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Independence Contract Drilling, Inc. Reports Financial Results For The First Quarter Ended March 31, 2018
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PR Newswire
HOUSTON, April 26, 2018
HOUSTON, April 26, 2018 /PRNewswire/ -- INDEPENDENCE CONTRACT DRILLING, INC. (the "Company") (NYSE: ICD) today reported financial results for the three months ended March 31, 2018.
First Quarter 2018 Highlights
- Record quarterly revenues of $25.6 million.
- Net loss of $4.1 million, or $0.11 per share.
- Adjusted net loss, as defined below, of $4.3 million, or $0.11 per share.
- Adjusted EBITDA, as defined below, of $3.9 million.
- Fleet utilization of 100.0%.
- Revenue days of 1,259.
- Fully-burdened margin per day of $5,641 per day.
- Net debt, excluding capitalized leases, of $50.7 million, on a borrowing base of $102.6 million.
In the first quarter of 2018, the Company reported record quarterly revenues of $25.6 million, a net loss of $4.1 million, or $0.11 per share, an adjusted net loss (defined below) of $4.3 million, or $0.11 per share, and adjusted EBITDA (defined below) of $3.9 million. This compares to revenues of $25.0 million, a net loss of $5.7 million, or $0.15 per share, an adjusted net loss of $4.6 million, or $0.12 per share, and adjusted EBITDA of $3.7 million in the fourth quarter of 2017, and revenues of $20.2 million, a net loss of $6.3 million, or $0.17 per share, an adjusted net loss of $5.3 million, or $0.14 per share, and adjusted EBITDA of $2.6 million in the first quarter of 2017.
Chief Executive Officer Byron Dunn commented, "ICD's first quarter continued the trend of full effective utilization of our ShaleDriller fleet. The first quarter also reflected the initial rerating of contracts in backlog to current market conditions, evidenced by sequential improvements in revenue per day. Based upon the contract expiration matrix currently established for 2018, as well as additional opportunities to renew contracts for remaining contract rolls, we are confident this trend will continue throughout 2018. Construction of our next newbuild ShaleDriller has begun and it remains on schedule to enter our drilling fleet mid third quarter".
Quarterly Operational Results
In the first quarter of 2018, the Company's fleet operated at 100.0% utilization and recorded 1,259 revenue days, compared to 100% utilization and 1,289 revenue days in the fourth quarter of 2017, and 91.7% utilization and 1,073 revenue days in the first quarter of 2017.
Operating revenues in the first quarter of 2018 totaled $25.6 million, compared to $25.0 million in the fourth quarter of 2017 and $20.2 million in the first quarter of 2017. On a revenue per day basis, revenues were $19,055 per day in the first quarter of 2018, compared to $18,338 in the fourth quarter of 2017 and $17,949 in the first quarter of 2017. Sequential revenue per day improvements were driven by increased pricing on contract renewals.
Operating costs in the first quarter of 2018 totaled $18.9 million, compared to $18.8 million in the fourth quarter of 2017 and $14.9 million in the first quarter of 2017. Fully-burdened operating costs, excluding reactivation and rig construction costs, were $13,414 per day in the first quarter of 2018, compared to $13,094 in the fourth quarter of 2017 and $11,930 in the first quarter of 2017. The sequential increase in cost per day related primarily to higher payroll taxes and rig level incentive compensation.
First quarter 2018 fully-burdened rig operating margins, excluding reactivation and rig construction costs, were $5,641 per day, compared to $5,244 per day in the fourth quarter of 2017 and $6,019 per day in the first quarter of 2017.
Selling, general and administrative expenses in the first quarter of 2018 were $3.5 million (including $0.6 million of non-cash stock-based compensation), compared to $3.1 million (including $0.5 million of non-cash stock-based compensation) in the fourth quarter of 2017 and $3.7 million (including $1.0 million of non-cash stock-based compensation) in the first quarter of 2017. The sequential increase in selling, general and administrative expenses related primarily to higher payroll taxes, stock-based compensation and training expenses.
Drilling Operations Update
All 14 of the Company's ShaleDriller® rigs are contracted and operating under term contracts.
The Company's March 31, 2018 backlog of revenues from contracts, with original terms of six months or more, was $52.7 million. Approximately 84% of this backlog is expected to be realized during the remainder of 2018.
Capital Expenditures and Liquidity Update
Aggregate cash outlays for capital expenditures in the first quarter of 2018, net of disposals, were $6.1 million, including $5.3 million of payments for fourth quarter 2017 deliveries. The Company's aggregate capital expenditure budget for 2018 is $22 million, including $10 million associated with the completion of one additional newbuild rig.
As of March 31, 2018, the Company had drawn $53.2 million on its $85.0 million credit facility and had net debt, excluding capital leases, of $50.7 million. The borrowing base under the Company's credit facility was $102.6 million as of March 31, 2018.
Conference Call Details
A conference call for investors will be held today, April 26, 2018, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's first quarter 2018 results. Hosting the call will be Byron A. Dunn, President and Chief Executive Officer, and Philip A. Choyce, Executive Vice President and Chief Financial Officer.
The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 10119271. The replay will be available until May 3, 2018.
Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.
About Independence Contract Drilling, Inc.
Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.icdrilling.com.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.
INDEPENDENCE CONTRACT DRILLING, INC. Unaudited (in thousands, except par value and share data) BALANCE SHEETS March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 2,503 $ 2,533 Accounts receivable, net 16,244 18,056 Inventories 2,795 2,710 Assets held for sale 1,920 1,920 Prepaid expenses and other current assets 3,381 2,957 Total current assets 26,843 28,176 Property, plant and equipment, net 274,046 275,105 Other long-term assets, net 1,236 1,364 Total assets $ 302,125 $ 304,645 Liabilities and Stockholders' Equity Liabilities Current portion of long-term debt (1) $ 511 $ 533 Accounts payable 10,500 11,627 Accrued liabilities 5,018 6,969 Total current liabilities 16,029 19,129 Long-term debt (2) 53,886 49,278 Deferred income taxes, net 634 683 Other long-term liabilities 41 73 Total liabilities 70,590 69,163 Commitments and contingencies Stockholders' equity Common stock, $0.01 par value, 100,000,000 shares authorized; 38,597,447 and 38,246,919 shares issued, respectively; and 38,252,765 and 37,985,225 shares outstanding, respectively 383 380 Additional paid-in capital 327,162 326,616 Accumulated deficit (93,791) (89,645) Treasury stock, at cost, 344,682 and 261,694 shares, respectively (2,219) (1,869) Hinweis:
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