NOBLE CORPORATION PLC ANNOUNCES THIRD QUARTER 2024 RESULTS AND ADDITIONAL SHARE REPURCHASE AUTHORIZATION

PR Newswire11-06

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, $0.50 per ...

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2481725650","pubTimestamp":1730844900,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Increased capital return program with additional share repurchase authorization of $400 million. Repurchased 6.9 million of shares in Q3 2024, $0.50 per share dividend declared for Q4 2024, bringing total FY 2024 cash returns to shareholders to over $525 million, including Q4 dividend. Q3 Net Income of $61 million, Diluted Earnings Per Share of $0.40, Adjusted EBITDA of $291 million, net cash provided by operating activities of $284 million, and Free Cash Flow of $165 million. Q4 2024 Guidance provided as follows: Total Revenue $850 to $890 million, Adjusted EBITDA $275 to $305 million, Capital Additions  $105 to $135 million. SUGAR LAND, Texas, Nov. 5, 2024 /PRNewswire/ -- Noble Corporation plc  today reported third quarter 2024 results.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CEA":"东方航空","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4500":"航空公司","NE":"Noble Corp","BK4092":"石油与天然气钻井","BK4008":"航空公司","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","NE.WS":"NOBLE CORPORATION PLC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","USD":"ProShares Ultra Semiconductors","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H"},"translate_title":"NOBLE CORPORATION PLC公布2024年第三季度业绩和额外股票回购授权","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CEA":1,"NE.WS":1,"USD":1,"NE":0.9},"content_text":"Closed Diamond acquisition on September 4th\nIncreased capital return program with additional share repurchase authorization of $400 million\nRepurchased 6.9 million of shares in Q3 2024, $0.50 per share dividend declared for Q4 2024, bringing total FY 2024 cash returns to shareholders to over $525 million, including Q4 dividend\nQ3 Net Income of $61 million, Diluted Earnings Per Share of $0.40, Adjusted EBITDA of $291 million, net cash provided by operating activities of $284 million, and Free Cash Flow of $165 million\nQ4 2024 Guidance provided as follows: Total Revenue $850 to $890 million, Adjusted EBITDA $275 to $305 million, Capital Additions (net of reimbursements) $105 to $135 million\n\nSUGAR LAND, Texas, Nov. 5, 2024 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, CSE: NOBLE, \"Noble\" or the \"Company\") today reported third quarter 2024 results.\n\n\n\n\n\n\nThree Months Ended  \n\n\n(in millions, except per share amounts) \n\nSeptember 30, 2024 \n\nSeptember 30, 2023 \n\nJune 30,2024 \n\n\nTotal Revenue \n\n$                   801 \n\n$                   697 \n\n$                   693 \n\n\nContract Drilling Services Revenue \n\n764 \n\n671 \n\n661 \n\n\nNet Income (Loss) \n\n61 \n\n158 \n\n195 \n\n\nAdjusted EBITDA* \n\n291 \n\n283 \n\n271 \n\n\nAdjusted Net Income (Loss)* \n\n89 \n\n127 \n\n105 \n\n\nBasic Earnings (Loss) Per Share \n\n0.41 \n\n1.14 \n\n1.37 \n\n\nDiluted Earnings (Loss) Per Share \n\n0.40 \n\n1.09 \n\n1.34 \n\n\nAdjusted Diluted Earnings (Loss) Per Share* \n\n0.58 \n\n0.87 \n\n0.72 \n\n\n\n\n\n\n\n\n\n\n\n* A Non-GAAP supporting schedule is included with the statements and schedules in this press release. \n\n\n\n\nRobert 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.\"\nThird Quarter ResultsContract drilling services revenue for the third quarter of 2024 totaled $764 million compared to $661 million in the second quarter of 2024, with the sequential increase driven primarily by an approximate four weeks of contribution from the legacy Diamond fleet. Marketed fleet utilization was 82% in the three months ended September 30, 2024, compared to 78% in the previous quarter. Contract drilling services costs for the third quarter of 2024 were $434 million, up from $336 million for the second quarter of 2024, with the sequential increase driven by the legacy Diamond fleet and partially offset by lower contract preparation and mobilization expenses. Net income decreased to $61 million in the third quarter of 2024, down from $195 million in the second quarter of 2024, and Adjusted EBITDA increased to $291 million in the third quarter of 2024, up from $271 million in the second quarter of 2024. Net cash provided by operating activities in the third quarter of 2024 was $284 million, net capital expenditures were $119 million, and free cash flow (non-GAAP) was $165 million.\nBalance Sheet, Capital Allocation, and Increased Shareholder Return AuthorizationThe Company's balance sheet as of September 30, 2024, reflected total debt principal value of approximately $2.0 billion and cash (and cash equivalents) of $392 million.\nThe Company repurchased approximately 6.9 million shares in the third quarter for $250 million, bringing total repurchases executed under the original $400 million program to $360 million. On October 22, 2024, Noble's Board of Directors authorized an increased share repurchase authorization of up to an additional $400 million, subject to any applicable shareholder approval limits. This authorization does not have a fixed expiration, and may be modified, suspended or discontinued at any time. The program does not obligate the Company to acquire any particular amount of shares.\nOn November 5, 2024, Noble's Board of Directors approved an interim quarterly cash dividend on our ordinary shares of $0.50 per share for the fourth quarter of 2024. The $0.50 dividend is expected to be paid on December 19, 2024, to shareholders of record at close of business on December 5, 2024. The Company intends to continue to pay dividends on a quarterly basis, and the fourth quarter dividend represents $2.00 on an annualized basis. 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.\nOperating Highlights and BacklogNoble's marketed fleet of twenty-five floaters was 81% contracted during the third quarter (including nine marketed floaters from the legacy Diamond fleet on a partial quarter basis from September 4, 2024), compared with 78% in the prior quarter. Industry leading edge dayrates for tier-1 drillships remain in the mid $400,000s to low $500,000s per day range. Contract fixtures for lower specification floaters have been limited in 2024, and are expected to reflect a softer utilization environment throughout 2025 due to continuing white space risk that is impacting all floater segments.\nUtilization of Noble's thirteen marketed jackups improved to 83% in the third quarter, compared with 77% in the prior quarter. Leading edge harsh environment jackup dayrates remain in the mid $200,000s per day in Norway and $130,000 to $150,000 per day in the rest of the North Sea. The Northern Europe jackup market continues to indicate potential for a slight demand improvement in Norway for 2025, while policy and permitting factors present potential headwinds for the Southern North Sea.\nSubsequent 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 UK North Sea.\nNoble's current backlog as of November 5, 2024 stands at $6.2 billion.\nOutlookFor the fourth quarter of 2024, Noble is providing guidance as follows: Total revenue in the range of $850 to $890 million; Adjusted EBITDA in the range of $275 to $305 million, and capital additions (net of reimbursements) in the range of $105 to $135 million.\nCommenting 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 $400 million share repurchase authorization.\"\nDue 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.\nConference CallNoble will host a conference call related to its third quarter 2024 results on Wednesday, November 6th, 2024, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 800-715-9871 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 call.\nFor additional information, visit www.noblecorp.com or email investors@noblecorp.com.\nAbout Noble Corporation plcNoble 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.\nDividend Details and Return of Capital DisclaimersDividends 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.\nOn October 22, 2024, the Board of Directors approved a share repurchase program of up to $400 million commencing immediately after completion of the prior $400 million share repurchase. All shares purchased under the share repurchase programs are cancelled. The share repurchase programs take place within the limitations of the general authority previously granted by shareholders, or any authorization to be granted at a future general meeting of the Company. As of today, the repurchase programs do not have fixed expirations, and may be modified, suspended or discontinued at any time. The programs do not obligate the Company to acquire any particular amount of shares.\nForward-looking StatementsThis 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 U.S. Securities and Exchange Commission, including, but not limited to, risks related to the recently completed Diamond Transaction, including the risk that the benefits of the transaction may not be fully realized or may take longer to realize than expected. 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 or buyback program will be declared or continued.\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) \n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nOperating revenues \n\n\n\n\n\n\n\n\n\n\nContract drilling services \n\n$         763,543 \n\n$         671,004 \n\n$      2,036,678 \n\n$      1,852,474 \n\n\nReimbursables and other \n\n37,006 \n\n26,446 \n\n93,799 \n\n93,565 \n\n\n\n\n800,549 \n\n697,450 \n\n2,130,477 \n\n1,946,039 \n\n\nOperating costs and expenses \n\n\n\n\n\n\n\n\n\n\nContract drilling services \n\n434,192 \n\n354,199 \n\n1,159,913 \n\n1,078,521 \n\n\nReimbursables \n\n28,185 \n\n16,682 \n\n69,196 \n\n67,484 \n\n\nDepreciation and amortization \n\n109,879 \n\n77,146 \n\n287,347 \n\n218,412 \n\n\nGeneral and administrative \n\n43,596 \n\n33,039 \n\n109,226 \n\n95,428 \n\n\nMerger and integration costs \n\n69,214 \n\n12,966 \n\n89,163 \n\n47,049 \n\n\n(Gain) loss on sale of operating assets, net \n\n— \n\n— \n\n(17,357) \n\n— \n\n\nHurricane losses and (recoveries), net \n\n— \n\n2,642 \n\n— \n\n22,120 \n\n\n\n\n685,066 \n\n496,674 \n\n1,697,488 \n\n1,529,014 \n\n\nOperating income (loss) \n\n115,483 \n\n200,776 \n\n432,989 \n\n417,025 \n\n\nOther income (expense) \n\n\n\n\n\n\n\n\n\n\nInterest expense, net of amounts capitalized \n\n(24,951) \n\n(13,005) \n\n(54,491) \n\n(44,539) \n\n\nGain on bargain purchase \n\n— \n\n5,005 \n\n— \n\n5,005 \n\n\nGain (loss) on extinguishment of debt, net \n\n— \n\n— \n\n— \n\n(26,397) \n\n\nInterest income and other, net \n\n2,292 \n\n17,206 \n\n(10,626) \n\n16,292 \n\n\nIncome (loss) before income taxes \n\n92,824 \n\n209,982 \n\n367,872 \n\n367,386 \n\n\nIncome tax benefit (provision) \n\n(31,608) \n\n(51,659) \n\n(16,167) \n\n(35,184) \n\n\nNet income (loss) \n\n$           61,216 \n\n$         158,323 \n\n$         351,705 \n\n$         332,202 \n\n\nPer share data \n\n\n\n\n\n\n\n\n\n\nBasic: \n\n\n\n\n\n\n\n\n\n\nNet income (loss) \n\n$              0.41 \n\n$              1.14 \n\n$              2.43 \n\n$              2.42 \n\n\nDiluted: \n\n\n\n\n\n\n\n\n\n\nNet income (loss) \n\n$              0.40 \n\n$              1.09 \n\n$              2.37 \n\n$              2.29 \n\n\n\n\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) \n\n\n\n\n\n\n\nSeptember 30, 2024 \n\nDecember 31, 2023 \n\n\nASSETS \n\n\n\n\n\n\nCurrent assets \n\n\n\n\n\n\nCash and cash equivalents \n\n$            391,858 \n\n$            360,794 \n\n\nAccounts receivable, net \n\n752,270 \n\n548,844 \n\n\nPrepaid expenses and other current assets \n\n266,563 \n\n152,110 \n\n\nTotal current assets \n\n1,410,691 \n\n1,061,748 \n\n\nIntangible assets \n\n1,580 \n\n10,128 \n\n\nProperty and equipment, at cost \n\n6,795,699 \n\n4,591,936 \n\n\nAccumulated depreciation \n\n(746,262) \n\n(467,600) \n\n\nProperty and equipment, net \n\n6,049,437 \n\n4,124,336 \n\n\nOther assets \n\n573,436 \n\n311,225 \n\n\nTotal assets \n\n$          8,035,144 \n\n$          5,507,437 \n\n\nLIABILITIES AND EQUITY \n\n\n\n\n\n\nCurrent liabilities \n\n\n\n\n\n\nAccounts payable \n\n$            405,907 \n\n$            395,165 \n\n\nAccrued payroll and related costs \n\n119,665 \n\n97,313 \n\n\nOther current liabilities \n\n374,893 \n\n149,202 \n\n\nTotal current liabilities \n\n900,465 \n\n641,680 \n\n\nLong-term debt \n\n1,981,237 \n\n586,203 \n\n\nOther liabilities \n\n445,096 \n\n307,451 \n\n\nNoncurrent contract liabilities \n\n23,397 \n\n50,863 \n\n\nTotal liabilities \n\n3,350,195 \n\n1,586,197 \n\n\nCommitments and contingencies  \n\n\n\n\n\n\nTotal shareholders' equity \n\n4,684,949 \n\n3,921,240 \n\n\nTotal liabilities and equity \n\n$          8,035,144 \n\n$          5,507,437 \n\n\n\n\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) \n\n\n\n\n\n\n\nNine Months Ended September 30, \n\n\n\n\n2024 \n\n2023 \n\n\nCash flows from operating activities \n\n\n\n\n\n\nNet income (loss) \n\n$                351,705 \n\n$                332,202 \n\n\nAdjustments to reconcile net income (loss) to net cash flow from operating activities: \n\n\n\n\n\n\nDepreciation and amortization \n\n287,347 \n\n218,412 \n\n\nAmortization of intangible assets and contract liabilities, net \n\n(46,580) \n\n(95,540) \n\n\nGain on bargain purchase \n\n— \n\n(5,005) \n\n\n(Gain) loss on extinguishment of debt, net \n\n— \n\n26,397 \n\n\n(Gain) loss on sale of operating assets, net \n\n(17,357) \n\n— \n\n\nChanges in components of working capital and other operating activities \n\n(55,854) \n\n(189,618) \n\n\nNet cash provided by (used in) operating activities \n\n519,261 \n\n286,848 \n\n\nCash flows from investing activities \n\n\n\n\n\n\nCapital expenditures \n\n(434,653) \n\n(268,131) \n\n\nProceeds from insurance claims \n\n16,426 \n\n— \n\n\nCash paid in stock-based business combination, net \n\n(400,458) \n\n— \n\n\nProceeds from disposal of assets, net \n\n4,885 \n\n— \n\n\nNet cash provided by (used in) investing activities \n\n(813,800) \n\n(268,131) \n\n\nCash flows from financing activities \n\n\n\n\n\n\nIssuance of debt \n\n824,000 \n\n600,000 \n\n\nBorrowings on credit facilities \n\n35,000 \n\n— \n\n\nRepayments of credit facilities \n\n(35,000) \n\n— \n\n\nRepayments of debt \n\n— \n\n(673,411) \n\n\nDebt extinguishment costs \n\n— \n\n(25,697) \n\n\nDebt issuance costs \n\n(10,002) \n\n(24,914) \n\n\nWarrants exercised \n\n628 \n\n156 \n\n\nShare repurchases \n\n(250,000) \n\n(80,000) \n\n\nDividend payments \n\n(198,150) \n\n(42,369) \n\n\nTaxes withheld on employee stock transactions \n\n(57,167) \n\n(8,612) \n\n\nOther \n\n22,578 \n\n— \n\n\nNet cash provided by (used in) financing activities \n\n331,887 \n\n(254,847) \n\n\nNet increase (decrease) in cash, cash equivalents and restricted cash \n\n37,348 \n\n(236,130) \n\n\nCash, cash equivalents and restricted cash, beginning of period \n\n367,745 \n\n485,707 \n\n\nCash, cash equivalents and restricted cash, end of period \n\n$                405,093 \n\n$                249,577 \n\n\n\n\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES OPERATIONAL INFORMATION  (Unaudited) \n\n\n\n\n\n\nAverage Rig Utilization (1) \n\n\n\nThree Months Ended \n\nThree Months Ended \n\nThree Months Ended \n\n\n\nSeptember 30, 2024 \n\nJune 30, 2024 \n\nSeptember 30, 2023 \n\n\nFloaters \n72 % \n\n70 % \n\n77 % \n\n\nJackups \n83 % \n\n77 % \n\n64 % \n\n\nTotal \n76 % \n\n73 % \n\n72 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating Days \n\n\n\nThree Months Ended \n\nThree Months Ended \n\nThree Months Ended \n\n\n\nSeptember 30, 2024 \n\nJune 30, 2024 \n\nSeptember 30, 2023 \n\n\nFloaters \n1,418 \n\n1,138 \n\n1,348 \n\n\nJackups \n991 \n\n914 \n\n824 \n\n\nTotal \n2,409 \n\n2,052 \n\n2,172 \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nAverage Dayrates \n\n\n\nThree Months Ended \n\nThree Months Ended \n\nThree Months Ended \n\n\n\nSeptember 30, 2024 \n\nJune 30, 2024 \n\nSeptember 30, 2023 \n\n\nFloaters \n$           424,199 \n\n$           435,677 \n\n$           403,813 \n\n\nJackups \n159,444 \n\n155,585 \n\n140,775 \n\n\nTotal \n$           315,295 \n\n$           310,962 \n\n$           304,040 \n\n\n\n\n\n\n\n\n\n\n\n(1) Average Rig Utilization statistics include all marketed and cold stacked rigs. \n\n\n\n\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE (In thousands, except per share amounts) (Unaudited) \n\n\n\n\n\nThe following tables presents the computation of basic and diluted income (loss) per share: \n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nNine Months Ended September 30, \n\n\n\n\n2024 \n\n2023 \n\n2024 \n\n2023 \n\n\nNumerator: \n\n\n\n\n\n\n\n\n\n\nNet income (loss) \n\n$           61,216 \n\n$         158,323 \n\n$         351,705 \n\n$         332,202 \n\n\nDenominator: \n\n\n\n\n\n\n\n\n\n\nWeighted average shares outstanding - basic \n\n149,727 \n\n139,400 \n\n144,863 \n\n137,478 \n\n\nDilutive effect of share-based awards \n\n1,877 \n\n3,204 \n\n1,877 \n\n3,204 \n\n\nDilutive effect of warrants \n\n1,334 \n\n3,117 \n\n1,502 \n\n4,339 \n\n\nWeighted average shares outstanding - diluted \n\n152,938 \n\n145,721 \n\n148,242 \n\n145,021 \n\n\nPer share data \n\n\n\n\n\n\n\n\n\n\nBasic: \n\n\n\n\n\n\n\n\n\n\nNet income (loss) \n\n$              0.41 \n\n$              1.14 \n\n$              2.43 \n\n$              2.42 \n\n\nDiluted: \n\n\n\n\n\n\n\n\n\n\nNet income (loss) \n\n$              0.40 \n\n$              1.09 \n\n$              2.37 \n\n$              2.29 \n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIESNON-GAAP MEASURES AND RECONCILIATION\nCertain 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.\nThe 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.\nThe 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.\nWe 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.\nThese 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.\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited) \n\n\n\n\n\nReconciliation of Adjusted EBITDA \n\n\n\n\n\n\nThree Months Ended September 30, \n\nThree Months Ended \n\n\n\n\n2024 \n\n2023 \n\nJune 30, 2024 \n\n\nNet income (loss) \n\n$              61,216 \n\n$            158,323 \n\n$              195,008 \n\n\nIncome tax (benefit) provision \n\n31,608 \n\n51,659 \n\n(5,228) \n\n\nInterest expense, net of amounts capitalized \n\n24,951 \n\n13,005 \n\n11,996 \n\n\nInterest income and other, net \n\n(2,292) \n\n(17,206) \n\n8,183 \n\n\nDepreciation and amortization \n\n109,879 \n\n77,146 \n\n90,770 \n\n\nAmortization of intangible assets and contract liabilities, net \n\n(3,730) \n\n(10,803) \n\n(22,497) \n\n\nGain on bargain purchase \n\n— \n\n(5,005) \n\n— \n\n\nMerger and integration costs \n\n69,214 \n\n12,966 \n\n10,618 \n\n\n(Gain) loss on sale of operating assets, net \n\n— \n\n— \n\n(17,357) \n\n\nHurricane losses and (recoveries), net \n\n— \n\n2,642 \n\n— \n\n\nAdjusted EBITDA \n\n$            290,846 \n\n$            282,727 \n\n$              271,493 \n\n\n\n\n\n\n\n\nReconciliation of Income Tax Benefit (Provision) \n\n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nThree Months Ended \n\n\n\n\n2024 \n\n2023 \n\nJune 30, 2024 \n\n\nIncome tax benefit (provision) \n\n$             (31,608) \n\n$             (51,659) \n\n$                  5,228 \n\n\nAdjustments \n\n\n\n\n\n\n\n\nAmortization of intangible assets and contract liabilities, net \n\n90 \n\n6,079 \n\n101 \n\n\nJoint taxation scheme compensation \n\n— \n\n(1,981) \n\n— \n\n\nGain (loss) on sale of operating assets, net \n\n— \n\n— \n\n2,500 \n\n\nDiscrete tax items \n\n(37,688) \n\n(17,088) \n\n(63,067) \n\n\nTotal Adjustments \n\n(37,598) \n\n(12,990) \n\n(60,466) \n\n\nAdjusted income tax benefit (provision) \n\n$             (69,206) \n\n$             (64,649) \n\n$               (55,238) \n\n\n\n\n\n\n\n\nNOBLE CORPORATION plc AND SUBSIDIARIES NON-GAAP MEASURES AND RECONCILIATION (In thousands, except per share amounts) (Unaudited) \n\n\n\n\n\n\n\n\n\nReconciliation of Net Income (Loss) \n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nThree Months Ended \n\n\n\n\n2024 \n\n2023 \n\nJune 30, 2024 \n\n\nNet income (loss) \n\n$              61,216 \n\n$            158,323 \n\n$              195,008 \n\n\nAdjustments \n\n\n\n\n\n\n\n\nAmortization of intangible assets and contract liabilities, net \n\n(3,640) \n\n(4,724) \n\n(22,396) \n\n\nJoint taxation scheme compensation \n\n— \n\n(19,837) \n\n— \n\n\nGain on bargain purchase \n\n— \n\n(5,005) \n\n— \n\n\nMerger and integration costs \n\n69,214 \n\n12,966 \n\n10,618 \n\n\n(Gain) loss on sale of operating assets, net \n\n— \n\n— \n\n(14,857) \n\n\nHurricane losses and (recoveries), net \n\n— \n\n2,642 \n\n— \n\n\nDiscrete tax items \n\n(37,688) \n\n(17,088) \n\n(63,067) \n\n\nTotal Adjustments \n\n27,886 \n\n(31,046) \n\n(89,702) \n\n\nAdjusted net income (loss)  \n\n$              89,102 \n\n$            127,277 \n\n$              105,306 \n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Diluted EPS  \n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nThree Months Ended \n\n\n\n\n2024 \n\n2023 \n\nJune 30, 2024 \n\n\nUnadjusted diluted EPS \n\n$                  0.40 \n\n$                  1.09 \n\n$                    1.34 \n\n\nAdjustments \n\n\n\n\n\n\n\n\nAmortization of intangible assets and contract liabilities, net \n\n(0.02) \n\n(0.03) \n\n(0.15) \n\n\nJoint taxation scheme compensation \n\n— \n\n(0.14) \n\n— \n\n\nGain on bargain purchase \n\n— \n\n(0.03) \n\n— \n\n\nMerger and integration costs \n\n0.45 \n\n0.08 \n\n0.06 \n\n\n(Gain) loss on sale of operating assets, net \n\n— \n\n— \n\n(0.10) \n\n\nHurricane losses and (recoveries), net \n\n— \n\n0.02 \n\n— \n\n\nDiscrete tax items \n\n(0.25) \n\n(0.12) \n\n(0.43) \n\n\nTotal Adjustments \n\n0.18 \n\n(0.22) \n\n(0.62) \n\n\nAdjusted diluted EPS \n\n$                  0.58 \n\n$                  0.87 \n\n$                    0.72 \n\n\n\n\n\n\n\n\n\n\n\nReconciliation of Free Cash Flow \n\n\n\n\n\n\n\n\n\n\nThree Months Ended September 30, \n\nThree Months Ended \n\n\n\n\n2024 \n\n2023 \n\nJune 30, 2024 \n\n\nNet cash provided by (used in) operating activities \n\n$            283,781 \n\n$            138,768 \n\n$              106,791 \n\n\nCapital expenditures, net of proceeds from insurance claims \n\n(119,104) \n\n(98,601) \n\n(132,513) \n\n\nFree cash flow \n\n$            164,677 \n\n$              40,167 \n\n$               (25,722) \n\n\n\n\nNOBLE OFFSHORE DRILLING INC.UNAUDITED SELECTED FINANCIALS\nOn the Merger Effective Date, Diamond Offshore Drilling, Inc. merged into Noble Offshore Drilling, Inc. with Noble Offshore Drilling, Inc. being the surviving entity.\nThe indenture governing the 8.500% Senior Secured Second Lien Notes due October 2030 issued by Diamond Foreign Asset Company and Diamond Finance, LLC (\"Diamond Second Lien Notes\") contains a covenant that requires Noble Offshore Drilling, Inc., as a successor Guarantor, to furnish to holders of the Diamond Second Lien Notes certain financial information relating to Noble Offshore Drilling, Inc. and its restricted subsidiaries.\n\n\n\n\n\n\nSeptember 30, 2024 \n\n\nBalance Sheets \n\n\n\n\nCash and cash equivalents                                                                                                               \n\n$                 179,801 \n\n\nTotal current assets \n\n455,946 \n\n\nTotal current liabilities \n\n298,270 \n\n\nTotal debt \n\n1,171,316 \n\n\nTotal shareholders' equity \n\n864,444 \n\n\n\n\n\n\n\n\n\n\nConsolidated Diamond Offshore Drilling, Inc. \n\nConsolidated Noble Offshore Drilling, Inc. \n\n\n\n\nPeriod fromJuly 1, 2024throughSeptember 3, 2024 \n\nPeriod fromSeptember 4, 2024throughSeptember 30, 2024 \n\n\nStatements of Operations \n\n\n\n\n\n\nOperating revenues \n\n$                   197,013 \n\n$                   94,380 \n\n\nOperating costs and expenses \n\n142,917 \n\n95,246 \n\n\nDepreciation and amortization \n\n22,210 \n\n11,357 \n\n\n\n\n\n\n\n\n\nStatements of Cash Flows \n\n\n\n\n\n\nNet cash provided by (used in) operating activities \n\n$                     56,867 \n\n$                    (8,887) \n\n\nCapital expenditures \n\n(17,434) \n\n(10,562) \n\n\nProceeds from disposal of assets, net \n\n8,910 \n\n5,575 \n\n\nDividend payments \n\n— \n\n— \n\n\n\n\n View original content:https://www.prnewswire.com/news-releases/noble-corporation-plc-announces-third-quarter-2024-results-and-additional-share-repurchase-authorization-302296981.html\nSOURCE Noble Corporation 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