Form 10-Q
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Independence Contract Drilling, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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37-1653648
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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20475 State Highway 249, Suite 300
Houston, Texas
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77070
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(Address of principal executive offices)
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(Zip code)
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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Emerging growth company
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x
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
x
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol(s)
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Name of each exchange where registered
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Common Stock, $0.01 par value per share
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ICD
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New York Stock Exchange
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Part I. FINANCIAL INFORMATION
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Part II. OTHER INFORMATION
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•
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a decline in or substantial volatility of crude oil and natural gas commodity prices;
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•
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a sustained decrease in domestic spending by the oil and natural gas exploration and production industry;
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•
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our inability to implement our business and growth strategy, including plans to upgrade and convert SCR rigs acquired in the Sidewinder Drilling LLC combination;
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•
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fluctuation of our operating results and volatility of our industry;
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•
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inability to maintain or increase pricing of our contract drilling services, or early termination of any term contract for which early termination compensation is not paid;
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•
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our backlog of term contracts declining rapidly;
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•
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the loss of any of our customers, financial distress or management changes of potential customers or failure to obtain contract renewals and additional customer contracts for our drilling services;
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overcapacity and competition in our industry;
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an increase in interest rates and deterioration in the credit markets;
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our inability to comply with the financial and other covenants in debt agreements that we may enter into as a result of reduced revenues and financial performance;
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unanticipated costs, delays and other difficulties in executing our long-term growth strategy;
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the loss of key management personnel;
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new technology that may cause our drilling methods or equipment to become less competitive;
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•
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labor costs or shortages of skilled workers;
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the loss of or interruption in operations of one or more key vendors;
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the effect of operating hazards and severe weather on our rigs, facilities, business, operations and financial results, and limitations on our insurance coverage;
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increased regulation of drilling in unconventional formations;
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the incurrence of significant costs and liabilities in the future resulting from our failure to comply with new or existing environmental regulations or an accidental release of hazardous substances into the environment; and
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the potential failure by us to establish and maintain effective internal control over financial reporting.
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March 31, 2019
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December 31, 2018
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Assets
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Cash and cash equivalents
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$
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12,549
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$
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12,247
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Accounts receivable, net
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42,137
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41,987
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Inventories
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2,738
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2,693
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Assets held for sale
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19,369
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19,711
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Prepaid expenses and other current assets
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5,667
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8,930
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Total current assets
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82,460
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85,568
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Property, plant and equipment, net
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488,472
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496,197
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Goodwill
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1,627
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1,627
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Deferred tax assets
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1,766
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—
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Other long-term assets, net
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2,582
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1,470
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Total assets
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$
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576,907
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$
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584,862
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Liabilities and Stockholders’ Equity
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Liabilities
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Current portion of long-term debt
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$
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905
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$
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587
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Accounts payable
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16,174
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16,312
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Accrued liabilities
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21,095
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29,219
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Total current liabilities
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38,174
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46,118
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Long-term debt
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132,610
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130,012
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Contingent consideration
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15,558
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15,748
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Deferred income taxes, net
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—
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774
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Other long-term liabilities
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1,195
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677
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Total liabilities
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187,537
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193,329
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Commitments and contingencies (Note 13)
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Stockholders’ equity
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Common stock, $0.01 par value, 200,000,000 shares authorized; 77,598,806 shares issued and 77,078,252 shares outstanding
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771
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771
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Additional paid-in capital
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503,656
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503,446
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Accumulated deficit
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(112,011
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)
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(109,638
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)
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Treasury stock, at cost, 520,554 shares
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(3,046
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)
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(3,046
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Total stockholders’ equity
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389,370
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391,533
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Total liabilities and stockholders’ equity
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$
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576,907
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$
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584,862
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Three Months Ended March 31,
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2019
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2018
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Revenues
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$
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60,358
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$
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25,627
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Costs and expenses
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Operating costs
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39,333
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18,926
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Selling, general and administrative
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4,545
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3,479
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Merger-related expenses
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1,081
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—
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Depreciation and amortization
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11,313
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6,591
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Asset impairment (insurance recoveries), net
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2,018
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(35
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)
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Loss (gain) on disposition of assets, net
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3,220
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(82
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)
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Total costs and expenses
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61,510
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28,879
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Operating loss
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(1,152
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)
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(3,252
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)
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Interest expense
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(3,761
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)
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(943
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)
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Loss before income taxes
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(4,913
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)
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(4,195
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)
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Income tax benefit
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(2,540
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)
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(49
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)
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Net loss
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$
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(2,373
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)
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$
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(4,146
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)
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Loss per share:
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Basic and diluted
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$
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(0.03
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$
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(0.11
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)
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Weighted average number of common shares outstanding:
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Basic and diluted
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75,692
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38,124
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Common Stock
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Shares
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Amount
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Additional
Paid-in
Capital
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Accumulated
Deficit
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Treasury
Stock
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Total
Stockholders’
Equity
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Balances at December 31, 2018
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77,078,252
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$
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771
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$
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503,446
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$
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(109,638
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)
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$
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(3,046
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$
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391,533
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Common stock issuance costs
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—
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—
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(177
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—
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—
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(177
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)
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Stock-based compensation
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—
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—
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387
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—
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—
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387
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Net loss
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—
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—
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—
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(2,373
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)
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—
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(2,373
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)
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Balances at March 31, 2019
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77,078,252
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$
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771
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$
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503,656
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$
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(112,011
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)
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$
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(3,046
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)
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$
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389,370
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Common Stock
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Shares
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Amount
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Additional
Paid-in
Capital
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Accumulated
Deficit
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Treasury
Stock
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Total
Stockholders’
Equity
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|||||||||||
Balances at December 31, 2017
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37,985,225
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$
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380
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$
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326,616
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$
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(89,645
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)
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$
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(1,869
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)
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$
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235,482
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RSUs vested, net of shares withheld for taxes
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350,528
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3
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(98
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)
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—
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—
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(95
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)
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Purchase of treasury stock
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(82,988
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)
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—
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—
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—
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(350
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)
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(350
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)
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Stock-based compensation
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—
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—
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|
644
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—
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—
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|
644
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Net loss
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—
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|
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—
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|
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—
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|
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(4,146
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)
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—
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(4,146
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)
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|||||
Balances at March 31, 2018
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38,252,765
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$
|
383
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$
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327,162
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$
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(93,791
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)
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$
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(2,219
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)
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$
|
231,535
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Three Months Ended March 31,
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||||||
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2019
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2018
|
||||
Cash flows from operating activities
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Net loss
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$
|
(2,373
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)
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|
$
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(4,146
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)
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Adjustments to reconcile net loss to net cash provided by operating activities
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|
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||||
Depreciation and amortization
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11,313
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|
6,591
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|
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Asset impairment (insurance recoveries), net
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2,018
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|
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(35
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)
|
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Stock-based compensation
|
387
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|
|
644
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Loss (gain) on disposition of assets, net
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3,220
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(82
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)
|
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Deferred income taxes
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(2,540
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)
|
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(49
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)
|
||
Amortization of deferred financing costs
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203
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|
90
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|
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Bad debt (recovery) expense
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(45
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)
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22
|
|
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Changes in operating assets and liabilities
|
|
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|
||||
Accounts receivable
|
(105
|
)
|
|
1,790
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|
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Inventories
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(45
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)
|
|
(56
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)
|
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Prepaid expenses and other assets
|
843
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|
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(386
|
)
|
||
Accounts payable and accrued liabilities
|
(5,271
|
)
|
|
(2,371
|
)
|
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Net cash provided by operating activities
|
7,605
|
|
|
2,012
|
|
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Cash flows from investing activities
|
|
|
|
||||
Purchases of property, plant and equipment
|
(10,832
|
)
|
|
(6,259
|
)
|
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Proceeds from insurance claims
|
1,000
|
|
|
—
|
|
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Proceeds from the sale of assets
|
536
|
|
|
146
|
|
||
Net cash used in investing activities
|
(9,296
|
)
|
|
(6,113
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Borrowings under ABL Credit Facility
|
2,403
|
|
|
—
|
|
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Borrowings under CIT Credit Facility
|
—
|
|
|
13,779
|
|
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Repayments under CIT Credit Facility
|
—
|
|
|
(9,100
|
)
|
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Common stock issuance costs
|
(177
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)
|
|
—
|
|
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Purchase of treasury stock
|
—
|
|
|
(350
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)
|
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RSUs withheld for taxes
|
—
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|
|
(95
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)
|
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Financing costs paid under Term Loan Facility
|
(5
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)
|
|
—
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Financing costs paid under ABL Credit Facility
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(12
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)
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—
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Payments for finance and capital lease obligations
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(216
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)
|
|
(163
|
)
|
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Net cash provided by financing activities
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1,993
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|
4,071
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Net increase (decrease) in cash and cash equivalents
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302
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(30
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)
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Cash and cash equivalents
|
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Beginning of period
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12,247
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|
|
2,533
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End of period
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$
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12,549
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|
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$
|
2,503
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Supplemental disclosure of cash flow information
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Cash paid during the period for interest
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$
|
3,514
|
|
|
$
|
848
|
|
Supplemental disclosure of non-cash investing and financing activities
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Change in property, plant and equipment purchases in accounts payable
|
$
|
(1,753
|
)
|
|
$
|
(739
|
)
|
Additions to property, plant and equipment through capital leases
|
$
|
520
|
|
|
$
|
70
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|
Transfer of assets from held and used to held for sale
|
$
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(2,285
|
)
|
|
$
|
—
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1.
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Nature of Operations and Recent Events
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2.
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Interim Financial Information
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3.
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Leases
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1)
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The timing and pattern of transfer of non-lease components and lease components are the same.
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2)
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The lease component, if accounted for separately, would be classified as an operating lease.
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(in thousands)
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Three Months Ended March 31, 2019
|
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Operating lease expense
|
|
$
|
125
|
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Short-term lease expense
|
|
1,193
|
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Variable lease expense
|
|
86
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|
|
|
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|
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Finance lease cost:
|
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|
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Amortization of right-of-use assets
|
|
$
|
265
|
|
Interest expense on lease liabilities
|
|
32
|
|
|
Total finance lease expense
|
|
297
|
|
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Total lease expenses
|
|
$
|
1,701
|
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(in thousands)
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Three Months Ended March 31, 2019
|
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Cash paid for amounts included in measurement of lease liabilities:
|
|
|
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Operating cash flows from operating leases
|
|
$
|
103
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|
Operating cash flows from finance leases
|
|
$
|
32
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|
Financing cash flows from finance leases
|
|
$
|
216
|
|
|
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|
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Right-of-use assets obtained or recorded in exchange for lease obligations:
|
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|
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Operating leases
|
|
$
|
955
|
|
Finance leases
|
|
$
|
520
|
|
(in thousands)
|
|
March 31, 2019
|
||
Operating leases:
|
|
|
||
Operating lease right-of-use assets
|
|
$
|
865
|
|
|
|
|
||
Accrued liabilities
|
|
$
|
480
|
|
Other long-term liabilities
|
|
1,196
|
|
|
Total operating lease liabilities
|
|
$
|
1,676
|
|
|
|
|
||
Finance leases:
|
|
|
||
Property and equipment
|
|
$
|
2,523
|
|
Accumulated depreciation
|
|
(971
|
)
|
|
Property and equipment, net
|
|
$
|
1,552
|
|
|
|
|
||
Current portion of long-term debt
|
|
$
|
905
|
|
Long-term debt
|
|
679
|
|
|
Total finance lease liabilities
|
|
$
|
1,584
|
|
|
|
|
||
Weighted-average remaining lease term
|
|
|
||
Operating leases
|
|
4.3 years
|
|
|
Finance leases
|
|
1.6 years
|
|
|
|
|
|
||
Weighted-average discount rate
|
|
|
||
Operating leases
|
|
8.17
|
%
|
|
Finance leases
|
|
6.64
|
%
|
4.
|
Sidewinder Merger
|
(in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Intangible liabilities
|
$
|
3,123
|
|
|
$
|
3,123
|
|
Accumulated amortization
|
(3,077
|
)
|
|
(2,044
|
)
|
||
Intangible liabilities, net
|
$
|
46
|
|
|
$
|
1,079
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Dayrate drilling
|
$
|
56,451
|
|
|
$
|
23,777
|
|
Mobilization
|
1,260
|
|
|
459
|
|
||
Reimbursables
|
1,604
|
|
|
1,231
|
|
||
Capital modification
|
10
|
|
|
160
|
|
||
Intangible
|
1,033
|
|
|
—
|
|
||
Total revenue
|
$
|
60,358
|
|
|
$
|
25,627
|
|
|
Three Months Ended
March 31, 2019 |
||||||
(in thousands)
|
Contract Assets
|
|
Contract Liabilities
|
||||
Revenue recognized that was included in contract liabilities at beginning of period
|
$
|
—
|
|
|
$
|
732
|
|
Increase in contract liabilities due to cash received, excluding amounts recognized as revenue
|
$
|
—
|
|
|
$
|
(479
|
)
|
Transferred to receivables from contract assets at beginning of period
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ending December 31,
|
||||||||||||||
(in thousands)
|
2019
|
|
2020
|
|
2021
|
|
Total
|
||||||||
Revenue
|
$
|
1,121
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,121
|
|
6.
|
Financial Instruments and Fair Value
|
Level 1
|
Unadjusted quoted market prices for identical assets or liabilities in an active market;
|
Level 2
|
Quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets or liabilities; and
|
Level 3
|
Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(in thousands)
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
Term Loan Facility
|
$
|
130,000
|
|
|
$
|
145,773
|
|
|
$
|
130,000
|
|
|
$
|
131,893
|
|
ABL Credit Facility
|
4,969
|
|
|
4,896
|
|
|
2,566
|
|
|
2,258
|
|
7.
|
Inventories
|
8.
|
Accrued Liabilities
|
(in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Accrued salaries and other compensation
|
$
|
8,008
|
|
|
$
|
12,379
|
|
Insurance
|
4,674
|
|
|
5,464
|
|
||
Deferred revenues (contract liabilities)
|
1,121
|
|
|
1,374
|
|
||
Property taxes and other
|
2,570
|
|
|
3,829
|
|
||
Intangible liability
|
47
|
|
|
1,079
|
|
||
Interest
|
3,352
|
|
|
3,318
|
|
||
Operating lease liability - current
|
480
|
|
|
—
|
|
||
Other
|
843
|
|
|
1,776
|
|
||
|
$
|
21,095
|
|
|
$
|
29,219
|
|
9.
|
Long-term Debt
|
|
|
March 31,
|
|
December 31,
|
||||
(in thousands)
|
|
2019
|
|
2018
|
||||
Term Loan Facility due October 1, 2023
|
|
$
|
130,000
|
|
|
$
|
130,000
|
|
ABL Credit Facility due October 1, 2023
|
|
4,969
|
|
|
2,566
|
|
||
Finance and capital lease obligations
|
|
1,584
|
|
|
1,235
|
|
||
|
|
136,553
|
|
|
133,801
|
|
||
Less: current portion
|
|
(905
|
)
|
|
(587
|
)
|
||
Less: Term Loan Facility deferred financing costs
|
|
(3,038
|
)
|
|
(3,202
|
)
|
||
Long-term debt
|
|
$
|
132,610
|
|
|
$
|
130,012
|
|
10.
|
Stock-Based Compensation
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Compensation cost recognized:
|
|
|
|
||||
Stock options
|
$
|
—
|
|
|
$
|
—
|
|
Restricted stock and restricted stock units
|
387
|
|
|
644
|
|
||
Total stock-based compensation
|
$
|
387
|
|
|
$
|
644
|
|
|
Three Months Ended March 31, 2019
|
|||||
|
Options
|
|
Weighted
Average
Exercise
Price
|
|||
Outstanding at January 1, 2019
|
669,213
|
|
|
$
|
12.74
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Forfeited/expired
|
—
|
|
|
—
|
|
|
Outstanding at March 31, 2019
|
669,213
|
|
|
$
|
12.74
|
|
Exercisable at March 31, 2019
|
669,213
|
|
|
$
|
12.74
|
|
|
Three Months Ended March 31, 2019
|
|||||
|
Shares
|
|
Weighted
Average Grant-Date Fair Value Per Share |
|||
Outstanding at January 1, 2019
|
1,385,973
|
|
|
$
|
3.22
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
—
|
|
|
—
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding at March 31, 2019
|
1,385,973
|
|
|
$
|
3.22
|
|
|
Three Months Ended March 31, 2019
|
|||||
|
RSUs
|
|
Weighted
Average Grant-Date Fair Value Per Share |
|||
Outstanding at January 1, 2019
|
409,607
|
|
|
$
|
4.79
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested and converted
|
—
|
|
|
—
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding at March 31, 2019
|
409,607
|
|
|
$
|
4.79
|
|
11.
|
Stockholders’ Equity and Earnings (Loss) per Share
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share data)
|
2019
|
|
2018
|
||||
Net loss (numerator):
|
$
|
(2,373
|
)
|
|
$
|
(4,146
|
)
|
Loss per share:
|
|
|
|
||||
Basic and diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.11
|
)
|
Shares (denominator):
|
|
|
|
||||
Weighted average common shares outstanding - basic
|
75,692
|
|
|
38,124
|
|
||
Weighted average common shares outstanding - diluted
|
75,692
|
|
|
38,124
|
|
12.
|
Income Taxes
|
13.
|
Commitments and Contingencies
|
14.
|
Related Parties
|
•
|
not being required to comply with the auditor attestation requirements related to our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;
|
•
|
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and
|
•
|
exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
|
•
|
Safety Performance
. Maintaining a strong safety record is a critical component of our business strategy. We measure safety by tracking the total recordable incident rate for our operations. In addition, we closely monitor and measure compliance with our safety policies and procedures, including “near miss” reports and job safety analysis compliance. We believe our Risk-Based HSE management system provides the required control, yet needed flexibility, to conduct all activities safely, efficiently and appropriately.
|
•
|
Utilization
. Rig utilization measures the percentage of time that our rigs are earning revenue under a contract during a particular period. We measure utilization by dividing the total number of Operating Days (defined below) for a rig by the total number of days the rig is available for operation in the applicable calendar period. A rig is available for operation commencing on the earlier of the date it spuds its initial well following construction or when it has been completed and is actively marketed. “Operating Days” represent the total number of days a rig is earning revenue under a contract, beginning when the rig spuds its initial well under the contract and ending with the completion of the rig’s demobilization.
|
•
|
Revenue Per Day
. Revenue per day measures the amount of revenue that an operating rig earns on a daily basis during a particular period. We calculate revenue per day by dividing total contract drilling revenue earned during the applicable period by the number of Operating Days in the period. Revenues attributable to costs reimbursed by customers are excluded from this measure.
|
•
|
Operating Cost Per Day.
Operating cost per day measures the operating costs incurred on a daily basis during a particular period. We calculate operating cost per day by dividing total operating costs during the applicable period by the number of Operating Days in the period. Operating costs attributable to costs reimbursed by customers and rig construction costs are excluded from this measure.
|
•
|
Operating Efficiency and Uptime
. Maintaining our rigs’ operational efficiency is a critical component of our business strategy. We measure our operating efficiency by tracking each drilling rig’s unscheduled downtime on a daily, monthly, quarterly and annual basis.
|
|
Three Months Ended
|
||||||
(In thousands, except per share data)
|
March 31, 2019
|
|
March 31, 2018
|
||||
Revenues
|
$
|
60,358
|
|
|
$
|
25,627
|
|
Costs and expenses
|
|
|
|
||||
Operating costs
|
39,333
|
|
|
18,926
|
|
||
Selling, general and administrative
|
4,545
|
|
|
3,479
|
|
||
Merger-related expenses
|
1,081
|
|
|
—
|
|
||
Depreciation and amortization
|
11,313
|
|
|
6,591
|
|
||
Asset impairment, net
|
2,018
|
|
|
(35
|
)
|
||
Loss (gain) on disposition of assets, net
|
3,220
|
|
|
(82
|
)
|
||
Total cost and expenses
|
61,510
|
|
|
28,879
|
|
||
Operating loss
|
(1,152
|
)
|
|
(3,252
|
)
|
||
Interest expense
|
(3,761
|
)
|
|
(943
|
)
|
||
Loss before income taxes
|
(4,913
|
)
|
|
(4,195
|
)
|
||
Income tax benefit
|
(2,540
|
)
|
|
(49
|
)
|
||
Net loss
|
$
|
(2,373
|
)
|
|
$
|
(4,146
|
)
|
|
|
|
|
||||
Other financial and operating data
|
|
|
|
||||
Number of completed rigs (end of period) (1)
|
32
|
|
|
14
|
|
||
Rig operating days (2)
|
2,728.1
|
|
|
1,259.4
|
|
||
Average number of operating rigs (3)
|
30.3
|
|
|
14.0
|
|
||
Rig utilization (4)
|
94.8
|
%
|
|
100.0
|
%
|
||
Average revenue per operating day (5)
|
$
|
20,755
|
|
|
$
|
19,055
|
|
Average cost per operating day (6)
|
$
|
13,302
|
|
|
$
|
13,414
|
|
Average rig margin per operating day
|
$
|
7,453
|
|
|
$
|
5,641
|
|
(1)
|
Number of marketed rigs as of
March 31, 2019
increased by 18 rigs as compared to the number of marketed rigs as of
March 31, 2018
. Our 15th ShaleDriller rig was completed and commenced operations during the third quarter of 2018 and we acquired 17 marketed rigs and two idle non-operating rigs requiring upgrade as a result of the Sidewinder Merger in the fourth quarter of 2018.
|
(2)
|
Rig operating days represent the number of days our rigs are earning revenue under a contract during the period, including days that standby revenues are earned.
|
(3)
|
Average number of operating rigs is calculated by dividing the total number of rig operating days in the period by the total number of calendar days in the period.
|
(4)
|
Rig utilization is calculated as rig operating days divided by the total number of days our drilling rigs are available during the applicable period.
|
(5)
|
Average revenue per operating day represents total contract drilling revenues earned during the period divided by rig operating days in the period. Excluded in calculating average revenue per operating day are revenues associated with the reimbursement of out-of-pocket costs paid by customers of
$2.7 million
and
$1.6 million
during the
three
months ended
March 31, 2019
and
2018
, respectively, and revenues associated with the amortization of intangible revenue acquired in the Sidewinder Merger of $1.0 million during the
three
months ended
March 31, 2019
.
|
(6)
|
Average cost per operating day represents operating costs incurred during the period divided by rig operating days in the period. The following costs are excluded in calculating average cost per operating day: (i) out-of-pocket costs reimbursed by customers of
$2.7 million
and
$1.6 million
during the
three
months ended
March 31, 2019
and
2018
,
|
Exhibit
Number
|
|
Description
|
10.1
*
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.CAL*
|
|
XBRL Calculation Linkbase Document
|
|
|
|
101.DEF*
|
|
XBRL Definition Linkbase Document
|
|
|
|
101.INS*
|
|
XBRL Instance Document
|
|
|
|
101.LAB*
|
|
XBRL Labels Linkbase Document
|
|
|
|
101.PRE*
|
|
XBRL Presentation Linkbase Document
|
|
|
|
101.SCH*
|
|
XBRL Schema Document
|
*
|
Filed with this report
|
|
INDEPENDENCE CONTRACT DRILLING, INC.
|
||
|
By:
|
/s/ J. Anthony Gallegos, Jr.
|
|
|
|
Name:
|
J. Anthony Gallegos, Jr.
|
|
|
Title:
|
President and Chief Executive Officer (Principal Executive Officer)
|
|
By:
|
/s/ Philip A. Choyce
|
|
|
|
Name:
|
Philip A. Choyce
|
|
|
Title:
|
Executive Vice President, Chief Financial Officer, Treasurer and Secretary (Principal Financial Officer)
|
|
By:
|
/s/ Michael J. Harwell
|
|
|
|
Name:
|
Michael J. Harwell
|
|
|
Title:
|
Vice President - Finance and Chief Accounting Officer (Principal Accounting Officer)
|
/s/ J. Anthony Gallegos, Jr.
|
J. Anthony Gallegos, Jr.
|
Chief Executive Officer
|
/s/ Philip A. Choyce
|
Philip A. Choyce
|
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ J. Anthony Gallegos, Jr.
|
J. Anthony Gallegos, Jr.
|
Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Philip A. Choyce
|
Philip A. Choyce
|
Chief Financial Officer
|