Noble Corporation plc Announces Fourth Quarter and Full Year 2023 Results
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Noble Corporation plc Announces Fourth Quarter and Full Year 2023 Results

                      Full Year 2023 Net Income of $482 million, Adjusted EBITDA of $810 million, cash provided by operating activities of $574 million, and Free Cash Flow of $184 million.

                      Fourth Quarter Net Income of $150 million, Adjusted EBITDA of $201 million, cash provided by operating activities of $287 million, and Free Cash Flow of $165 million.

                      Maersk Drilling synergy target increased from $125 million to $150 million; integration process nearing a highly successful conclusion.

                      Over $500 million in new contract awards since November, with total backlog at $4.6 billion.

                      Full Year 2024 Guidance provided as follows: Total Revenue $2,550 to $2,700 million, Adjusted EBITDA $925 to $1,025 million, Capital Additions (net of reimbursements) $400 to $440 million.

SUGAR LAND, Texas, Feb. 22, 2024 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, CSE: NOBLE, “Noble”, or the “Company”) today reported fourth quarter and full year 2023 results.

 

 

Three Months Ended

(in millions, except per share amounts)

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Total Revenue

 

$ 643 

 

$ 697 

 

$ 623 

Contract Drilling Services Revenue

 

 609 

 

 671 

 

 586 

Net Income (Loss)

 

 150 

 

 158 

 

 135 

Adjusted EBITDA*

 

 201 

 

 283 

 

 157 

Adjusted Net Income (Loss)*

 

 56 

 

 127 

 

 61 

Basic Earnings (Loss) Per Share

 

 1.06 

 

 1.14 

 

 1.02 

Diluted Earnings (Loss) Per Share

 

 1.03 

 

 1.09 

 

 0.92 

Adjusted Diluted Earnings (Loss) Per Share*

 

 0.39 

 

 0.87 

 

 0.41 

 

 

 

 

 

 

 

* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release.

Robert W. Eifler, President and Chief Executive Officer of Noble Corporation plc, stated, “Our fourth quarter results brought full year 2023 revenue and Adjusted EBITDA toward the upper end of our guidance range and capped a year of strong operational performance and Free Cash Flow generation. The Maersk Drilling integration, which is now substantially complete, has been extremely successful, and I would like to congratulate and thank our employees for this exceptional team performance during 2023 which demonstrated the value and the exciting potential of the new Noble.

Fourth Quarter Results

Contract drilling services revenue for the fourth quarter of 2023 totaled $609 million compared to $671 million in the third quarter, with the sequential decrease driven by lower utilization. Marketed fleet utilization was 68% in the three months ended December 31, 2023, compared to 78% in the previous quarter. Contract drilling services costs for the fourth quarter were $374 million, a slight increase versus $354 million the third quarter. Net income decreased to $150 million in the fourth quarter, down from $158 million in the third quarter, and Adjusted EBITDA decreased to $201 million in the fourth quarter, down from $283 million in the third quarter. Net cash provided by operating activities in the fourth quarter was $287 million, net capital expenditures were $123 million, and free cash flow (non-GAAP) was $165 million.

Balance Sheet and Capital Allocation

The Company's balance sheet as of December 31, 2023, reflected total debt principal value of $600 million and cash (and cash equivalents) of $361 million. Share repurchases totaled $15 million during the fourth quarter, bringing 2023 year-to-date share repurchases to $95 million. Total capital returned to shareholders between share repurchases (including the Maersk Drilling squeeze-out) and dividends from the fourth quarter of 2022 through the fourth quarter of 2023 equaled $283 million.

Today, Noble’s Board of Directors declared a quarterly interim dividend of $0.40 per share for the first quarter of 2024. This dividend is expected to be paid on March 21, 2024, to shareholders of record at close of business on March 08, 2024. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors, and may be modified as market conditions dictate.

Operating Highlights and Backlog

Noble's marketed fleet of sixteen floaters was 75% contracted through the fourth quarter, compared with 92% in the prior quarter due to downtime between contracts. Recent backlog additions have substantially reduced the percentage of uncommitted days across our marketed floater fleet in 2024 to approximately 20%, with most of Noble’s remaining availability for this year attributable to the Noble Globetrotter I, Noble Globetrotter II, and Noble Developer. With similarly limited industry capacity available in 2024, leading edge floater dayrates have held firm in the mid-to-high $400,000s range for tier-1 drillships and low-to-mid $400,000s range for sixth generation units. The bidding pipeline for 2025 contract commencements appears supportive of a continuing upward trend in leading edge rates for high spec rigs.

Utilization of Noble's thirteen marketed jackups was 61% in the fourth quarter, consistent with 61% utilization during the third quarter – jackup utilization is expected to improve progressively through 2024 with contracts scheduled to commence this summer for the Noble Regina Allen and Noble Resolute following shipyard stays, while the near-term visibility for the warm stacked jackups Noble Interceptor and Noble Highlander remains limited at this time.

Subsequent to last quarter’s earnings press release, new contracts for Noble’s fleet with total contract value of approximately $530 million (including mobilization payments) include the following:

          Noble Discoverer was awarded a 400-day contract with Petrobras in Colombia, expected to commence in early June 2024. The contract includes an option to extend the duration by 390 days.

          Noble Voyager was awarded a one well contract (plus one option well) with Petronas in Suriname which commenced in February 2024 with an estimated firm duration of 130 days excluding option.

          Noble Valiant was awarded a six-month contract extension with LLOG in the U.S. Gulf of Mexico, expected to commence in July 2024 in direct continuation of the rig’s current contract. The dayrate for this contract is $470,000, excluding additional fees for the use of managed pressure drilling.

          Noble Gerry de Souza received a 9-month extension with TotalEnergies in Nigeria, continuing the program out to November 2024.

          Noble Intrepid had an option exercised by Harbour Energy for a well intervention program in the U.K. North Sea which commenced in January 2024 at a dayrate of $120,000.

          Noble Innovator received a one well extension (estimated 90-day duration) from BP at a dayrate of $140,000 scheduled to commence in September 2024. 

          Noble Resolute received a 60-day extension (from March 2025) with Petrogas in the Dutch North Sea.

Noble's backlog as of February 22, 2024, stands at $4.6 billion.

Outlook

For the full year 2024, today Noble announces a guidance range for Total Revenue of $2,550 to $2,700 million, Adjusted EBITDA in the range of $925 to $1,025 million, and Capital Additions (net of reimbursements) between $400 to $440 million.

 

Commenting on Noble’s outlook, Mr. Eifler stated, “We expect to realize improving financial results in 2024 compared to 2023, with mid-year contract start-ups for several floaters and jackups expected to drive stronger financial performance in the second half of the year. Meanwhile, commercial visibility for 2025 and 2026 is highly encouraging based on recent months’ step-change increase in open demand, which is a positive indicator for future backlog development. Against this favorable backdrop, we look forward to growing our return of capital to shareholders as free cash flow improves over the course of the cycle.”

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 full year 2024 GAAP financial results.

Conference Call

Noble will host a conference call related to its fourth quarter 2023 results on Friday, February 23, 2024, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 929-203-0901 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company’s website. A webcast replay will be accessible for a limited time following the scheduled call.

For additional information, visit www.noblecorp.com or email [email protected]

Dividend Details

Dividends payable to Noble shareholders will generally be paid in U.S. dollars (USD). However, holders of shares in the form of share entitlements admitted to trading on NASDAQ Copenhagen will receive an equivalent dividend payment in Danish krone (DKK) as determined by the exchange rate on a specified date. The holders of such share entitlements bear the risk of fluctuations in USD and DKK exchange rates.

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 and capital additions, the offshore drilling market and demand fundamentals, realization and timing of integration synergies, related costs to achieve, new technology and software platforms, free cash flow expectations, capital allocation expectations including planned dividend and share repurchases, contract backlog, rig demand, expected future contracts, anticipated contract start dates, dayrates and duration, fleet condition and utilization, business, financial performance and position and our plans, objectives, expectations and intentions related to the Noble-Maersk merger. 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 “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” “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 U.S. Securities and Exchange Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors’ assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend will be declared or continued.

NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2023

 

2022

 

2023

 

2022

Operating revenues

 

 

 

 

 

 

 

 

Contract drilling services

 

$ 609,241

 

$ 585,849

 

$ 2,461,715

 

$ 1,332,841

Reimbursables and other

 

 33,738 

 

 36,743 

 

 127,303 

 

 81,006 

 

 

 642,979 

 

 622,592 

 

 2,589,018

 

 1,413,847

Operating costs and expenses

 

 

 

 

 

 

 

 

Contract drilling services

 

 373,760 

 

 366,386 

 

 1,452,281

 

 897,096 

Reimbursables

 

 24,158 

 

 27,332 

 

 91,642 

 

 64,427 

Depreciation and amortization

 

 82,933 

 

 69,770 

 

 301,345 

 

 146,879 

General and administrative

 

 32,985 

 

 29,877 

 

 128,413 

 

 82,177 

Merger and integration costs

 

 13,286 

 

 56,752 

 

 60,335 

 

 84,668 

(Gain) loss on sale of operating assets, net

 

  

 

 (87,125)

 

  

 

 (90,230)

Hurricane losses and (recoveries), net

 

 (41,823)

 

 (4,641)

 

 (19,703)

 

 60 

 

 

 485,299 

 

 458,351 

 

 2,014,313

 

 1,185,077

Operating income (loss)

 

 157,680 

 

 164,241 

 

 574,705 

 

 228,770 

Other income (expense)

 

 

 

 

 

 

 

 

Interest expense, net of amount capitalized

 

 (14,600)

 

 (19,384)

 

 (59,139)

 

 (42,722)

Gain (loss) on extinguishment of debt, net

 

  

 

 (8,716)

 

 (26,397)

 

 (8,912)

Interest income and other, net

 

 1,777 

 

 9,599 

 

 18,069 

 

 14,365 

Gain on bargain purchase

 

  

 

  

 

 5,005 

 

  

Income (loss) before income taxes

 

 144,857 

 

 145,740 

 

 512,243 

 

 191,501 

Income tax benefit (provision)

 

 4,843 

 

 (10,778)

 

 (30,341)

 

 (22,553)

Net income (loss)

 

$ 149,700

 

$ 134,962

 

$ 481,902

 

$ 168,948 

Per share data

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 1.06 

 

$ 1.02 

 

$ 3.48 

 

$ 1.99 

Diluted:

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 1.03 

 

$ 0.92 

 

$ 3.32 

 

$ 1.73 

 

NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

December 31, 2023

 

December 31, 2022

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$ 360,794 

 

$ 476,206 

Accounts receivable, net

 

 548,844 

 

 468,802 

Prepaid expenses and other current assets

 

 152,110 

 

 106,782 

Total current assets

 

 1,061,748

 

 1,051,790

Intangible assets

 

 10,128 

 

 34,372 

Property and equipment, at cost

 

 4,591,936

 

 4,163,205

Accumulated depreciation

 

 (467,600)

 

 (181,904)

Property and equipment, net

 

 4,124,336

 

 3,981,301

Goodwill

 

  

 

 26,016 

Other assets

 

 311,225 

 

 141,385 

Total assets

 

$ 5,507,437

 

$ 5,234,864

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities

 

 

 

 

Current maturities of long-term debt

 

$  

 

$ 159,715 

Accounts payable

 

 395,165 

 

 290,690 

Accrued payroll and related costs

 

 97,313 

 

 76,185 

Other current liabilities

 

 149,202 

 

 140,508 

Total current liabilities

 

 641,680 

 

 667,098 

Long-term debt

 

 586,203 

 

 513,055 

Other liabilities

 

 307,451 

 

 265,743 

Noncurrent contract liabilities

 

 50,863 

 

 181,883 

Total liabilities

 

 1,586,197

 

 1,627,779

Commitments and contingencies

 

 

 

 

Total shareholders’ equity

 

 3,921,240

 

 3,607,085

Total liabilities and equity

 

$ 5,507,437

 

$ 5,234,864

 

NOBLE CORPORATION plc AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

Twelve Months Ended December 31,

 

2023

 

2022

Cash flows from operating activities

 

 

 

Net income (loss)

$ 481,902 

 

$ 168,948 

Adjustments to reconcile net income (loss) to net cash flow from operating activities:

 

 

 

Depreciation and amortization

 301,345 

 

 146,879 

Amortization of intangible assets and contract liabilities, net

 (106,776)

 

 (5,352)

Gain on bargain purchase

 (5,005)

 

  

(Gain) loss on extinguishment of debt, net

 26,397 

 

 8,912 

(Gain) loss on sale of operating assets, net

  

 

 (90,230)

Changes in components of working capital and other operating activities

 (123,526)

 

 51,828 

Net cash provided by (used in) operating activities

 574,337 

 

 280,985 

Cash flows from investing activities

 

 

 

Capital expenditures

 (409,581)

 

 (174,319)

Proceeds from insurance claims

 18,809 

 

  

Cash acquired in stock-based business combinations, net

  

 

 166,607 

Proceeds from disposal of assets, net

 24,264 

 

 381,026 

Other investing activities

  

 

 2,458 

Net cash provided by (used in) investing activities

 (366,508)

 

 375,772 

Cash flows from financing activities

 

 

 

Issuance of debt

 600,000 

 

 350,000 

Repayments of debt

 (673,411)

 

 (627,323)

Borrowing on credit facilities

  

 

 220,000 

Repayments of credit facilities

  

 

 (220,000)

Debt issuance costs

 (24,914)

 

 (641)

Debt extinguishment costs

 (25,697)

 

  

Compulsory purchase payment

  

 

 (69,924)

Share repurchases

 (94,826)

 

 (15,000)

Dividend payments

 (98,804)

 

  

Other financing activities

 (8,139)

 

 (4,884)

Net cash provided by (used in) financing activities

 (325,791)

 

 (367,772)

Net increase (decrease) in cash, cash equivalents and restricted cash

 (117,962)

 

 288,985 

Cash, cash equivalents and restricted cash, beginning of period

 485,707 

 

 196,722 

Cash, cash equivalents and restricted cash, end of period

$ 367,745 

 

$ 485,707 

 

NOBLE CORPORATION plc AND SUBSIDIARIES

OPERATIONAL INFORMATION

(Unaudited)

 

Average Rig Utilization

 

Three Months Ended

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Floaters

 63 %

 

 77 %

 

 76 %

Jackups

 61 %

 

 64 %

 

 87 %

Total

 62 %

 

 72 %

 

 81 %

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Days

 

Three Months Ended

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Floaters

 1,101 

 

 1,348 

 

 1,320 

Jackups

 785 

 

 824 

 

 1,201 

Total

 1,886 

 

 2,172 

 

 2,521 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Dayrates

 

Three Months Ended

 

December 31, 2023

 

September 30, 2023

 

December 31, 2022

Floaters

$ 437,827 

 

$ 403,813 

 

$ 303,734 

Jackups

 147,954 

 

 140,775 

 

 118,089 

Total

$ 317,150 

 

$ 304,040 

 

$ 215,751 

 

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

December 31,

 

Twelve Months Ended

December 31,

 

 

2023

 

2022

 

2023

 

2022

Numerator:

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 149,700

 

$ 134,962

 

$ 481,902

 

$ 168,948

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 141,054 

 

 131,924

 

 138,380 

 

 85,055

Dilutive effect of share-based awards

 

 3,158 

 

 3,334

 

 3,158 

 

 3,334

Dilutive effect of warrants

 

 1,763 

 

 9,117 

 

 3,659 

 

 8,489

Dilutive effect of compulsory purchase

 

  

 

 2,893

 

  

 

 729 

Weighted average shares outstanding - diluted

 

 145,975 

 

 147,268

 

 145,197 

 

 97,607

Per share data

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 1.06 

 

$ 1.02

 

$ 3.48 

 

$ 1.99

Diluted:

 

 

 

 

 

 

 

 

Net income (loss)

 

$ 1.03 

 

$ 0.92

 

$ 3.32 

 

$ 1.73

 

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; 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. Additionally, we define net capital expenditures for full year 2023 as capital expenditures net of reimbursements and insurance proceeds, and we define Capital Additions as additions to property and equipment.

In order to fully assess the financial operating results, management believes that the results of operations, adjusted to exclude the following items, which are included in the Company’s press release issued on February 22, 2024, are appropriate measures of the continuing and normal operations of the Company:

(i)             In the third and fourth quarter of 2023 and the fourth quarter of 2022, merger and integration costs; hurricane losses and (recoveries), net; intangible contract amortization; and discrete tax items.

(ii)           The third quarter of 2023 includes a gain on bargain purchase and joint taxation scheme compensation.

(iii)         In addition, the fourth quarter of 2022 included (gain) loss on sale of operating assets, net, (gain) loss on extinguishment of debt, net, and professional services costs related to corporate initiatives.

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, net of proceeds from insurance claims. 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 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 cost, 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

 

Twelve Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

 

December 31,
2023

 

December 31,
2022

Net income (loss)

 

$ 149,700

 

$ 158,323

 

$ 134,962

 

$ 481,902

 

$ 168,948

Income tax (benefit) provision

 

 (4,843)

 

 51,659

 

 10,778

 

 30,341

 

 22,553

Interest expense, net of amounts capitalized

 

 14,600

 

 13,005

 

 19,384

 

 59,139

 

 42,722

Interest income and other, net

 

 (1,777)

 

 (17,206)

 

 (9,599)

 

 (18,069)

 

 (14,365)

Depreciation and amortization

 

 82,933

 

 77,146

 

 69,770

 

 301,345

 

 146,879

Amortization of intangible assets and contract liabilities, net

 

 (11,236)

 

 (10,803)

 

 (41,877)

 

 (106,776)

 

 (5,352)

Gain on bargain purchase

 

  

 

 (5,005)

 

  

 

 (5,005)

 

  

(Gain) loss on extinguishment of debt, net

 

  

 

  

 

 8,716 

 

 26,397 

 

 8,912 

Professional services - corporate projects

 

  

 

  

 

 43 

 

  

 

 723 

Merger and integration costs

 

 13,286 

 

 12,966 

 

 56,752 

 

 60,335 

 

 84,668 

(Gain) loss on sale of operating assets, net

 

  

 

  

 

 (87,125)

 

  

 

 (90,230)

Hurricane losses and (recoveries), net

 

(41,823)

 

 2,642

 

 (4,641)

 

 (19,703)

 

 60 

Adjusted EBITDA

 

$ 200,840

 

$ 282,727

 

$ 157,163

 

$ 809,906

  

$ 365,518

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Income Tax Benefit (Provision)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

 

December 31,
2023

 

December 31,
2022

Income tax benefit (provision)

 

$ 4,843

 

$ (51,659)

 

$ (10,778)

 

$ (30,341)

 

$ (22,553)

Adjustments

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets and contract liabilities, net

 

 6,508

 

 6,079

 

 9,471

 

 19,835

 

 1,800

Joint taxation scheme compensation

 

  

 

 (1,981)

 

  

 

 (1,981)

 

  

Gain (loss) on sale of operating assets, net

 

  

 

  

 

 2,255

 

  

 

 866 

Hurricane losses and (recoveries), net

 

  

 

  

 

  

 

  

 

 (562)

Discrete tax items

 

 (60,116)

 

 (17,088)

 

 (17,525)

 

 (170,436)

 

 (45,139)

Total adjustments

 

 (53,608)

 

 (12,990)

 

 (5,799)

 

 (152,582)

 

 (43,035)

Adjusted income tax benefit (provision)

 

$ (48,765)

 

$ (64,649)

 

$ (16,577)

 

$ (182,923)

 

$ (65,588)

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

 

Twelve Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

 

December 31,
2023

 

December 31,
2022

Net income (loss)

 

$ 149,700

 

$ 158,323

 

$ 134,962

 

$ 481,902

 

$ 168,948

Adjustments

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets and contract liabilities, net

 

 (4,728)

 

 (4,724)

 

 (32,406)

 

 (86,941)

 

 (3,552)

Joint taxation scheme compensation

 

  

 

 (19,837)

 

  

 

 (19,837)

 

  

Gain on bargain purchase

 

  

 

 (5,005)

 

  

 

 (5,005)

 

  

Professional services - corporate projects

 

  

 

  

 

 43 

 

  

 

 723 

Merger and integration costs

 

 13,286

 

 12,966

 

 56,752

 

 60,335

 

 84,668

(Gain) loss on sale of operating assets, net

 

  

 

  

 

 (84,870)

 

  

 

 (89,364)

Hurricane losses and (recoveries), net

 

 (41,823)

 

 2,642

 

 (4,641)

 

 (19,703)

 

 (502)

(Gain) loss on extinguishment of debt, net

 

  

 

  

 

 8,716 

 

 26,397 

 

 8,912 

Discrete tax items

 

 (60,116)

 

 (17,088)

 

 (17,525)

 

 (170,436)

 

 (45,139)

Total adjustments

 

 (93,381)

 

 (31,046)

 

 (73,931)

 

 (215,190)

 

 (44,254)

Adjusted net income (loss)

 

$ 56,319

 

$ 127,277

 

$ 61,031

 

$ 266,712

 

$ 124,694

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

 

December 31,
2023

 

December 31,
2022

Unadjusted diluted EPS

 

$ 1.03

 

$ 1.09

 

$ 0.92

 

$ 3.32

 

$ 1.73

Adjustments

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets and contract liabilities, net

 

 (0.03)

 

 (0.03)

 

 (0.22)

 

 (0.60)

 

 (0.04)

Joint taxation scheme compensation

 

  

 

 (0.14)

 

  

 

 (0.14)

 

  

Gain on bargain purchase

 

  

 

 (0.03)

 

  

 

 (0.03)

 

  

Professional services - corporate projects

 

  

 

  

 

  

 

  

 

 0.02 

Merger and integration costs

 

 0.09

 

 0.08

 

 0.39

 

 0.42

 

 0.87

(Gain) loss on sale of operating assets, net

 

  

 

  

 

 (0.59)

 

  

 

 (0.92)

Hurricane losses and (recoveries), net

 

 (0.29)

 

 0.02

 

 (0.03)

 

 (0.14)

 

 (0.01)

(Gain) loss on extinguishment of debt, net

 

  

 

  

 

 0.06 

 

 0.18 

 

 0.09 

Discrete tax items

 

 (0.41)

 

 (0.12)

 

 (0.12)

 

 (1.17)

 

 (0.46)

Total adjustments

 

 (0.64)

 

 (0.22)

 

 (0.51)

 

 (1.48)

 

 (0.45)

Adjusted diluted EPS

 

$ 0.39

 

$ 0.87

 

$ 0.41

 

$ 1.84

 

$ 1.28

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Free Cash Flow

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31,
2023

 

September 30,
2023

 

December 31,
2022

 

December 31,
2023

 

December 31,
2022

Net cash provided by (used in) operating activities

 

$ 287,489

 

$ 138,768

 

$ 171,179

 

$ 574,337

 

$ 280,985

Capital expenditures, net of proceeds from insurance claims

 

 (122,641)

 

 (98,601)

 

 (65,084)

 

 (390,772)

 

 (174,319)

Free cash flow

 

$ 164,848

 

$ 40,167

 

$ 106,095

 

$ 183,565

 

$ 106,666

 

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