Independence Contract Drilling, Inc. Financial Ratios — ICD

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-1.13	-11.87	-2.61	-7.19	-8.01	-4.5	-11.03	-20.78	-16.47	-15.8	-9.15
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	-40.87	9.81	16.36	17.17	4.25	-3.97	11.57	6.54	-31.01	-30.37	12.25	17.28
EBITDA Margin (%)	-53.49	12.79	21.99	24.71	15.19	10.07	22.08	20.76	5.47	-4.14	20.62	26.07
Operating Margin (%)	-92.53	-11.01	-1.01	0.79	-18.79	-18.65	0.41	-1.53	-47.17	-48.39	-1.04	5.34
Incremental Operating Margin (%)	- -	- -	- -	7.79	- -	- -	33.03	- -	- -	- -	- -	56.28
Pretax Margin (%)	-68.43	-9.07	-44.81	-9.28	-31.37	-26.68	-13.96	-29.92	-116.02	-54.78	-38.3	-18.88
Profit Margin (%)	-32.72	-4.67	-40.04	-8.91	-31.65	-27	-14.02	-29.86	-115.85	-75.85	-34.99	-17.94
Net Income to Common Margin (%)	-32.72	-4.67	-40.04	-8.91	-31.65	-27	-14.02	-29.86	-115.85	-75.85	-34.99	-17.94
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	20	45	63	27	50	131	139	146	147	146	157
ST Debt	- -	- -	23	- -	- -	1	1	4	9	5	3	2
LT Debt	- -	20	23	63	26	49	130	135	138	142	143	155
Total Debt/EBITDA	- -	3.61	2.91	2.87	2.49	5.5	4.15	3.29	32.02	-40.3	3.8	2.86
Net Debt/EBITDA	4.62	3.11	2.22	2.63	1.83	5.22	3.76	2.88	27.39	-37.39	3.54	2.69
Total Debt/EBIT	- -	-4.2	-63.43	89.97	-2.01	-2.97	220.98	-44.78	-3.72	-3.45	-75.46	13.96
Net Debt/EBIT	2.67	-3.62	-48.28	82.3	-1.48	-2.82	200.26	-39.21	-3.18	-3.2	-70.22	13.12
EBITDA to Interest Expense	-809	21.3	9.39	6.71	3.49	3.04	4.16	2.93	0.31	-0.24	1.3	1.52
EBITDA-CapEx/Interest Expense	-7,495.4	-210.95	-60.63	-16.5	-3.44	-7.47	-0.8	0.27	-0.66	-1.32	-0.15	0.39
EBIT to Interest Expense	-1,399.4	-18.33	-0.43	0.21	-4.32	-5.63	0.08	-0.22	-2.69	-2.8	-0.07	0.31
Interest Expense	- -	- -	2	3	3	3	8	14	15	15	30	36
Common Equity/Total Assets	-2.99	-3.78	-12.1	-13.64	-21.51	-29.3	-18.61	-32.96	-64.62	-84.03	-92.84	-110.63
Long-Term Debt/Equity (%)	- -	13.65	9.51	26.94	10.14	20.93	33.21	40.69	55.71	72.6	66.7	85.11
Long-Term Debt/Capital (%)	- -	154.74	225.33	316.98	-67.82	-124.9	598.25	-431.3	-113.96	-75.89	-56.72	-55.21
Long-Term Debt/Total Assets (%)	- -	10.69	7.78	19.92	8.63	16.18	22.23	26.1	33.31	35.69	33.33	39.16
Total Debt/Equity (%)	- -	13.65	19.02	26.94	10.31	21.15	33.36	41.95	59.2	75.24	68.21	86.3
Total Debt/Capital (%)	- -	154.74	450.65	316.98	-68.97	-126.25	600.95	-444.6	-121.09	-78.65	-58	-55.98
Total Debt/Total Assets (%)	- -	10.69	15.55	19.92	8.78	16.35	22.33	26.91	35.39	36.99	34.08	39.71
Net Debt to Equity	-25.85	11.77	14.48	24.65	7.56	20.08	30.23	36.73	50.63	69.81	63.48	81.14
Net Debt/Capital (%)	88.21	169.6	-4,492.92	397.29	-42.72	-112.6	1,247.78	-333.73	-94	-71.39	-52.86	-51.6
EBITDA	-8	5	15	22	11	9	31	42	5	-4	39	55
EBITDA-CapEx	-75	-54	-100	-54	-10	-22	-6	4	-10	-20	-5	14
Operating Income (Loss)	-14	-5	-1	1	-13	-17	1	-3	-39	-43	-2	11

Liquidity (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	2.98	0.2	0.21	0.28	0.39	0.13	0.27	0.11	0.55	0.11	0.1	0.14
Current Ratio	3.82	1.56	0.7	1.56	1.52	1.61	1.86	1.17	1.22	0.84	0.99	1.07
Quick Ratio	3.46	0.87	0.58	1.26	1.01	1.08	1.18	0.85	1	0.69	0.87	0.92
CFO/Avg Current Liab	- -	0.46	0.12	0.77	0.92	0.26	0.49	0.59	0.01	-0.32	0.63	1.32
Common Equity/Total Assets	-2.99	-3.78	-12.1	-13.64	-21.51	-29.3	-18.61	-32.96	-64.62	-84.03	-92.84	-110.63
Long-Term Debt/Equity (%)	- -	13.65	9.51	26.94	10.14	20.93	33.21	40.69	55.71	72.6	66.7	85.11
Long-Term Debt/Capital (%)	- -	154.74	225.33	316.98	-67.82	-124.9	598.25	-431.3	-113.96	-75.89	-56.72	-55.21
Long-Term Debt/Total Assets (%)	- -	10.69	7.78	19.92	8.63	16.18	22.23	26.1	33.31	35.69	33.33	39.16
Total Debt/Equity (%)	- -	13.65	19.02	26.94	10.31	21.15	33.36	41.95	59.2	75.24	68.21	86.3
Total Debt/Capital (%)	- -	154.74	450.65	316.98	-68.97	-126.25	600.95	-444.6	-121.09	-78.65	-58	-55.98
Total Debt/Total Assets (%)	- -	10.69	15.55	19.92	8.78	16.35	22.33	26.91	35.39	36.99	34.08	39.71
CFO/Total Liabilities	-36.67	14.96	7.21	33.37	37.84	7.13	8.35	15.06	0.17	-4.75	13.29	28.64
CFO/CapEx	-0.12	0.1	0.03	0.36	0.8	0.16	0.43	0.73	0.02	-0.58	0.66	1.5
Altman's Z-Score	0.03	0.17	1.01	1.02	2.79	1.05	0.53	0.17	-0.95	-1.26	-0.76	-0.82

Working Capital (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	5.91	4.99	4.73	4.72	6.1	4.75	5.23	3.64	5.46	6.02	5.88
Days Sales Outstanding	- -	61.72	73.2	77.13	77.38	59.86	76.84	69.76	100.32	66.88	60.59	62.08
Inventory Turnover	- -	38.26	36.18	32.98	28.84	37.09	46.68	75.84	64.99	103.82	122.32	113.41
Days Inventory Outstanding	- -	9.54	10.09	11.07	12.66	9.84	7.82	4.81	5.62	3.52	2.98	3.22
Accounts Payable Turnover	- -	4.05	3.85	4.8	7.21	8.68	9.03	9.74	8.08	11.85	6.95	6.33
Accounts Payable Turnover Days	- -	90.16	94.72	75.99	50.63	42.07	40.44	37.46	45.2	30.8	52.52	57.67
Cash Conversion Cycle	- -	-18.9	-11.44	12.2	39.42	27.63	44.22	37.1	60.74	39.6	11.05	7.63
Inventory to Cash Days	- -	52.19	63.11	66.06	64.73	50.02	69.02	64.94	94.71	63.37	57.6	58.86
Inventories	1	1	2	2	2	3	3	2	1	1	2	2
Raw Materials	1	1	2	2	2	3	- -	2	1	1	2	2
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	3	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	89	121	222	150	148	75	14	23	43	34
- Cash & Cash Equivalents	37	3	11	5	7	3	12	5	12	4	5	6
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	20	45	63	27	50	131	139	146	147	146	157
Enterprise Value	-37	17	123	178	241	198	267	209	148	165	184	185
Total Capital	-5	13	10	20	-38	-39	22	-31	-121	-187	-253	-280
Total Debt/Capital (%)	- -	154.74	450.65	316.98	-68.97	-126.25	600.95	-444.6	-121.09	-78.65	-58	-55.98
Total Debt / EV	- -	1.16	0.36	0.35	0.11	0.25	0.49	0.67	0.99	0.89	0.8	0.84
EV/Sales	- -	0.4	1.75	2.01	3.44	2.2	1.87	1.03	1.78	1.88	0.98	0.88
EV/EBITDA	- -	3.11	7.98	8.15	22.68	21.8	8.47	4.95	32.49	- -	4.77	3.39
EV/EBIT	- -	- -	- -	255.49	- -	- -	451.44	- -	- -	- -	- -	16.52
EV/Cash Flow to Firm	- -	2.78	23.37	5.84	12.04	24.85	11.24	4.94	9.96	14.42	3.31	1.95
EV/Free Cash Flow to Firm	- -	0.26	1.02	1.68	5.86	5.03	4.35	2.59	5.1	5.93	1.86	1.37
Diluted Market Cap	- -	- -	89	121	222	150	148	75	14	23	43	34
Diluted Enterprise Value	-37	17	123	178	241	198	267	209	148	165	184	185
EV per Share	- -	28	144.55	149	145.74	104.64	112.15	55.42	30.24	22.02	14.1	13.24
TTM Sales	15	43	70	88	70	90	143	204	83	88	187	210
TTM EBITDA	-8	5	15	22	11	9	31	42	5	-4	39	55
TTM Operating Income	-14	-5	-1	1	-13	-17	1	-3	-39	-43	-2	11
TTM Cash Flow to Firm	-8	6	5	31	20	8	24	42	15	11	56	95
TTM Free Cash Flow to Firm	59	66	121	106	41	39	61	81	29	28	99	136

Multiples (USD)

API Chat

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Free Cash Flow	- -	- -	0.75	1.17	5.83	4.14	2.77	1.14	0.99	3.29	0.59	0.34
EV/EBIT	- -	- -	- -	255.49	- -	- -	451.44	- -	- -	- -	- -	16.52
Enterprise Value	-37	17	123	178	241	198	267	209	148	165	184	185
Low Price	- -	- -	98.2	87	66.7	54.4	54	13.2	1.08	2.42	2.77	2.21
EV/Sales	- -	0.4	1.75	2.01	3.44	2.2	1.87	1.03	1.78	1.88	0.98	0.88
EV/EBITDA	- -	3.11	7.98	8.15	22.68	21.8	8.47	4.95	32.49	- -	4.77	3.39
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	-5.36	-20.14	-7.25	-6.78	-9.87	-2.42	-0.28	-0.42	-0.72	-1.14
Price/Earnings High	- -	- -	-7.45	-28.55	-10.9	-11.27	-13.04	-4.58	-1.21	-0.9	-1.48	-1.95
Price/Earnings Low	- -	- -	-2.98	-13.2	-4.98	-4.23	-6.43	-0.82	-0.05	-0.27	-0.55	-0.82
Price/Book Value	- -	- -	-2.54	-2.81	-3.42	-1.68	-1.36	-0.44	-0.05	-0.07	-0.11	-0.08
Price/Book Value Average	- -	- -	-4.31	-3.7	-2.47	-1.85	-1.81	-0.86	-0.1	-0.08	-0.12	-0.1
Price/Book Value High	- -	- -	-5.99	-5.24	-3.72	-3.07	-2.4	-1.63	-0.44	-0.18	-0.24	-0.17
Price/Book Value Low	- -	- -	-2.39	-2.42	-1.7	-1.15	-1.18	-0.29	-0.02	-0.05	-0.09	-0.07
Price/Tangible Book Value	- -	- -	0.38	0.52	0.86	0.64	0.38	0.23	0.06	0.12	0.2	0.19
Price/Tangible Book Value Average	- -	- -	0.64	0.68	0.63	0.7	0.51	0.44	0.11	0.14	0.22	0.24
Price/Tangible Book Value High	- -	- -	0.89	0.97	0.94	1.16	0.67	0.84	0.47	0.31	0.45	0.41
Price/Tangible Book Value Low	- -	- -	0.35	0.45	0.43	0.44	0.33	0.15	0.02	0.09	0.17	0.17
Price/Sales	- -	- -	1.27	1.37	3.17	1.67	1.04	0.37	0.17	0.26	0.23	0.16
Price/Sales Average	- -	- -	2.15	1.79	2.29	1.83	1.38	0.72	0.32	0.32	0.25	0.2
Price/Sales High	- -	- -	2.98	2.54	3.45	3.04	1.83	1.37	1.4	0.68	0.52	0.35
Price/Sales Low	- -	- -	1.19	1.18	1.58	1.14	0.9	0.24	0.06	0.21	0.19	0.15
Price/Cash Flow	- -	- -	23.4	4.41	13.07	30.47	9.2	2.69	50.27	-2.35	1.49	0.56
Price/Cash Flow Average	- -	- -	39.65	5.8	9.47	33.41	12.23	5.27	94.42	-2.94	1.65	0.7
Price/Cash Flow High	- -	- -	55.11	8.22	14.24	55.5	16.16	9.97	406.92	-6.25	3.37	1.21
Price/Cash Flow Low	- -	- -	22.01	3.8	6.51	20.82	7.96	1.78	18.47	-1.9	1.26	0.51
Price/Free Cash Flow Average	- -	- -	1.27	1.54	4.22	4.54	3.67	2.22	1.87	4.12	0.66	0.42
Price/Free Cash Flow High	- -	- -	1.76	2.19	6.35	7.55	4.86	4.2	8.05	8.75	1.35	0.72
Price/Free Cash Flow Low	- -	- -	0.7	1.01	2.9	2.83	2.39	0.75	0.37	2.66	0.5	0.3
EV/Sales Average	- -	0.4	2.63	2.44	2.57	2.36	2.21	1.38	1.93	1.94	1.01	0.92
EV/Sales High	- -	0.4	3.47	3.19	3.73	3.57	2.66	2.03	3.01	2.3	1.27	1.07
EV/Sales Low	- -	0.4	1.68	1.82	1.85	1.67	1.73	0.9	1.67	1.83	0.95	0.87
EV/EBITDA Average	4.62	3.11	11.98	9.89	16.94	23.41	10.03	6.65	35.26	-46.89	4.89	3.54
EV/EBITDA High	4.62	3.11	15.78	12.92	24.55	35.43	12.04	9.76	54.9	-55.58	6.17	4.1
EV/EBITDA Low	4.62	3.11	7.64	7.38	12.21	16.55	7.84	4.35	30.49	-44.15	4.6	3.33
EV/EBIT Average	2.67	-3.62	-261.02	309.94	-13.69	-12.64	534.05	-90.47	-4.09	-4.02	-97.03	17.29
EV/EBIT High	2.67	-3.62	-343.94	405.02	-19.84	-19.13	641.44	-132.77	-6.37	-4.76	-122.37	20.02
EV/EBIT Low	2.67	-3.62	-166.39	231.49	-9.87	-8.94	417.63	-59.15	-3.54	-3.78	-91.3	16.22
Last Price	- -	- -	104.4	101	134	79.6	62.4	19.94	2.94	3	3.27	2.45
High Price	- -	- -	245.83	188.2	146	145	109.6	73.8	23.8	7.97	7.4	5.25
Enterprise Value Average	-37	17	185	216	180	212	316	281	161	171	188	194
Enterprise Value High	-37	17	244	282	261	321	379	412	251	203	238	225
Enterprise Value Low	-37	17	118	161	130	150	247	184	139	161	177	182

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	- -	- -	1	1	2	2	4	4	6	10	14	14
Diluted Weighted Avg Shares	1	1	1	1	2	2	2	4	5	8	13	14
Basic Weighted Avg Shares	1	1	1	1	2	2	2	4	5	8	13	14
Revenue per Share	29.83	70.26	82.38	73.98	42.31	47.67	59.94	53.96	17	11.72	14.33	14.99
EBITDA per Share	-15.96	8.99	18.12	18.28	6.43	4.8	13.23	11.2	0.93	-0.49	2.96	3.91
Operating Income per Share	-27.6	-7.74	-0.83	0.58	-7.95	-8.89	0.25	-0.82	-8.02	-5.67	-0.15	0.8
Basic EPS, GAAP	-9.76	-3.28	-32.99	-6.59	-13.39	-12.87	-8.4	-16.11	-19.69	-8.89	-5.01	-2.69
Basic EPS from Cont Ops	-9.76	-3.28	-32.99	-6.59	-13.39	-12.87	-8.4	-16.11	-19.69	-8.89	-5.01	-2.69
Diluted EPS, GAAP	-9.76	-3.28	-32.99	-6.59	-13.39	-12.87	-8.4	-16.11	-19.69	-8.89	-5.01	-2.69
Diluted EPS from Cont Ops	-9.76	-3.28	-32.99	-6.59	-13.39	-12.87	-8.4	-16.11	-19.69	-8.89	-5.01	-2.69
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-16.44	9.85	4.46	22.91	10.25	2.61	6.78	7.4	0.06	-1.28	2.19	4.35
Free Cash Flow per Basic Share	-148.31	-88.17	-130.67	-40.29	-2.5	-13.99	-9	-2.76	-2.84	-3.46	-1.11	1.45
Cash & Equivalents per Share	73.77	4.48	12.6	4.47	4.27	1.34	5.15	1.38	2.5	0.55	0.41	0.4
Book Value per Share	-9.86	-11.49	-41.04	-35.91	-39.24	-47.28	-45.76	-45.15	-54.41	-44.45	-30.63	-31.16
Tangible Book Value per Share	214.18	183.12	277.24	194.73	155.35	124.72	163.89	87.87	50.34	26.01	16.48	12.96

Independence Contract Drilling, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)