Independence Contract Drilling Inc. (ICD) Financial Statements (2025 and earlier)
Company Profile
| Business Address |
20475 STATE HIGHWAY 249 HOUSTON, TX 77070 |
| State of Incorp. | DE |
| Fiscal Year End | December 31 |
| Industry (SIC) | 1381 - Drilling Oil and Gas Wells (benchmarking) |
| More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in thousands)
| 9/30/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 5,565 | 5,326 | 4,140 | 12,279 | 5,206 | 12,247 | |||
| Cash and cash equivalents | 5,565 | 5,326 | 4,140 | 12,279 | 5,206 | 12,247 | |||
| Receivables | 31,695 | 39,775 | 22,333 | 10,050 | 35,834 | 41,987 | |||
| Prepaid expense | 4,292 | 4,452 | 4,038 | 3,982 | |||||
| Capitalized contract cost | 500 | 300 | 600 | ||||||
| Deferred costs | 467 | 283 | 618 | 89 | |||||
| Asset, held-for-sale, not part of disposal group | 325 | 8,740 | 19,711 | ||||||
| Other current assets | 1 | 9 | 4 | ||||||
| Other undisclosed current assets | 1,057 | 1,208 | 571 | 1,038 | 6,965 | 11,623 | |||
| Total current assets: | 43,576 | 51,670 | 32,309 | 27,442 | 56,745 | 85,568 | |||
| Noncurrent Assets | |||||||||
| Finance lease, right-of-use asset, after accumulated amortization | 4,409 | 5,313 | 13,000 | ✕ | |||||
| Operating lease, right-of-use asset | 2,205 | 976 | 1,437 | ✕ | |||||
| Property, plant and equipment | 382,239 | 457,530 | 496,197 | ||||||
| Intangible assets, net (including goodwill) | 1,627 | ||||||||
| Goodwill | 1,627 | ||||||||
| Other noncurrent assets | 2,908 | 1,960 | 2,449 | 3,528 | 2,726 | 1,470 | |||
| Other undisclosed noncurrent assets | 341,579 | 369,795 | 347,909 | ||||||
| Total noncurrent assets: | 351,101 | 378,044 | 364,795 | 385,767 | 460,256 | 499,294 | |||
| TOTAL ASSETS: | 394,677 | 429,714 | 397,104 | 413,209 | 517,001 | 584,862 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 39,361 | 49,554 | 30,921 | 14,795 | 39,042 | 45,531 | |||
| Accounts payable | 22,990 | 31,946 | 15,304 | 4,072 | 22,674 | 16,312 | |||
| Accrued liabilities | 16,371 | 17,608 | 15,617 | 10,723 | 16,368 | 29,219 | |||
| Debt | 1,226 | 2,485 | 4,464 | 7,637 | 3,685 | 587 | |||
| Business combination, contingent consideration, liability | 2,902 | 2,814 | |||||||
| Due to related parties | ✕ | ✕ | 3,022 | ||||||
| Total current liabilities: | 40,587 | 52,039 | 38,287 | 22,432 | 48,563 | 46,118 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation, including: | 154,549 | 143,223 | 141,740 | 137,633 | 134,941 | 130,012 | |||
| Long-term debt, excluding current maturities | 137,633 | 134,941 | 130,012 | ||||||
| Finance lease, liability | 1,659 | 1,599 | 1,305 | 4,570 | 7,472 | ✕ | |||
| Other undisclosed long-term debt and lease obligation | 152,890 | 141,624 | 140,435 | (6,299) | (8,722) | ||||
| Liabilities, other than long-term debt, including: | 17,962 | 19,740 | 21,848 | 6,111 | 1,249 | 16,425 | |||
| Deferred income tax liabilities | 9,761 | 12,266 | 19,037 | 505 | 652 | ✕ | |||
| Other liabilities | 8,201 | 7,474 | 2,811 | 2,704 | |||||
| Operating lease, liability | 1,729 | 1,250 | ✕ | ||||||
| Business combination, contingent consideration, liability | 2,902 | ||||||||
| Other undisclosed liabilities, other than long-term debt | 597 | 16,425 | |||||||
| Other undisclosed noncurrent liabilities | 652 | 774 | |||||||
| Total noncurrent liabilities: | 172,511 | 162,963 | 163,588 | 143,744 | 136,842 | 147,211 | |||
| Total liabilities: | 213,098 | 215,002 | 201,875 | 166,176 | 185,405 | 193,329 | |||
| Equity | |||||||||
| Equity, attributable to parent | 181,579 | 214,712 | 195,229 | 247,033 | 331,596 | 391,533 | |||
| Common stock | 144 | 136 | 102 | 62 | 762 | 771 | |||
| Treasury stock, value | (3,940) | (3,933) | (3,923) | (3,913) | (3,847) | (3,046) | |||
| Additional paid in capital | 622,169 | 617,606 | 532,826 | 517,948 | 505,107 | 503,446 | |||
| Accumulated deficit | (436,794) | (399,097) | (333,776) | (267,064) | (170,426) | (109,638) | |||
| Total equity: | 181,579 | 214,712 | 195,229 | 247,033 | 331,596 | 391,533 | |||
| TOTAL LIABILITIES AND EQUITY: | 394,677 | 429,714 | 397,104 | 413,209 | 517,001 | 584,862 | |||
Income Statement (P&L) ($ in thousands)
| 9/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 210,106 | 186,710 | 87,955 | 83,418 | 203,602 | 142,609 | ||
| Cost of revenue | (130,838) | (123,399) | (75,901) | (65,367) | (145,290) | (95,220) | ||
| Cost of goods and services sold | (130,253) | (123,399) | (75,751) | (65,367) | (144,913) | (95,220) | ||
| Gross profit: | 79,268 | 63,311 | 12,054 | 18,051 | 58,312 | 47,389 | ||
| Operating expenses | (82,985) | (65,406) | (55,169) | (100,209) | (104,807) | (59,729) | ||
| Operating loss: | (3,717) | (2,095) | (43,115) | (82,158) | (46,495) | (12,340) | ||
| Interest and debt expense | (278) | (46,347) | 10,128 | (988) | (814) | (856) | ||
| Loss from continuing operations before equity method investments, income taxes: | (3,995) | (48,442) | (32,987) | (83,146) | (47,309) | (13,196) | ||
| Other undisclosed loss from continuing operations before income taxes | (35,677) | (23,075) | (15,193) | (13,639) | (13,601) | (6,706) | ||
| Loss from continuing operations before income taxes: | (39,672) | (71,517) | (48,180) | (96,785) | (60,910) | (19,902) | ||
| Income tax expense (benefit) | 1,975 | 6,196 | (18,532) | 147 | 122 | (91) | ||
| Loss from continuing operations: | (37,697) | (65,321) | (66,712) | (96,638) | (60,788) | (19,993) | ||
| Loss before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | (66,712) | (96,638) | (60,788) | (19,993) | |
| Net loss available to common stockholders, diluted: | (37,697) | (65,321) | (66,712) | (96,638) | (60,788) | (19,993) | ||
Comprehensive Income ($ in thousands)
| 9/30/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net loss: | (37,697) | (65,321) | (66,712) | (96,638) | (60,788) | (19,993) | ||
| Comprehensive loss, net of tax, attributable to parent: | (37,697) | (65,321) | (66,712) | (96,638) | (60,788) | (19,993) | ||
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.