$ICDIQ
Independence Contract Drilling, Inc.

2016 Q4 Form 10-Q Financial Statement

#000153702816000059 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $17.99M $14.46M $23.69M
YoY Change -24.06% -32.23% 2.92%
Cost Of Revenue $12.07M $11.25M $14.40M
YoY Change -16.18% -10.22% 13.48%
Gross Profit $5.920M $3.220M $9.290M
YoY Change -36.28% -63.49% -10.07%
Gross Profit Margin 32.91% 22.26% 39.22%
Selling, General & Admin $4.280M $3.242M $3.150M
YoY Change 35.87% -13.68% -29.05%
% of Gross Profit 72.3% 100.68% 33.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.160M $6.010M $6.060M
YoY Change 1.65% 6.75% 30.32%
% of Gross Profit 104.05% 186.65% 65.23%
Operating Expenses $10.43M $3.242M $9.200M
YoY Change 13.37% -13.68% 1.32%
Operating Profit -$9.687M -$6.710M -$3.802M
YoY Change 154.79% 136.18% -86.72%
Interest Expense -$550.0K -$460.0K -$1.360M
YoY Change -59.56% -46.51% -160.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.24M -$7.166M -$5.170M
YoY Change 98.07% 93.52% -80.41%
Income Tax $135.0K $32.00K $61.00K
% Of Pretax Income
Net Earnings -$10.38M -$7.198M -$5.226M
YoY Change 98.53% 113.15% -78.76%
Net Earnings / Revenue -57.68% -49.76% -22.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.551M -$3.850M -$4.358M
COMMON SHARES
Basic Shares Outstanding 37.61M shares 37.39M shares 24.40M shares
Diluted Shares Outstanding 37.39M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.100M $7.900M $5.300M
YoY Change 33.96% 46.3% -50.93%
Cash & Equivalents $7.071M $7.912M $5.344M
Short-Term Investments
Other Short-Term Assets $7.000M $3.000M $3.400M
YoY Change 105.88% -37.5% -20.93%
Inventory $2.300M $2.500M $2.300M
Prepaid Expenses
Receivables $11.47M $8.965M $18.24M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.89M $22.46M $29.34M
YoY Change -4.93% -19.71% -19.18%
LONG-TERM ASSETS
Property, Plant & Equipment $273.2M $281.5M $283.4M
YoY Change -3.6% -2.01% 13.13%
Goodwill $0.00 $0.00
YoY Change
Intangibles $0.00 $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.027M $1.178M $2.074M
YoY Change -50.48% -54.69% -24.55%
Total Long-Term Assets $274.2M $282.7M $285.5M
YoY Change -3.94% -2.48% 12.72%
TOTAL ASSETS
Total Short-Term Assets $27.89M $22.46M $29.34M
Total Long-Term Assets $274.2M $282.7M $285.5M
Total Assets $302.1M $305.1M $314.8M
YoY Change -4.03% -4.0% 8.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.03M $7.975M $8.584M
YoY Change 16.86% -23.76% -60.97%
Accrued Expenses $7.821M $6.214M $10.21M
YoY Change -23.37% -30.16% 46.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $18.29M $14.63M $18.79M
YoY Change -2.65% -24.43% -63.79%
LONG-TERM LIABILITIES
Long-Term Debt $26.10M $23.40M $62.70M
YoY Change -58.37% -61.32%
Other Long-Term Liabilities $100.0K $100.0K $400.0K
YoY Change -75.0% -85.71% -33.33%
Total Long-Term Liabilities $26.20M $23.50M $63.10M
YoY Change -58.48% -61.6% 10416.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.29M $14.63M $18.79M
Total Long-Term Liabilities $26.20M $23.50M $63.10M
Total Liabilities $44.86M $38.35M $82.05M
YoY Change -45.33% -52.58% 55.37%
SHAREHOLDERS EQUITY
Retained Earnings -$65.35M -$54.97M -$43.17M
YoY Change 51.37% 44.88% 22.33%
Common Stock $324.3M $323.4M $277.2M
YoY Change 16.99% 17.12% 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.695M $1.631M $1.286M
YoY Change 31.8% 34.79% 32.44%
Treasury Stock Shares 213.8K shares 201.7K shares 136.3K shares
Shareholders Equity $257.3M $266.8M $232.7M
YoY Change
Total Liabilities & Shareholders Equity $302.1M $305.1M $314.8M
YoY Change -4.03% -4.0% 8.72%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$10.38M -$7.198M -$5.226M
YoY Change 98.53% 113.15% -78.76%
Depreciation, Depletion And Amortization $6.160M $6.010M $6.060M
YoY Change 1.65% 6.75% 30.32%
Cash From Operating Activities $320.0K $1.270M $5.850M
YoY Change -94.53% -66.13% -186.67%
INVESTING ACTIVITIES
Capital Expenditures -$3.780M -$6.810M -$7.860M
YoY Change -51.91% -27.94% -55.03%
Acquisitions
YoY Change
Other Investing Activities $0.00 $110.0K $60.00K
YoY Change -100.0% -62.5%
Cash From Investing Activities -$3.780M -$6.690M -$7.800M
YoY Change -51.54% -29.21% -54.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.610M 6.260M 1.910M
YoY Change 36.65% -639.66% -91.18%
NET CHANGE
Cash From Operating Activities 320.0K 1.270M 5.850M
Cash From Investing Activities -3.780M -6.690M -7.800M
Cash From Financing Activities 2.610M 6.260M 1.910M
Net Change In Cash -850.0K 840.0K -40.00K
YoY Change 2025.0% -112.24% -98.35%
FREE CASH FLOW
Cash From Operating Activities $320.0K $1.270M $5.850M
Capital Expenditures -$3.780M -$6.810M -$7.860M
Free Cash Flow $4.100M $8.080M $13.71M
YoY Change -70.09% -38.79% 27.77%

Facts In Submission

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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2841000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1149000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6710000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-9244000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
380000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
157000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2074000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1178000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
239000 USD
us-gaap Payments For Repurchase Of Equity
PaymentsForRepurchaseOfEquity
345000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
187000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
217000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3305000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
67665000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17331000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3436000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3043000 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
42920000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
116479000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
42391000 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
864000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
283378000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
281494000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.92
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
42920000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
956653 shares
CY2016Q3 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
CY2016Q3 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 Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
345000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
232737000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
266778000 USD
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 Taxes Payable Current
TaxesPayableCurrent
2585000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2016Q3 us-gaap Purchase Obligation
PurchaseObligation
20300000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
2300000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
4000000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
14000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78534000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
82129000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
425000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-43169000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54972000 USD
CY2015Q3 us-gaap Revenues
Revenues
21344000 USD
us-gaap Revenues
Revenues
64732000 USD
CY2016Q3 us-gaap Revenues
Revenues
14464000 USD
us-gaap Revenues
Revenues
52074000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3756000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11338000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3242000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11868000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
948803 shares
CY2016Q3 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
12.74
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 Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
104143 shares
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 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
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y08M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
96293 shares
CY2016Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
1908000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
136278 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
201734 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1286000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1631000 USD
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
CY2016Q3 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 Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23920000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23874000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37387000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31670000 shares
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23920000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23874000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37387000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31670000 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
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37387000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31670000 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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