Independence contract drilling, inc. (ICD)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
Cash flows from operating activities
Net loss

-28,223

-35,010

-10,547

-12,858

-2,373

-8,597

-3,937

-3,313

-4,146

-5,745

-5,980

-6,304

-6,269

-10,375

-7,198

-4,191

-414

-5,226

-3,377

-652

1,375

-24,606

-1,413

1,556

-3,705

Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization

11,516

11,529

11,154

11,371

11,313

10,890

6,831

6,579

6,591

6,724

6,529

6,335

6,256

6,157

6,010

5,816

5,825

6,058

5,635

5,169

4,289

4,648

4,216

3,901

3,416

Asset impairment (insurance recoveries), net

-

-

-

-

-

-

-

0

35

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Asset impairment (insurance recoveries), net

16,619

-

-

-

2,018

-

-

-

-

994

899

546

129

3,822

0

0

0

-

-

-

-841

-901

0

-2,038

4,650

Stock-based compensation

570

486

582

416

387

2,749

718

718

644

529

867

1,157

1,012

-

-

-

-

-

-

-

933

1,143

978

574

448

Stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

976

1,205

1,155

-

-

-

-

-

-

-

-

Gain on warrant derivative

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,420

-611

1,377

3

(Gain) loss on disposition of assets, net

-46

1,440

265

18

3,220

-65

-260

-333

-82

104

0

745

828

1,354

676

37

-125

338

2,268

-59

393

158

52

-2

-189

Deferred income taxes

-42

-712

232

2,898

-2,540

211

-50

-21

-49

177

30

34

46

135

32

32

4

64

129

0

0

-2,172

-352

667

-1,885

Amortization of deferred financing costs

204

204

204

203

203

202

105

95

90

90

94

125

125

124

125

131

152

147

167

162

153

160

179

177

152

Bad debt expense (recovery)

16

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense (recovery)

-

-

-

-

-45

-

-

-

22

0

0

0

0

-

-

-

-

52

0

7

73

123

0

0

0

Changes in operating assets and liabilities
Accounts receivable

-8,925

3,570

-3,098

-6,272

105

-4,672

4,026

3,458

-1,790

2,245

2,865

671

807

2,503

2,093

-7,561

-3,807

2,964

1,910

-4,574

-1,055

6,628

2,488

-673

1,718

Inventories

27

-237

525

16

45

-366

-20

80

56

44

254

-72

75

-282

81

99

47

-54

64

186

67

353

45

552

406

Vendor advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

882

-2,450

Prepaid expenses and other assets

462

1,857

-579

-1,908

-843

3,469

261

565

386

-1,170

393

-241

885

32

-68

-286

110

-1,393

426

1,009

811

416

-1,048

445

1,500

Accounts payable and accrued liabilities

-5,959

1,596

167

-3,682

-5,271

2,475

3,074

1,832

-2,371

957

1,047

1,388

-1,780

444

2,753

-3,052

-3,026

923

796

3,700

-1,080

-6,534

3,063

4,033

-1,547

Net cash provided by operating activities

3,091

753

7,175

12,388

7,605

9,964

2,705

1,454

2,012

2,711

-26

3,668

-1,420

321

1,268

8,163

7,221

-

-

-

-

-

-

-

-

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-213

-40

-155

416

-5

-160

0

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,852

3,743

12,467

5,317

-6,755

7,412

7,889

-4,737

Cash flows from investing activities
Purchases of property, plant and equipment

9,139

3,346

11,630

12,512

10,832

12,746

11,781

6,764

6,259

4,372

9,608

8,722

8,645

3,775

6,810

4,844

5,677

7,867

9,450

36,932

21,283

17,475

49,182

36,299

12,432

Proceeds from the sale of assets

628

-

3,894

3,376

536

-

160

181

146

-

28

1,047

13

-

117

99

648

-

0

258

93

-

13

24

464

Proceeds from insurance claims

0

0

0

0

1,000

0

257

0

0

-

-

-

-

-

-

-

-

0

0

0

2,899

0

0

2,038

0

Collection of principal on note receivable

145

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-8,366

-2,201

-7,736

-9,136

-9,296

-1,187

-11,364

-6,583

-6,113

-4,207

-9,580

-7,675

-8,632

-3,779

-6,693

-4,557

-5,029

-

-

-

-

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,804

-9,450

-36,674

-18,291

-17,312

-49,169

-34,237

-11,968

Cash flows from financing activities
Borrowings under Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

15,799

9,154

13,457

-

7,616

7,826

26,949

24,131

26,913

49,806

39,760

32,709

24,666

48,294

32,012

Repayments under Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

7,799

6,763

2,600

-

1,000

54,192

26,937

21,887

27,810

24,385

26,339

10,190

88,877

22,181

13,694

Common stock issuance costs

0

0

0

0

177

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of treasury stock

66

481

328

0

0

830

0

0

350

12

138

0

24

64

162

183

0

-

-

-

-

-

-

-

-

RSUs withheld for taxes

26

34

0

0

0

615

0

0

95

10

398

0

455

0

0

0

0

-

-

-

-

-

-

-

-

Financing costs paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

260

23

3

161

830

3

3

1,232

Payments for finance lease obligations

1,086

1,977

233

554

216

140

166

167

163

150

141

199

109

101

140

147

138

0

0

0

0

-

-

-

-

Net cash provided by financing activities

9,822

-2,492

-571

-5,523

1,993

505

9,070

5,180

4,071

1,377

6,793

2,184

10,269

2,617

6,251

-3,930

-126

-

-

-

-

-

-

-

-

Net increase in cash and cash equivalents

4,547

-3,940

-1,132

-2,271

302

9,282

411

51

-30

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,908

-1,159

25,418

13,260

21,651

52,057

26,110

17,086

Net increase (decrease) in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-2,813

-1,823

217

-841

826

-324

2,066

-44

-6,866

1,211

286

-2,416

10,300

-238

381

Supplemental disclosure of cash flow information
Cash paid during the period for interest

3,541

-

3,449

3,533

3,514

-

1,093

1,030

848

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid during the period for interest

-

-

-

-

-

-

-

-

-

-

-

647

510

-

332

482

944

-

893

776

603

-

662

776

303

Cash paid during the period for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8

160

0

Supplemental disclosure of non-cash investing and financing activities
Stock-based compensation capitalized as property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

229

223

200

-

183

108

106

Change in property, plant and equipment purchases in accounts payable

-5,285

-

-1,911

2,344

-1,753

-

-3,885

4,360

-739

-

-2,793

-592

-263

-

1,040

-25

-2,552

-

2,858

-23,109

7,333

-

8,719

-11,658

5,647

Additions to property, plant and equipment through finance leases

55

-

-42

1,703

520

-

206

239

70

-

286

209

327

-

291

36

929

-

0

0

0

-

-

-

-

Extinguishment of finance lease obligations from sale of assets classified as finance leases

204

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of assets from held and used to held for sale

0

-

1,299

1,743

2,285

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of assets from held for sale to held and used

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Revolving Credit Facility
Borrowings under Revolving Credit Facility

11,038

2,000

0

108

2,403

5,206

50,526

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under Revolving Credit Facility

38

2,000

0

5,077

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing costs paid

0

0

10

0

12

676

114

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

CIT Credit Facility
Borrowings under Credit Facility

-

-

-

-

-

-

-

13,662

13,779

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under Credit Facility

-

-

-

-

-

-

-

8,100

9,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Term Loan Facility
Financing costs paid

0

0

0

0

5

3,371

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-