Independence Contract Drilling, Inc.

CIK:0001537028|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Operations
Revenues	$ 37,992	$ 44,164	$ 127,955	$ 164,276
Costs and expenses
Operating costs	29,674	27,494	92,025	98,781
Selling, general and administrative	3,570	6,865	11,638	18,816
Depreciation and amortization	12,995	10,229	37,392	32,488
Asset impairment, net		250	4,299	250
Loss (gain) on disposition of assets, net	679	(1,454)	(1,455)	539
Total costs and expenses	46,918	43,384	143,899	150,874
Operating (loss) income	(8,926)	780	(15,944)	13,402
Interest expense, net	(10,255)	(9,222)	(30,378)	(26,192)
Loss before income taxes	(19,181)	(8,442)	(46,322)	(12,790)
Income tax benefit	(687)	(844)	(2,125)	(1,044)
Net loss	$ (18,494)	$ (7,598)	$ (44,197)	$ (11,746)
Loss per share:
Basic (in dollars per share)	$ (1.27)	$ (0.54)	$ (3.04)	$ (0.84)
Diluted (in dollars per share)	$ (1.27)	$ (0.54)	$ (3.04)	$ (0.84)
Weighted average number of common shares outstanding:
Basic (in shares)	14,528	14,071	14,517	13,992
Diluted (in shares)	14,528	14,071	14,517	13,992

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (44,197)	$ (11,746)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	37,392	32,488
Asset impairment, net	4,299	250
Stock-based compensation	802	4,639
Loss (gain) on disposition of assets, net	(1,455)	539
Non-cash interest expense	20,315	18,202
Amortization of deferred financing costs	83	83
Amortization of Convertible Notes debt discount and issuance costs	8,734	5,967
Deferred income taxes	(2,125)	(1,397)
Credit loss expense		1,177
Changes in operating assets and liabilities
Accounts receivable	10,419	11,724
Inventories	(141)	(419)
Prepaid expenses and other assets	3,412	1,330
Accounts payable and accrued liabilities	(8,449)	(9,289)
Net cash provided by operating activities	29,089	53,548
Cash flows from investing activities
Purchases of property, plant and equipment	(23,856)	(36,635)
Proceeds from the sale of assets	5,105	3,135
Net cash used in investing activities	(18,751)	(33,500)
Cash flows from financing activities
Payments to redeem Convertible Notes	(7,000)	(10,000)
Borrowings under Revolving ABL Credit Facility	39,261	23,540
Repayments under Revolving ABL Credit Facility	(40,511)	(30,351)
Proceeds from issuance of common stock through at-the-market facility, net of issuance costs		(34)
Purchase of treasury stock	(160)
Taxes paid for vesting of RSUs	(12)	(389)
Payments for finance lease obligations	(1,404)	(2,096)
Net cash used in financing activities	(9,826)	(19,330)
Net increase in cash and cash equivalents	512	718
Cash and cash equivalents
Beginning of period	5,565	5,326
End of period	6,077	6,044
Supplemental disclosure of cash flow information
Cash paid during the period for interest	1,213	1,940
Cash paid during the period for taxes	235	739
Supplemental disclosure of non-cash investing and financing activities
Change in property, plant and equipment purchases in accounts payable	(4,941)	(11,806)
Additions to property, plant and equipment through finance leases	2,375	1,482
Extinguishment of finance lease obligations from sale of assets classified as finance leases	$ (511)	$ (324)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 6,077	$ 5,565
Accounts receivable	21,276	31,695
Inventories	1,589	1,557
Prepaid expenses and other current assets	1,887	4,759
Total current assets	30,829	43,576
Property, plant and equipment, net	323,999	348,193
Other long-term assets, net	2,026	2,908
Total assets	356,854	394,677
Liabilities
Current portion of long-term debt	16,230	1,226
Accounts payable	17,570	22,990
Accrued liabilities	6,522	16,371
Total current liabilities	40,322	40,587
Long-term debt, net	167,697	154,549
Deferred income taxes, net	7,635	9,761
Other long-term liabilities	1,131	8,201
Total liabilities	216,785	213,098
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock, $0.01 par value, 250,000,000 shares authorized; 15,376,373 and 14,523,124 shares issued, respectively, and 15,186,780 and 14,425,864 shares outstanding, respectively	152	144
Additional paid-in capital	625,007	622,169
Accumulated deficit	(480,991)	(436,794)
Treasury stock, at cost, 189,593 shares and 97,260 shares, respectively	(4,099)	(3,940)
Total stockholders' equity	140,069	181,579
Total liabilities and stockholders' equity	$ 356,854	$ 394,677