$ICDIQ
Independence Contract Drilling, Inc.

2015 Q2 Form 10-Q Financial Statement

#000153702815000011 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $21.08M $14.66M
YoY Change 43.8% 49.85%
Cost Of Revenue $12.06M $9.280M
YoY Change 29.96% 36.67%
Gross Profit $9.030M $5.380M
YoY Change 67.84% 79.33%
Gross Profit Margin 42.83% 36.7%
Selling, General & Admin $3.755M $2.073M
YoY Change 81.14% 4.17%
% of Gross Profit 41.58% 38.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.170M $3.900M
YoY Change 32.56% 65.25%
% of Gross Profit 57.25% 72.49%
Operating Expenses $3.755M $2.073M
YoY Change 81.14% 4.17%
Operating Profit $160.0K $1.444M
YoY Change -88.92% -206.25%
Interest Expense -$720.0K $780.0K
YoY Change -192.31% 200.0%
% of Operating Profit -450.0% 54.02%
Other Income/Expense, Net
YoY Change
Pretax Income -$557.0K $2.223M
YoY Change -125.06% -301.91%
Income Tax $95.00K $667.0K
% Of Pretax Income 30.0%
Net Earnings -$652.0K $1.556M
YoY Change -141.9% -332.59%
Net Earnings / Revenue -3.09% 10.61%
Basic Earnings Per Share -$0.03 $0.13
Diluted Earnings Per Share -$0.03 $0.13
COMMON SHARES
Basic Shares Outstanding 23.85M shares 12.26M shares
Diluted Shares Outstanding 23.85M shares 12.31M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.30M $2.900M
YoY Change 324.14%
Cash & Equivalents $12.25M $2.873M
Short-Term Investments
Other Short-Term Assets $4.900M $11.70M
YoY Change -58.12%
Inventory $2.300M $1.800M
Prepaid Expenses
Receivables $13.42M $10.13M
Other Receivables $0.00 $0.00
Total Short-Term Assets $32.87M $26.55M
YoY Change 23.79%
LONG-TERM ASSETS
Property, Plant & Equipment $282.7M $173.8M
YoY Change 62.63%
Goodwill $11.01M
YoY Change
Intangibles $20.99M
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.461M $1.871M
YoY Change 31.53%
Total Long-Term Assets $285.1M $207.7M
YoY Change 37.3%
TOTAL ASSETS
Total Short-Term Assets $32.87M $26.55M
Total Long-Term Assets $285.1M $207.7M
Total Assets $318.0M $234.2M
YoY Change 35.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.988M $16.48M
YoY Change -51.54%
Accrued Expenses $8.070M $5.241M
YoY Change 53.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $16.27M $21.87M
YoY Change -25.61%
LONG-TERM LIABILITIES
Long-Term Debt $61.40M $64.20M
YoY Change -4.36%
Other Long-Term Liabilities $300.0K $1.800M
YoY Change -83.33%
Total Long-Term Liabilities $61.70M $66.00M
YoY Change -6.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.27M $21.87M
Total Long-Term Liabilities $61.70M $66.00M
Total Liabilities $78.38M $90.27M
YoY Change -13.17%
SHAREHOLDERS EQUITY
Retained Earnings -$34.57M -$9.270M
YoY Change 272.88%
Common Stock $275.2M $154.0M
YoY Change 78.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $971.0K $746.0K
YoY Change 30.16%
Treasury Stock Shares 85.01K shares 66.73K shares
Shareholders Equity $239.6M $144.0M
YoY Change
Total Liabilities & Shareholders Equity $318.0M $234.2M
YoY Change 35.77%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$652.0K $1.556M
YoY Change -141.9% -332.59%
Depreciation, Depletion And Amortization $5.170M $3.900M
YoY Change 32.56% 65.25%
Cash From Operating Activities $12.46M $7.890M
YoY Change 57.92% -553.45%
INVESTING ACTIVITIES
Capital Expenditures -$36.94M -$36.30M
YoY Change 1.76% 135.71%
Acquisitions
YoY Change
Other Investing Activities $260.0K $2.070M
YoY Change -87.44%
Cash From Investing Activities -$36.68M -$34.24M
YoY Change 7.13% 122.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.42M 26.11M
YoY Change -2.64% -2563.21%
NET CHANGE
Cash From Operating Activities 12.46M 7.890M
Cash From Investing Activities -36.68M -34.24M
Cash From Financing Activities 25.42M 26.11M
Net Change In Cash 1.200M -240.0K
YoY Change -600.0% -98.68%
FREE CASH FLOW
Cash From Operating Activities $12.46M $7.890M
Capital Expenditures -$36.94M -$36.30M
Free Cash Flow $49.40M $44.19M
YoY Change 11.79% 223.5%

Facts In Submission

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CY2015Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2461000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1235000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
164000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
48731000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
58215000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3969000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4503000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2038000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2899000 USD
CY2014Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
116500000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
80306000 USD
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
0.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
282667000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
35875000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
50724000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35289000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-34566000 USD
CY2014Q2 us-gaap Revenues
Revenues
14661000 USD
us-gaap Revenues
Revenues
28210000 USD
CY2015Q2 us-gaap Revenues
Revenues
21082000 USD
us-gaap Revenues
Revenues
43388000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2073000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4167000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3755000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7582000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1022000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1734000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
21547 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
11.90
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 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
0.00
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
516774 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
495227 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.81
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
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
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
801485 shares
CY2015Q2 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
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
963196 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
963196 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
CY2015Q2 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
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
360316 shares
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
161711 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.00
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.32
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.70
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y9M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
198605 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.84
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
236736000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
239616000 USD
CY2014Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.57
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1710000 USD
CY2015Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1522000 USD
CY2015Q2 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
85011 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
85011 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
85011 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
971000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
971000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
43000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12306000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12257000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23851000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24455000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12263000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12257000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23851000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24455000 shares

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