secwatch.observer — SEC 8-K summary
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Issuer:     Independence Contract Drilling, Inc. (—)
CIK:        0001537028
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001558370-24-006320
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024006320/0001558370-24-006320-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1537028/000155837024006320/icd-20240501x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-006320

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