |
8 |
8 |
8 |
1 |
9 |
|||||||||||||||||
Adjusted EBITDA |
$ |
178 |
$ |
35 |
$ |
120 |