Independence Contract Drilling, Inc. (ICD) Financial Statements (2023 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)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments4,14012,2795,20612,2472,5337,0715,344
Cash and cash equivalents4,14012,2795,20612,2472,5337,0715,344
Receivables22,33310,05035,83441,98718,05611,46818,240
Prepaid expense4,0383,982     
Capitalized contract cost600   
Deferred costs61889     
Assets held-for-sale, not part of disposal group  8,74019,7114,6373,915 
Other current assets94     
Other undisclosed current assets5711,0386,96511,6235,6675,4385,753
Total current assets:32,30927,44256,74585,56830,89327,89229,337
Noncurrent Assets
Finance lease, right-of-use asset13,000  
Operating lease, right-of-use asset1,437  
Property, plant and equipment 382,239457,530496,197272,388273,188283,378
Intangible assets, net (including goodwill)   1,627   
Goodwill   1,627   
Other noncurrent assets2,4493,5282,7261,4701,3641,0272,074
Other undisclosed noncurrent assets347,909      
Total noncurrent assets:364,795385,767460,256499,294273,752274,215285,452
TOTAL ASSETS:397,104413,209517,001584,862304,645302,107314,789
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities30,92114,79539,04245,53118,59617,85218,790
Accounts payable15,3044,07222,67416,31211,62710,0318,584
Accrued liabilities15,61710,72316,36829,2196,9697,82110,206
Debt4,4647,6373,685587533441 
Due to related parties  3,022    
Business combination, contingent consideration, liability2,902 2,814    
Total current liabilities:38,28722,43248,56346,11819,12918,29318,790
Noncurrent Liabilities
Long-term debt and lease obligation, including:141,740137,633134,941130,01249,27826,07862,708
Long-term debt, excluding current maturities 137,633134,941130,01249,27826,07862,708
Finance lease, liability1,3054,5707,472
Operating lease, liability 1,7291,250
Other undisclosed long-term debt and lease obligation140,435(6,299)(8,722)    
Liabilities, other than long-term debt, including:21,8486,1111,24916,4257388361
Deferred tax liabilities, net   193
Deferred income tax liabilities19,037505652
Other liabilities2,8112,704     
Business combination, contingent consideration, liability 2,902     
Other undisclosed liabilities, other than long-term debt  59716,4257388168
Other undisclosed noncurrent liabilities  652774683396193
Total noncurrent liabilities:163,588143,744136,842147,21150,03426,56263,262
Total liabilities:201,875166,176185,405193,32969,16344,85582,052
Stockholders' equity
Stockholders' equity attributable to parent195,229247,033331,596391,533235,482257,252232,737
Common stock10262762771380376244
Treasury stock, value(3,923)(3,913)(3,847)(3,046)(1,869)(1,695)(1,286)
Additional paid in capital532,826517,948505,107503,446326,616323,918276,948
Accumulated deficit(333,776)(267,064)(170,426)(109,638)(89,645)(65,347)(43,169)
Total stockholders' equity:195,229247,033331,596391,533235,482257,252232,737
TOTAL LIABILITIES AND EQUITY:397,104413,209517,001584,862304,645302,107314,789

Income Statement (P&L) ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Revenues87,95583,418203,602142,60990,00770,06288,418
Cost of revenue(75,901)(65,367)(145,290)(95,220)(67,733)(43,277)(52,087)
Cost of goods and services sold(75,751)(65,367)(144,913)(95,220)(67,733)(43,277)(52,087)
Gross profit:12,05418,05158,31247,38922,27426,78536,331
Operating expenses(55,169)(100,209)(104,807)(59,729)(43,302)(45,716)(41,282)
Operating loss:(43,115)(82,158)(46,495)(12,340)(21,028)(18,931)(4,951)
Interest and debt expense10,128(988)(814)(856)(434)(504)(394)
Loss from continuing operations before equity method investments, income taxes:(32,987)(83,146)(47,309)(13,196)(21,462)(19,435)(5,345)
Other undisclosed loss from continuing operations before income taxes(15,193)(13,639)(13,601)(6,706)(2,549)(2,541)(2,860)
Loss from continuing operations before income taxes:(48,180)(96,785)(60,910)(19,902)(24,011)(21,976)(8,205)
Income tax expense (benefit)(18,532)147122(91)(287)(202)325
Net loss available to common stockholders, diluted:(66,712)(96,638)(60,788)(19,993)(24,298)(22,178)(7,880)

Comprehensive Income ($ in thousands)

12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
Net loss:(66,712)(96,638)(60,788)(19,993)(24,298)(22,178)(7,880)
Comprehensive loss, net of tax, attributable to parent:(66,712)(96,638)(60,788)(19,993)(24,298)(22,178)(7,880)

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.

Login to ReadyRatios

 

Have you forgotten your password?

Are you a new user?

Login As
You can log in if you are registered at one of these services: