$ICDIQ
Independence Contract Drilling, Inc.

2014 Q4 Form 10-Q Financial Statement

#000153702814000009 Filed on November 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $23.01M $19.12M $13.14M
YoY Change 75.13% 64.8%
Cost Of Revenue $12.69M $11.91M $8.440M
YoY Change 50.36% 64.5%
Gross Profit $10.33M $7.210M $4.700M
YoY Change 119.79% 64.99%
Gross Profit Margin 44.89% 37.7% 35.77%
Selling, General & Admin $4.440M $3.618M $2.730M
YoY Change 62.64% 72.7%
% of Gross Profit 42.98% 50.18% 58.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.650M $4.210M $3.190M
YoY Change 45.77% 67.73%
% of Gross Profit 45.01% 58.39% 67.87%
Operating Expenses $9.080M $3.618M $5.910M
YoY Change 53.64% 72.7%
Operating Profit -$28.64M -$672.0K -$1.195M
YoY Change 2296.65% 178.84%
Interest Expense $2.250M -$1.090M $630.0K
YoY Change 257.14% -430.3%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.39M -$1.765M -$570.0K
YoY Change 4529.82% -2128.74%
Income Tax -$1.788M -$352.0K -$360.0K
% Of Pretax Income
Net Earnings -$24.61M -$1.413M -$208.0K
YoY Change 11729.81% -345.31%
Net Earnings / Revenue -106.92% -7.39% -1.58%
Basic Earnings Per Share -$1.00 -$0.07 -$0.02
Diluted Earnings Per Share -$1.00 -$0.07 -$0.02
COMMON SHARES
Basic Shares Outstanding 24.63M shares 19.17M shares
Diluted Shares Outstanding 19.17M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.80M $13.20M $2.700M
YoY Change 300.0%
Cash & Equivalents $10.76M $13.17M $2.730M
Short-Term Investments
Other Short-Term Assets $4.300M $2.900M $8.200M
YoY Change -47.56%
Inventory $2.100M $1.900M $1.100M
Prepaid Expenses
Receivables $19.13M $12.62M $9.089M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.30M $30.60M $21.16M
YoY Change 71.57%
LONG-TERM ASSETS
Property, Plant & Equipment $250.5M $222.8M $129.5M
YoY Change 93.45%
Goodwill $0.00 $11.01M $11.01M
YoY Change -100.0%
Intangibles $0.00 $20.30M $22.36M
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $2.749M $1.701M $959.0K
YoY Change 186.65%
Total Long-Term Assets $253.2M $255.8M $163.8M
YoY Change 54.6%
TOTAL ASSETS
Total Short-Term Assets $36.30M $30.60M $21.16M
Total Long-Term Assets $253.2M $255.8M $163.8M
Total Assets $289.5M $286.4M $185.0M
YoY Change 56.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.99M $15.67M $9.061M
YoY Change 142.72%
Accrued Expenses $6.970M $6.210M $4.167M
YoY Change 67.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.50M
YoY Change
Total Short-Term Liabilities $51.89M $22.03M $13.53M
YoY Change 283.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $19.80M
YoY Change -100.0%
Other Long-Term Liabilities $600.0K $2.400M $3.200M
YoY Change -81.25%
Total Long-Term Liabilities $600.0K $2.400M $23.00M
YoY Change -97.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.89M $22.03M $13.53M
Total Long-Term Liabilities $600.0K $2.400M $23.00M
Total Liabilities $52.81M $26.47M $40.10M
YoY Change 31.71%
SHAREHOLDERS EQUITY
Retained Earnings -$35.29M -$10.68M -$7.121M
YoY Change 395.56%
Common Stock $273.0M $271.6M $152.7M
YoY Change 78.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $971.0K $971.0K $746.0K
YoY Change 30.16%
Treasury Stock Shares 85.01K shares 84.85K shares 85.01K shares
Shareholders Equity $236.7M $260.0M $144.9M
YoY Change
Total Liabilities & Shareholders Equity $289.5M $286.4M $185.0M
YoY Change 56.54%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$24.61M -$1.413M -$208.0K
YoY Change 11729.81% -345.31%
Depreciation, Depletion And Amortization $4.650M $4.210M $3.190M
YoY Change 45.77% 67.73%
Cash From Operating Activities -$6.750M $7.410M $5.470M
YoY Change -223.4% 915.07%
INVESTING ACTIVITIES
Capital Expenditures -$17.48M -$49.18M -$19.86M
YoY Change -11.98% 391.8%
Acquisitions
YoY Change
Other Investing Activities $160.0K $10.00K $140.0K
YoY Change 14.29%
Cash From Investing Activities -$17.32M -$49.16M -$19.72M
YoY Change -12.17% 392.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.65M 52.05M 14.13M
YoY Change 53.22% 834.47%
NET CHANGE
Cash From Operating Activities -6.750M 7.410M 5.470M
Cash From Investing Activities -17.32M -49.16M -19.72M
Cash From Financing Activities 21.65M 52.05M 14.13M
Net Change In Cash -2.420M 10.30M -120.0K
YoY Change 1916.67% -379.13%
FREE CASH FLOW
Cash From Operating Activities -$6.750M $7.410M $5.470M
Capital Expenditures -$17.48M -$49.18M -$19.86M
Free Cash Flow $10.73M $56.59M $25.33M
YoY Change -57.64% 427.4%

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
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us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2038000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
116496000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
104972000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
10704000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
275000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
124752000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
5122000 USD
CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-10683000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-7121000 USD
CY2014Q3 us-gaap Revenues
Revenues
19123000 USD
us-gaap Revenues
Revenues
29645000 USD
CY2013Q3 us-gaap Revenues
Revenues
11604000 USD
us-gaap Revenues
Revenues
47333000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2095000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3618000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7785000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6183000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1339000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
304832 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
360316 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.63
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
304832 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.63
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
620412 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.00
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.00
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
602880 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.00
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
963196 shares
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
963196 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
225000 USD
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
260096 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.55
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
116496000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
144872000 USD
CY2014Q3 us-gaap Stockholders Equity
StockholdersEquity
259978000 USD
CY2014Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.57
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
787000 USD
CY2014Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
1731000 USD
CY2014Q3 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
84854 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
66725 shares
CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
84854 shares
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
746000 USD
CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
971000 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
76000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12256000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14563000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12179000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19174000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12180000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19174000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12179000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14563000 shares
CY2014Q2 icd Costof Rig Repairs
CostofRigRepairs
2000000 USD
CY2014Q2 icd Out Of Pocket Expense Rig Repair
OutOfPocketExpenseRigRepair
300000 USD
CY2014Q2 icd Proceeds From Insurance Settlements Gross
ProceedsFromInsuranceSettlementsGross
2300000 USD
icd Proceeds From Insurance Settlements Gross
ProceedsFromInsuranceSettlementsGross
2300000 USD
icd Purchasesof Property Plantand Equipmentin Accounts Payable
PurchasesofPropertyPlantandEquipmentinAccountsPayable
4682000 USD
icd Purchasesof Property Plantand Equipmentin Accounts Payable
PurchasesofPropertyPlantandEquipmentinAccountsPayable
7069000 USD
icd Vendor Advances
VendorAdvances
1627000 USD
icd Vendor Advances
VendorAdvances
0 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001537028
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
24629490 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Independence Contract Drilling, Inc.

Files In Submission

Name View Source Status
0001537028-14-000009-index-headers.html Edgar Link pending
0001537028-14-000009-index.html Edgar Link pending
0001537028-14-000009.txt Edgar Link pending
0001537028-14-000009-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
icd-20140930.xml Edgar Link completed
icd-20140930.xsd Edgar Link pending
icd-20140930x10q.htm Edgar Link pending
icd-20140930x10qexx311.htm Edgar Link pending
icd-20140930x10qexx312.htm Edgar Link pending
icd-20140930x10qexx321.htm Edgar Link pending
icd-20140930x10qexx322.htm Edgar Link pending
icd-20140930_cal.xml Edgar Link unprocessable
icd-20140930_def.xml Edgar Link unprocessable
icd-20140930_lab.xml Edgar Link unprocessable
icd-20140930_pre.xml Edgar Link unprocessable
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