$156.8 M

ICD Mkt cap, 22-Jun-2018

$25.6 M

Independence Contract Drilling Revenue Q1, 2018
Independence Contract Drilling Net income (Q1, 2018)-4.1 M
Independence Contract Drilling EBIT (Q1, 2018)-3.3 M
Independence Contract Drilling Cash, 31-Mar-20182.5 M
Independence Contract Drilling EV208.7 M

Independence Contract Drilling Financials

Independence Contract Drilling Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

70.3 m88.4 m70.1 m90 m

Revenue growth, %

26%(21%)

General and administrative expense

12.2 m14.5 m16.1 m13.2 m

Operating expense total

12.2 m14.5 m16.1 m67.7 m

Depreciation and amortization

25.8 m

EBIT

(33.1 m)(5 m)(18.9 m)(21 m)

EBIT margin, %

(47%)(6%)(27%)(23%)

Interest expense

1.6 m3.3 m3 m3 m

Pre tax profit

(31.5 m)(8.2 m)(22 m)(24 m)

Income tax expense

(3.4 m)(325 k)202 k287 k

Net Income

(28.2 m)(7.9 m)(22.2 m)(24.3 m)

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

14.7 m19.1 m22.3 m21.1 m21.3 m22.5 m15.2 m14.5 m20.2 m21.3 m25.6 m

General and administrative expense

2.1 m3.6 m3.8 m3.8 m3.8 m3.6 m5 m3.2 m3.7 m3.4 m3.5 m

Operating expense total

9.3 m19.8 m20.8 m20.9 m24.2 m21.9 m18.3 m21.2 m25.8 m26.9 m28.9 m

Depreciation and amortization

6.6 m

EBIT

1.4 m(672 k)1.5 m160 k(2.8 m)567 k(3.1 m)(6.7 m)(5.6 m)(5.6 m)(3.3 m)

EBIT margin, %

10%(4%)7%1%(13%)3%(20%)(46%)(28%)(26%)(13%)

Interest expense

598 k482 k312 k717 k862 k977 k1.1 m456 k630 k686 k943 k

Pre tax profit

2.2 m(1.8 m)1.2 m(557 k)(3.7 m)(410 k)(4.2 m)(7.2 m)(6.2 m)(6.3 m)(4.2 m)

Income tax expense

667 k(352 k)(155 k)95 k(326 k)4 k31 k32 k46 k34 k(49 k)

Net Income

1.6 m(1.4 m)1.4 m(652 k)(3.4 m)(414 k)(4.2 m)(7.2 m)(6.3 m)(6.3 m)(4.1 m)

Independence Contract Drilling Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

10.8 m5.3 m7.1 m2.5 m

Accounts Receivable

19.1 m18.2 m11.5 m18.1 m

Inventories

4 m3.4 m2.3 m2.7 m

Current Assets

36.3 m29.3 m27.9 m30.9 m

PP&E

250.5 m283.4 m273.2 m272.4 m

Total Assets

289.5 m314.8 m302.1 m304.6 m

Accounts Payable

22 m8.6 m10 m11.6 m

Short-term debt

150 k441 k533 k

Current Liabilities

29.4 m18.8 m18.3 m19.1 m

Long-term debt

22.5 m62.7 m26.1 m49.3 m

Total Debt

22.7 m26.5 m49.8 m

Total Liabilities

44.9 m69.2 m

Additional Paid-in Capital

272.8 m276.9 m323.9 m326.6 m

Retained Earnings

(35.3 m)(43.2 m)(65.3 m)(89.6 m)

Total Equity

232.7 m257.3 m235.5 m

Debt to Equity Ratio

0.1 x

Debt to Assets Ratio

0.1 x0.1 x

Financial Leverage

1.4 x1.2 x1.3 x

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

2.9 m13.2 m11 m12.3 m5.4 m7.4 m7.1 m7.9 m7.3 m5.5 m2.5 m

Accounts Receivable

10.1 m12.6 m18 m13.4 m15.3 m14.4 m6.9 m9 m12.3 m12.9 m16.2 m

Inventories

1.8 m1.9 m2.2 m2.3 m2.4 m2.4 m2.5 m2.5 m2.5 m2.4 m2.8 m

Current Assets

26.6 m30.6 m35.1 m32.9 m28 m27.7 m19.5 m22.5 m30 m30.9 m26.8 m

PP&E

173.8 m222.8 m273.9 m282.7 m287.3 m281.2 m280.1 m281.5 m274.6 m271.7 m274 m

Goodwill

11 m11 m

Total Assets

234.2 m286.4 m311.6 m318 m317.8 m310.8 m301 m305.1 m305.4 m303.5 m302.1 m

Accounts Payable

16.5 m15.7 m30 m8 m10.5 m5.6 m3.9 m8 m10.6 m10.8 m10.5 m

Short-term debt

366 k373 k439 k516 k468 k511 k

Current Liabilities

21.9 m22 m35.7 m16.3 m19.4 m13.7 m10.7 m14.6 m16.4 m17.2 m16 m

Long-term debt

64.2 m35.9 m61.4 m60.5 m63.1 m16.7 m23.4 m37.1 m39.5 m53.9 m

Total Debt

64.2 m35.9 m61.4 m60.5 m63.5 m17 m23.8 m37.6 m40 m54.4 m

Total Liabilities

90.3 m26.5 m72.4 m78.4 m80.9 m77.3 m27.8 m38.4 m53.9 m57.2 m70.6 m

Additional Paid-in Capital

153.9 m271.4 m273.9 m274.9 m275.9 m278.1 m322.1 m323 m324.5 m325.6 m327.2 m

Retained Earnings

(9.3 m)(10.7 m)(33.9 m)(34.6 m)(37.9 m)(43.6 m)(47.8 m)(55 m)(71.6 m)(77.9 m)(93.8 m)

Total Equity

239.6 m237 m233.5 m273.2 m266.8 m251.5 m246.4 m231.5 m

Financial Leverage

1.3 x1.3 x1.3 x1.1 x1.1 x1.2 x1.2 x1.3 x

Independence Contract Drilling Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(28.2 m)(7.9 m)(22.2 m)(24.3 m)

Depreciation and Amortization

16.2 m21.2 m23.8 m25.8 m

Accounts Receivable

(10.2 m)755 k6.8 m(6.6 m)

Inventories

(1.4 m)(263 k)55 k(301 k)

Accounts Payable

(71.9 m)57.1 m1.6 m

Cash From Operating Activities

3.8 m27.4 m17 m4.9 m

Purchases of PP&E

(115.4 m)(75.5 m)(21.1 m)(31.3 m)

Cash From Investing Activities

(112.7 m)(72.2 m)(20.1 m)(30.1 m)

Short-term Borrowings

(526 k)

Cash From Financing Activities

116.9 m39.4 m4.8 m20.6 m

Interest Paid

1.9 m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Net Income

(2.1 m)(3.6 m)1.4 m723 k(2.7 m)(414 k)(4.6 m)(11.8 m)(6.3 m)(12.6 m)(4.1 m)

Depreciation and Amortization

7.3 m11.5 m4.3 m9.5 m15.1 m5.8 m11.6 m17.7 m6.3 m12.6 m6.6 m

Accounts Receivable

(1 m)(3.5 m)1.1 m5.6 m3.7 m3.8 m11.4 m9.3 m(807 k)(1.5 m)1.8 m

Inventories

(958 k)(1 m)(67 k)(253 k)(317 k)(47 k)(146 k)(227 k)(75 k)(3 k)(56 k)

Accounts Payable

(2.4 m)

Cash From Operating Activities

3.2 m10.6 m5.3 m17.8 m21.5 m7.2 m15.4 m16.7 m(1.4 m)2.2 m2 m

Purchases of PP&E

(48.7 m)(97.9 m)(21.3 m)(58.2 m)(67.7 m)(5.7 m)(10.5 m)(17.3 m)(8.6 m)(17.4 m)(6.3 m)

Cash From Investing Activities

(46.2 m)(95.4 m)(18.3 m)(55 m)(64.4 m)(5 m)(9.6 m)(16.3 m)(8.6 m)(16.3 m)(6.1 m)

Short-term Borrowings

(138 k)(285 k)(425 k)(109 k)(308 k)

Long-term Borrowings

(163 k)

Cash From Financing Activities

43.2 m95.3 m13.3 m38.7 m37.5 m(126 k)(4.1 m)2.2 m10.3 m12.5 m4.1 m

Interest Paid

1.1 m1.7 m603 k1.4 m2.3 m944 k1.4 m1.8 m510 k1.2 m848 k

Income Taxes Paid

135 k

Independence Contract Drilling Ratios

USDY, 2018

EV/EBIT

-64.2 x

EV/CFO

103.7 x

Financial Leverage

1.3 x
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