$ICDIQ
Independence Contract Drilling, Inc.

2015 Q4 Form 10-Q Financial Statement

#000153702815000014 Filed on October 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $23.69M $21.34M $23.01M
YoY Change 2.92% 11.61% 75.13%
Cost Of Revenue $14.40M $12.53M $12.69M
YoY Change 13.48% 5.21% 50.36%
Gross Profit $9.290M $8.820M $10.33M
YoY Change -10.07% 22.33% 119.79%
Gross Profit Margin 39.22% 41.32% 44.89%
Selling, General & Admin $3.150M $3.756M $4.440M
YoY Change -29.05% 3.81% 62.64%
% of Gross Profit 33.91% 42.59% 42.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.060M $5.630M $4.650M
YoY Change 30.32% 33.73% 45.77%
% of Gross Profit 65.23% 63.83% 45.01%
Operating Expenses $9.200M $3.756M $9.080M
YoY Change 1.32% 3.81% 53.64%
Operating Profit -$3.802M -$2.841M -$28.64M
YoY Change -86.72% 322.77% 2296.65%
Interest Expense -$1.360M -$860.0K $2.250M
YoY Change -160.44% -21.1% 257.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.170M -$3.703M -$26.39M
YoY Change -80.41% 109.8% 4529.82%
Income Tax $61.00K -$326.0K -$1.788M
% Of Pretax Income
Net Earnings -$5.226M -$3.377M -$24.61M
YoY Change -78.76% 139.0% 11729.81%
Net Earnings / Revenue -22.06% -15.82% -106.92%
Basic Earnings Per Share -$0.14 -$1.00
Diluted Earnings Per Share -$4.358M -$0.14 -$1.00
COMMON SHARES
Basic Shares Outstanding 24.40M shares 23.92M shares 24.63M shares
Diluted Shares Outstanding 23.92M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.300M $5.400M $10.80M
YoY Change -50.93% -59.09% 300.0%
Cash & Equivalents $5.344M $5.388M $10.76M
Short-Term Investments
Other Short-Term Assets $3.400M $4.800M $4.300M
YoY Change -20.93% 65.52% -47.56%
Inventory $2.300M $2.400M $2.100M
Prepaid Expenses
Receivables $18.24M $15.33M $19.13M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.34M $27.97M $36.30M
YoY Change -19.18% -8.6% 71.57%
LONG-TERM ASSETS
Property, Plant & Equipment $283.4M $287.3M $250.5M
YoY Change 13.13% 28.92% 93.45%
Goodwill $0.00 $0.00
YoY Change -100.0%
Intangibles $0.00 $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $2.074M $2.600M $2.749M
YoY Change -24.55% 52.85% 186.65%
Total Long-Term Assets $285.5M $289.9M $253.2M
YoY Change 12.72% 13.3% 54.6%
TOTAL ASSETS
Total Short-Term Assets $29.34M $27.97M $36.30M
Total Long-Term Assets $285.5M $289.9M $253.2M
Total Assets $314.8M $317.8M $289.5M
YoY Change 8.72% 10.96% 56.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.584M $10.46M $21.99M
YoY Change -60.97% -33.24% 142.72%
Accrued Expenses $10.21M $8.897M $6.970M
YoY Change 46.43% 43.27% 67.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $22.50M
YoY Change -100.0%
Total Short-Term Liabilities $18.79M $19.36M $51.89M
YoY Change -63.79% -12.12% 283.4%
LONG-TERM LIABILITIES
Long-Term Debt $62.70M $60.50M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $400.0K $700.0K $600.0K
YoY Change -33.33% -70.83% -81.25%
Total Long-Term Liabilities $63.10M $61.20M $600.0K
YoY Change 10416.67% 2450.0% -97.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.79M $19.36M $51.89M
Total Long-Term Liabilities $63.10M $61.20M $600.0K
Total Liabilities $82.05M $80.87M $52.81M
YoY Change 55.37% 205.54% 31.71%
SHAREHOLDERS EQUITY
Retained Earnings -$43.17M -$37.94M -$35.29M
YoY Change 22.33% 255.17% 395.56%
Common Stock $277.2M $276.1M $273.0M
YoY Change 1.54% 1.65% 78.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.286M $1.210M $971.0K
YoY Change 32.44% 24.61% 30.16%
Treasury Stock Shares 136.3K shares 123.4K shares 85.01K shares
Shareholders Equity $232.7M $237.0M $236.7M
YoY Change
Total Liabilities & Shareholders Equity $314.8M $317.8M $289.5M
YoY Change 8.72% 10.96% 56.54%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income -$5.226M -$3.377M -$24.61M
YoY Change -78.76% 139.0% 11729.81%
Depreciation, Depletion And Amortization $6.060M $5.630M $4.650M
YoY Change 30.32% 33.73% 45.77%
Cash From Operating Activities $5.850M $3.750M -$6.750M
YoY Change -186.67% -49.39% -223.4%
INVESTING ACTIVITIES
Capital Expenditures -$7.860M -$9.450M -$17.48M
YoY Change -55.03% -80.78% -11.98%
Acquisitions
YoY Change
Other Investing Activities $60.00K $0.00 $160.0K
YoY Change -62.5% -100.0% 14.29%
Cash From Investing Activities -$7.800M -$9.450M -$17.32M
YoY Change -54.97% -80.78% -12.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.910M -1.160M 21.65M
YoY Change -91.18% -102.23% 53.22%
NET CHANGE
Cash From Operating Activities 5.850M 3.750M -6.750M
Cash From Investing Activities -7.800M -9.450M -17.32M
Cash From Financing Activities 1.910M -1.160M 21.65M
Net Change In Cash -40.00K -6.860M -2.420M
YoY Change -98.35% -166.6% 1916.67%
FREE CASH FLOW
Cash From Operating Activities $5.850M $3.750M -$6.750M
Capital Expenditures -$7.860M -$9.450M -$17.48M
Free Cash Flow $13.71M $13.20M $10.73M
YoY Change 27.77% -76.67% -57.64%

Facts In Submission

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us-gaap Operating Income Loss
OperatingIncomeLoss
-1149000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1163000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
50000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
88000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
322000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
509000 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0 USD
CY2015Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
194000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
781000 USD
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
516000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2749000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2600000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
225000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3969000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4636000 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 Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
116496000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
104972000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
116479000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
501000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
351000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
250498000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
287271000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000 USD
CY2015Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
8700000 USD
CY2015Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
9000000 USD
CY2015Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
7300000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
124752000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78534000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-35289000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-37943000 USD
CY2014Q3 us-gaap Revenues
Revenues
19123000 USD
us-gaap Revenues
Revenues
47333000 USD
CY2015Q3 us-gaap Revenues
Revenues
21344000 USD
us-gaap Revenues
Revenues
64732000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3618000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7785000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3756000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11338000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2472000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
30637 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
11.63
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
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
486137 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
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.88
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
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
852511 shares
CY2015Q3 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
0.00
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
963196 shares
CY2015Q3 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
CY2015Q3 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
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
110685 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
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.85
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
249631 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.54
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
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
239000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
236736000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
236967000 USD
CY2014Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.57
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
1710000 USD
CY2015Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
2104000 USD
CY2015Q3 us-gaap Treasury Stock Number Of Shares Held
TreasuryStockNumberOfSharesHeld
123397 shares
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
85011 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
123397 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
971000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1210000 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
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19174000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14563000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23920000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23874000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19174000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14563000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23920000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23874000 shares

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