$ICDIQ
Independence Contract Drilling, Inc.

2016 Q2 Form 10-Q Financial Statement

#000153702816000024 Filed on July 28, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $15.16M $21.08M
YoY Change -28.11% 43.8%
Cost Of Revenue $7.400M $12.06M
YoY Change -38.64% 29.96%
Gross Profit $7.760M $9.030M
YoY Change -14.06% 67.84%
Gross Profit Margin 51.2% 42.83%
Selling, General & Admin $5.005M $3.755M
YoY Change 33.29% 81.14%
% of Gross Profit 64.5% 41.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.810M $5.170M
YoY Change 12.38% 32.56%
% of Gross Profit 74.87% 57.25%
Operating Expenses $5.005M $3.755M
YoY Change 33.29% 81.14%
Operating Profit -$3.101M $160.0K
YoY Change -2038.13% -88.92%
Interest Expense -$1.060M -$720.0K
YoY Change 47.22% -192.31%
% of Operating Profit -450.0%
Other Income/Expense, Net
YoY Change
Pretax Income -$4.160M -$557.0K
YoY Change 646.86% -125.06%
Income Tax $31.00K $95.00K
% Of Pretax Income
Net Earnings -$4.191M -$652.0K
YoY Change 542.79% -141.9%
Net Earnings / Revenue -27.65% -3.09%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$2.494M -$0.03
COMMON SHARES
Basic Shares Outstanding 33.61M shares 23.85M shares
Diluted Shares Outstanding 33.61M shares 23.85M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.100M $12.30M
YoY Change -42.28% 324.14%
Cash & Equivalents $7.086M $12.25M
Short-Term Investments
Other Short-Term Assets $3.100M $4.900M
YoY Change -36.73% -58.12%
Inventory $2.500M $2.300M
Prepaid Expenses
Receivables $6.872M $13.42M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.52M $32.87M
YoY Change -40.6% 23.79%
LONG-TERM ASSETS
Property, Plant & Equipment $280.1M $282.7M
YoY Change -0.9% 62.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.339M $2.461M
YoY Change -45.59% 31.53%
Total Long-Term Assets $281.5M $285.1M
YoY Change -1.29% 37.3%
TOTAL ASSETS
Total Short-Term Assets $19.52M $32.87M
Total Long-Term Assets $281.5M $285.1M
Total Assets $301.0M $318.0M
YoY Change -5.35% 35.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.886M $7.988M
YoY Change -51.35% -51.54%
Accrued Expenses $6.461M $8.070M
YoY Change -19.94% 53.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $0.00
YoY Change
Total Short-Term Liabilities $10.72M $16.27M
YoY Change -34.12% -25.61%
LONG-TERM LIABILITIES
Long-Term Debt $16.70M $61.40M
YoY Change -72.8% -4.36%
Other Long-Term Liabilities $100.0K $300.0K
YoY Change -66.67% -83.33%
Total Long-Term Liabilities $16.80M $61.70M
YoY Change -72.77% -6.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.72M $16.27M
Total Long-Term Liabilities $16.80M $61.70M
Total Liabilities $27.76M $78.38M
YoY Change -64.58% -13.17%
SHAREHOLDERS EQUITY
Retained Earnings -$47.77M -$34.57M
YoY Change 38.21% 272.88%
Common Stock $322.5M $275.2M
YoY Change 17.2% 78.7%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.469M $971.0K
YoY Change 51.29% 30.16%
Treasury Stock Shares 170.0K shares 85.01K shares
Shareholders Equity $273.2M $239.6M
YoY Change
Total Liabilities & Shareholders Equity $301.0M $318.0M
YoY Change -5.35% 35.77%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$4.191M -$652.0K
YoY Change 542.79% -141.9%
Depreciation, Depletion And Amortization $5.810M $5.170M
YoY Change 12.38% 32.56%
Cash From Operating Activities $8.160M $12.46M
YoY Change -34.51% 57.92%
INVESTING ACTIVITIES
Capital Expenditures -$4.840M -$36.94M
YoY Change -86.9% 1.76%
Acquisitions
YoY Change
Other Investing Activities $290.0K $260.0K
YoY Change 11.54% -87.44%
Cash From Investing Activities -$4.560M -$36.68M
YoY Change -87.57% 7.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.930M 25.42M
YoY Change -115.46% -2.64%
NET CHANGE
Cash From Operating Activities 8.160M 12.46M
Cash From Investing Activities -4.560M -36.68M
Cash From Financing Activities -3.930M 25.42M
Net Change In Cash -330.0K 1.200M
YoY Change -127.5% -600.0%
FREE CASH FLOW
Cash From Operating Activities $8.160M $12.46M
Capital Expenditures -$4.840M -$36.94M
Free Cash Flow $13.00M $49.40M
YoY Change -73.68% 11.79%

Facts In Submission

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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3305000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
58215000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10521000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3436000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3075000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2899000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
188000 USD
CY2016Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
43000000 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0 USD
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
42983000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
89566000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34775000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
351000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
747000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
283378000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
280121000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2016Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
5600000 USD
CY2016Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
13100000 USD
CY2016Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
7200000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
50724000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
81129000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
285000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
4.27
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
42983000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-43169000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-47774000 USD
CY2015Q2 us-gaap Revenues
Revenues
21082000 USD
us-gaap Revenues
Revenues
43388000 USD
CY2016Q2 us-gaap Revenues
Revenues
15155000 USD
us-gaap Revenues
Revenues
37610000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3755000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7582000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5005000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8626000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
912170 shares
CY2016Q2 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
7850 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
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
956653 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
948803 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.74
CY2016Q2 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
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
104143 shares
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
36633 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
3.36
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.88
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
3.36
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y11M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
59660 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
183000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
232737000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
273225000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2585000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
1705000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
136278 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
170026 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1286000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
1469000 USD
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
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33608000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28812000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23851000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24455000 shares
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33608000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28812000 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
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33608000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28812000 shares
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
504000 USD

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