ICD Q1 2024 net loss $9M, revenue down 27% YoY; guides Q2 margin down 15%

Independence Contract Drilling, Inc.

2024-Q1 EPS reported -$0.62 revenue$46,636,000

Net loss of $9.0M ($0.62/sh); adj net loss $7.3M ($0.50/sh); adj EBITDA $11.8M; revenue $46.6M.
Revenue days 1,376 vs 1,744 YoY; avg rigs working 15.1; fully burdened margin per day $11,829.
Expects Q2 avg rigs ~15; per day margins to fall ~15% sequentially on lower dayrates and higher costs.
Redeemed $3.5M of Convertible Notes; elected to pay in-kind interest on remaining notes due Sep 30, 2024.
Contract backlog (terms >=6 months) $69.4M; ~70% expires in 2024; excludes short-term pad-to-pad deals.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Independence Contract Drilling, Inc. reported first quarter ended March 31, 2024 results: revenue $46.6 million, net income Net loss of $9.0 million, or $0.62 per share, EPS $0.62 per share.

Period: first quarter ended March 31, 2024
Revenue: $46.6 million
Net income: Net loss of $9.0 million, or $0.62 per share
EPS: $0.62 per share
Result: reported results

Exact text from the filing

of $190.3 million · 15.1 average rigs working during the quarter · Fully burdened margin per day of $11,829 In the first quarter of 2024, the Company reported revenues of $46.6 million, net loss of $9.0 million, or $0.62 per share, adjusted net loss (defined below) of $7.3 million, or $0.50 per share, and adjusted EBITDA (defined below) of $11.8 million. These

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Source: SEC EDGAR

accession 0001558370-24-006320

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