Valaris (VAL) FY2021 results: revenue $1.2 billion, down 13.6% on the year

Valaris Ltd. (VAL) reported revenue of $1.2 billion for fiscal 2021, the year ended 31 December 2021, down 13.6% on the year before. Net income was -$4.5 billion. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$1.2 billion

-13.6% on the year

FY2016FY2021

Operating margin

-73.2%

-303.7% a year earlier

FY2016FY2021

Net income

-$4.5 billion

FY2016FY2021

Diluted EPS

n/a

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2021 · Q3 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,232	1,427	2,053	-13.6%
Cost of revenue	1,068	n/a	1,806
Gross profit	164	n/a	247
Gross margin	13.3%	n/a	12.0%
Operating income	-902	-4,334	-670
Operating margin	-73.2%	-303.7%	-32.6%
Interest expense	33.4	291	428	-88.5%
Pre-tax income	-4,439	-5,117	-63.8
Income tax	53.6	-259	128
Net income	-4,493	-4,856	-198
Net margin	-364.6%	-340.2%	-9.6%
Diluted EPS	n/a	-$24.42	-$1.14

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	-66.0	-252	-277
Capital expenditure	58.9	93.8	227	-37.2%
Free cash flow	-125	-346	-504
Free cash flow margin	-10.1%	-24.2%	-24.5%
Cash from investing	-3.7	-42.0	1,052
Cash from financing	389	522	-952	-25.6%
Depreciation	226	541	610	-58.3%
Share-based compensation	9.1	21.4	37.3	-57.5%
Buybacks	0.0	n/a	n/a
Dividends paid	0.0	0.0	4.5
Dividend per share	n/a	n/a	$0.04
Diluted shares, weighted	200m	199m	n/a	+0.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,075	4,375	9,311	-75.4%
Non-controlling interest	2.7	-4.3	-1.3
Debt	545	0.0	6,048
Operating lease liabilities	12.5	21.6	51.8	-42.1%
Other liabilities	968	8,481	1,522	-88.6%
Total liabilities and equity	2,603	12,873	16,931	-79.8%
Fixed assets	891	10,960	15,097	-91.9%
Intangible assets	n/a	2.4	11.9
Investments	0.0	n/a	0.0
Cash and equivalents	609	326	97.2	+86.8%
Receivables	444	449	521	-1.1%
Inventory	0.0	279	340
Other assets	659	856	864	-23.0%
Total assets	2,603	12,873	16,931	-79.8%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.