Independence contract drilling, inc. (ICD)
CashFlow / TTM
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

-86,638

-60,788

-34,375

-27,765

-18,220

-19,993

-17,141

-19,184

-22,175

-24,298

-28,928

-30,146

-28,033

-22,178

-17,029

-13,208

-9,669

-7,880

-27,260

-25,296

-23,088

-28,168

0

0

0

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

45,570

45,367

44,728

40,405

35,613

30,891

26,725

26,423

26,179

25,844

25,277

24,758

24,239

23,808

23,709

23,334

22,687

21,151

19,741

18,322

17,054

16,181

0

0

0

Asset impairment (insurance recoveries), net

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Asset impairment (insurance recoveries), net

0

-

-

-

0

-

-

-

-

2,568

5,396

4,497

3,951

3,822

0

0

0

-

-

-

-3,780

1,711

0

0

0

Stock-based compensation

2,054

1,871

4,134

4,270

4,572

4,829

2,609

2,758

3,197

3,565

0

0

0

-

-

-

-

-

-

-

3,628

3,143

0

0

0

Stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Gain on warrant derivative

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,189

0

0

0

(Gain) loss on disposition of assets, net

1,677

4,943

3,438

2,913

2,562

-740

-571

-311

767

1,677

2,927

3,603

2,895

1,942

926

2,518

2,422

2,940

2,760

544

601

19

0

0

0

Deferred income taxes

2,376

-122

801

519

-2,400

91

57

137

192

287

245

247

245

203

132

229

197

193

-2,043

-2,524

-1,857

-3,742

0

0

0

Amortization of deferred financing costs

815

814

812

713

605

492

380

369

399

434

468

499

505

532

555

597

628

629

642

654

669

668

0

0

0

Bad debt expense (recovery)

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense (recovery)

-

-

-

-

0

-

-

-

22

0

0

0

0

-

-

-

-

132

203

203

196

123

0

0

0

Changes in operating assets and liabilities
Accounts receivable

-14,725

-5,695

-13,937

-6,813

2,917

1,022

7,939

6,778

3,991

6,588

6,846

6,074

-2,158

-6,772

-6,311

-6,494

-3,507

-755

2,909

3,487

7,388

10,161

0

0

0

Inventories

331

349

220

-325

-261

-250

160

434

282

301

-25

-198

-27

-55

173

156

243

263

670

651

1,017

1,356

0

0

0

Vendor advances

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Prepaid expenses and other assets

-168

-1,473

139

979

3,452

4,681

42

174

-632

-133

1,069

608

563

-212

-1,637

-1,143

152

853

2,662

1,188

624

1,313

0

0

0

Accounts payable and accrued liabilities

-7,878

-7,190

-6,311

-3,404

2,110

5,010

3,492

1,465

1,021

1,612

1,099

2,805

-1,635

-2,881

-2,402

-4,359

2,393

4,339

-3,118

-851

-518

-985

0

0

0

Net cash provided by operating activities

23,407

27,921

37,132

32,662

21,728

16,135

8,882

6,151

8,365

4,933

2,543

3,837

8,332

16,973

0

0

0

-

-

-

-

-

-

-

-

Income taxes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-408

8

216

96

251

0

0

0

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

27,379

14,772

18,441

13,863

3,809

0

0

0

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

36,627

38,320

47,720

47,871

42,123

37,550

29,176

27,003

28,961

31,347

30,750

27,952

24,074

21,106

25,198

27,838

59,926

75,532

85,140

124,872

124,239

115,388

0

0

0

Proceeds from the sale of assets

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

Proceeds from insurance claims

0

1,000

1,000

1,257

1,257

257

0

0

0

-

-

-

-

-

-

-

-

2,899

2,899

2,899

4,937

2,038

0

0

0

Collection of principal on note receivable

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-27,439

-28,369

-27,355

-30,983

-28,430

-25,247

-28,267

-26,483

-27,575

-30,094

-29,666

-26,779

-23,661

-20,058

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-72,219

-81,727

-121,446

-119,009

-112,686

0

0

0

Cash flows from financing activities
Borrowings under Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

0

0

35,556

-

66,522

85,819

127,799

140,610

149,188

146,941

145,429

137,681

0

0

0

Repayments under Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

0

0

61,667

-

104,016

130,826

101,019

100,421

88,724

149,791

147,587

134,942

0

0

0

Common stock issuance costs

0

177

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of treasury stock

875

809

1,158

830

830

1,180

362

500

500

174

226

250

433

409

0

0

0

-

-

-

-

-

-

-

-

RSUs withheld for taxes

60

34

615

615

615

710

105

503

503

863

853

455

455

0

0

0

0

-

-

-

-

-

-

-

-

Financing costs paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

447

1,017

997

997

2,068

0

0

0

Payments for finance lease obligations

3,850

2,980

1,143

1,076

689

636

646

621

653

599

550

549

497

526

425

285

138

0

0

0

0

-

-

-

-

Net cash provided by financing activities

1,236

-6,593

-3,596

6,045

16,748

18,826

19,698

17,421

14,425

20,623

21,863

21,321

15,207

4,812

0

0

0

-

-

-

-

-

-

-

-

Net increase in cash and cash equivalents

-2,796

-7,041

6,181

7,724

10,046

9,714

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

39,427

59,170

112,386

113,078

116,904

0

0

0

Net increase (decrease) in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-

-5,260

-1,621

-122

1,727

2,524

-5,168

-3,633

-5,413

-7,785

9,381

7,932

8,027

0

0

0

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

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid during the period for interest

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

0

0

0

-

0

0

0

Cash paid during the period for income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Change in property, plant and equipment purchases in accounts payable

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

Additions to property, plant and equipment through finance leases

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

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

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of assets from held and used to held for sale

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transfer of assets from held for sale to held and used

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Revolving Credit Facility
Borrowings under Revolving Credit Facility

13,146

4,511

7,717

58,243

58,135

55,732

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under Revolving Credit Facility

7,115

7,077

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing costs paid

10

22

698

802

802

790

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

CIT Credit Facility
Borrowings under Credit Facility

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments under Credit Facility

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Term Loan Facility
Financing costs paid

0

5

3,376

3,376

3,376

3,371

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-