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Independence Contract Drilling Balance Sheet 2023-2011 | ICD
Brief overview of Independence Contract Drilling's assets and capital
The comparison uses five available annual reports from the 2019–2023 interval.
Assets declined from $517 million to $394.7 million, or -23.7%. The contraction calls for context such as disposals, restructuring or weaker operations.
Asset growth of -23.7% came with a +14.9% rise in liabilities. Financial leverage became more prominent.
The share of internal funding stands at 46% versus 64.1% initially, providing a reasonable foundation.
Each unit of equity supports about 0.83x of net debt. The level is not critical, though flexibility is narrower.
Cash equals 1.4% of the balance sheet, compared with 1% five periods ago. This is the readily available cushion.
The balance sheet carries negative retained earnings of -$436.8 million. The figure may result from accumulated losses or an active capital return policy.
Overall assessment
Taken together, Independence Contract Drilling's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Independence Contract Drilling
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
150 M | 139 M | 138 M | 126 M | 130 M | 118 M | 46.7 M | 19 M | 57.4 M | 11.8 M | 17 M | -37.4 M | - |
Long Term Debt |
155 M | 143 M | 142 M | 138 M | 135 M | 130 M | 49.3 M | 26.1 M | 62.7 M | 22.5 M | 19.8 M | - | - |
Long Term Debt Current |
934 K | 751 K | 693 K | 964 K | 475 K | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | 144 M | 137 M | 147 M | 50 M | 26.6 M | 63.3 M | 23.4 M | 26.6 M | 10.2 M | - |
Total Current Liabilities |
40.6 M | 52 M | 38.3 M | 22.4 M | 48.6 M | 46.1 M | 19.1 M | 18.3 M | 18.8 M | 51.9 M | 13.5 M | - | - |
Total Liabilities |
213 M | 215 M | 202 M | 166 M | 185 M | 193 M | 69.2 M | 44.9 M | 82.1 M | 52.8 M | 40.1 M | 22.7 M | - |
Deferred Revenue |
578 K | 1 M | 542 K | 119 K | 701 K | 1.37 M | 762 K | 1.14 M | 4.59 M | 1.28 M | 684 K | 601 K | - |
Retained Earnings |
-437 M | -399 M | -334 M | -267 M | -170 M | -110 M | -89.6 M | -65.3 M | -43.2 M | -35.3 M | -7.12 M | -5.12 M | - |
Total Assets |
395 M | 430 M | 397 M | 413 M | 517 M | 585 M | 305 M | 302 M | 315 M | 290 M | 185 M | 167 M | - |
Cash and Cash Equivalents |
5.56 M | 5.33 M | 4.14 M | 12.3 M | 5.21 M | 12.2 M | 2.53 M | 7.07 M | 5.34 M | 10.8 M | 2.73 M | 37.4 M | - |
Book Value |
182 M | 215 M | 195 M | 247 M | 332 M | 392 M | 235 M | 257 M | 233 M | 237 M | 145 M | 145 M | - |
Total Shareholders Equity |
182 M | 215 M | 195 M | 247 M | 332 M | 392 M | 235 M | 257 M | 233 M | 237 M | 145 M | 145 M | - |
All numbers in USD currency
Quarterly Balance Sheet Independence Contract Drilling
| 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
168 M | 171 M | 170 M | 155 M | 156 M | 155 M | 164 M | 143 M | 137 M | 122 M | 120 M | 142 M | 138 M | 134 M | 133 M | 138 M | 143 M | 140 M | 145 M | 135 M | 129 M | 129 M | 133 M | 130 M | 68.6 M | 59.5 M | 53.9 M | 49.3 M | 47.6 M | 39.5 M | 37.1 M | 26.1 M | 23.4 M | 16.7 M | 63.1 M | 62.7 M | 62.7 M | 62.7 M | 62.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
217 M | 217 M | 211 M | 213 M | 200 M | 207 M | 219 M | 215 M | 203 M | 181 M | 251 M | 202 M | 174 M | 175 M | 165 M | 166 M | 166 M | 169 M | 184 M | 185 M | 172 M | 182 M | 188 M | 193 M | 91.9 M | 82.5 M | 70.6 M | 69.2 M | 63.6 M | 57.2 M | 53.9 M | 44.9 M | 38.4 M | 27.8 M | 77.3 M | 82.1 M | 80.9 M | 78.4 M | 72.4 M | 52.8 M | 26.5 M | 90.3 M | 52.8 M | 40.1 M | 40.1 M | 40.1 M | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
217 K | 401 K | 614 K | 578 K | 434 K | 1.09 M | 1.37 M | 1 M | 1.23 M | 250 K | 1.7 M | 542 K | 491 K | 496 K | 208 K | 119 K | 212 K | 119 K | 505 K | 701 K | 255 K | 730 K | 1.12 M | 1.37 M | 1.27 M | 425 K | 335 K | 762 K | 1.38 M | 1.25 M | 1.07 M | 1.14 M | 1.09 M | 1.4 M | 4.45 M | 4.59 M | 1.34 M | 1.46 M | 1.26 M | 1.28 M | 1.17 M | 965 K | 1.28 M | 684 K | 684 K | 684 K | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-481 M | -462 M | -446 M | -437 M | -411 M | -403 M | -399 M | -399 M | -403 M | -395 M | -393 M | -334 M | -302 M | -298 M | -283 M | -267 M | -224 M | -209 M | -199 M | -170 M | -135 M | -125 M | -112 M | -110 M | -101 M | -97.1 M | -93.8 M | -89.6 M | -83.9 M | -77.9 M | -71.6 M | -65.3 M | -55 M | -47.8 M | -43.6 M | -43.2 M | -37.9 M | -34.6 M | -33.9 M | -35.3 M | -10.7 M | -9.27 M | -35.3 M | -7.12 M | -7.12 M | -7.12 M | - | - | - | - | - | - | - | - | - |
Total Assets |
357 M | 375 M | 385 M | 395 M | 406 M | 420 M | 435 M | 430 M | 413 M | 397 M | 400 M | 397 M | 393 M | 396 M | 398 M | 413 M | 456 M | 469 M | 488 M | 517 M | 539 M | 559 M | 577 M | 585 M | 318 M | 311 M | 302 M | 305 M | 304 M | 304 M | 305 M | 302 M | 305 M | 301 M | 311 M | 315 M | 318 M | 318 M | 312 M | 290 M | 286 M | 234 M | 290 M | 185 M | 185 M | 185 M | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
6.08 M | 5.54 M | 6.94 M | 5.56 M | 6.04 M | 5.58 M | 6.72 M | 5.33 M | 7.57 M | 7.29 M | 9.34 M | 4.14 M | 4.3 M | 6.03 M | 5.44 M | 12.3 M | 18.8 M | 17.4 M | 9.75 M | 5.21 M | 9.15 M | 10.3 M | 12.5 M | 12.2 M | 2.96 M | 2.55 M | 2.5 M | 2.53 M | 2.65 M | 5.46 M | 7.29 M | 7.07 M | 7.91 M | 7.09 M | 7.41 M | 5.34 M | 5.39 M | 12.3 M | 11 M | 10.8 M | 13.2 M | 2.87 M | 10.8 M | 2.73 M | 2.73 M | 2.73 M | - | 37.4 M | - | - | - | 1 K | - | - | - |
Book Value |
140 M | 158 M | 173 M | 182 M | 206 M | 213 M | 216 M | 215 M | 210 M | 216 M | 149 M | 195 M | 219 M | 221 M | 233 M | 247 M | 290 M | 301 M | 304 M | 332 M | 367 M | 377 M | 389 M | 392 M | 226 M | 229 M | 232 M | 235 M | 241 M | 246 M | 252 M | 257 M | 267 M | 273 M | 233 M | 233 M | 237 M | 240 M | 239 M | 237 M | 260 M | 144 M | 237 M | 145 M | 145 M | 145 M | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
140 M | 158 M | 173 M | 182 M | 206 M | 213 M | 216 M | 215 M | 210 M | 216 M | 149 M | 195 M | 219 M | 221 M | 233 M | 247 M | 290 M | 301 M | 304 M | 332 M | 367 M | 377 M | 389 M | 392 M | 226 M | 229 M | 232 M | 235 M | 241 M | 246 M | 252 M | 257 M | 267 M | 273 M | 233 M | 233 M | 237 M | 240 M | 239 M | 237 M | 260 M | 144 M | 237 M | 145 M | 145 M | 145 M | - | 145 M | - | - | - | -175 K | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Independence Contract Drilling, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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