Vantage Drilling International Financials

VTDRF

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2023 Currency USD FYE December

This page shows Vantage Drilling International (VTDRF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 56/100

Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Vantage Drilling International has an operating margin of 13.6%, meaning the company retains $14 of operating profit per $100 of revenue. This results in a moderate score of 52/100, indicating healthy but not exceptional operating efficiency. This is up from -43.6% the prior year.

Growth

100

Vantage Drilling International's revenue surged 75.9% year-over-year to $278.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Vantage Drilling International carries a low D/E ratio of 0.69, meaning only $0.69 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 88/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Vantage Drilling International's current ratio of 1.78 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Vantage Drilling International generates a -1.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100. This is up from -41.7% the prior year.

Piotroski F-Score Neutral

5/9

Vantage Drilling International passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

5.63x

For every $1 of reported earnings, Vantage Drilling International generates $5.63 in operating cash flow (-$18.9M OCF vs -$3.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

1.1x

Vantage Drilling International earns $1.1 in operating income for every $1 of interest expense ($37.9M vs $34.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$278.7M

YoY+75.9%

5Y CAGR+5.5%

Vantage Drilling International generated $278.7M in revenue in fiscal year 2022. This represents an increase of 75.9% from the prior year.

EBITDA

$82.3M

YoY+743.5%

5Y CAGR+42.7%

Vantage Drilling International's EBITDA was $82.3M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 743.5% from the prior year.

Net Income

-$3.4M

YoY+97.0%

Vantage Drilling International reported -$3.4M in net income in fiscal year 2022. This represents an increase of 97.0% from the prior year.

EPS (Diluted)

$-0.26

YoY+96.9%

Vantage Drilling International earned $-0.26 per diluted share (EPS) in fiscal year 2022. This represents an increase of 96.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$74.0M

YoY+0.9%

5Y CAGR-17.6%

Vantage Drilling International held $74.0M in cash against $179.2M in long-term debt as of fiscal year 2022.

Dividends Per Share

N/A

Shares Outstanding

13M

YoY+0.0%

5Y CAGR+21.3%

Vantage Drilling International had 13M shares outstanding in fiscal year 2022. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

15.8%

YoY+10.9pp

5Y CAGR-8.1pp

Vantage Drilling International's gross margin was 15.8% in fiscal year 2022, indicating the percentage of revenue retained after direct costs. This is up 10.9 percentage points from the prior year.

Operating Margin

13.6%

YoY+57.1pp

5Y CAGR+44.0pp

Vantage Drilling International's operating margin was 13.6% in fiscal year 2022, reflecting core business profitability. This is up 57.1 percentage points from the prior year.

Net Margin

-1.2%

YoY+68.3pp

5Y CAGR+69.2pp

Vantage Drilling International's net profit margin was -1.2% in fiscal year 2022, showing the share of revenue converted to profit. This is up 68.3 percentage points from the prior year.

Return on Equity

-1.3%

YoY+40.4pp

5Y CAGR+193.8pp

Vantage Drilling International's ROE was -1.3% in fiscal year 2022, measuring profit generated per dollar of shareholder equity. This is up 40.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

VTDRF Income Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Revenue	$278.7M+75.9%	$158.4M+24.9%	$126.9M-83.3%	$760.8M+237.0%	$225.7M+6.1%	$212.8M
Cost of Revenue	$234.8M+55.9%	$150.7M+1.1%	$149.1M-5.0%	$156.9M-8.3%	$171.0M+5.6%	$162.0M
Gross Profit	$43.9M+466.1%	$7.8M+134.9%	-$22.2M-103.7%	$604.0M+1004.0%	$54.7M+7.5%	$50.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$23.0M+12.0%	$20.5M-2.3%	$21.0M-83.6%	$128.5M+335.1%	$29.5M-29.1%	$41.6M
Operating Income	$37.9M+154.8%	-$69.0M+71.4%	-$241.3M-160.1%	$401.6M+986.8%	-$45.3M+30.0%	-$64.7M
Interest Expense	$34.4M+0.9%	$34.0M0.0%	$34.0M-26.9%	$46.6M-40.9%	$78.8M+3.1%	$76.4M
Income Tax	$4.3M-16.1%	$5.1M+5.0%	$4.9M-67.6%	$15.1M-8.5%	$16.5M+16.6%	$14.2M
Net Income	-$3.4M+97.0%	-$110.1M+60.2%	-$276.7M-160.7%	$455.7M+422.1%	-$141.5M+5.6%	-$149.8M
EPS (Diluted)	$-0.26+96.9%	$-8.40+60.2%	$-21.10	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Revenue	$107.8M+39.9%	$77.1M+1.2%	$76.2M+7.4%	$71.0M-3.1%	$73.2M+25.6%	$58.3M+17.1%	$49.8M-5.8%	$52.9M
Cost of Revenue	$74.4M+11.8%	$66.6M+2.3%	$65.1M-2.1%	$66.4M+11.8%	$59.4M+35.2%	$43.9M+0.1%	$43.9M-3.3%	$45.4M
Gross Profit	$33.5M+218.1%	$10.5M-5.5%	$11.1M+145.6%	$4.5M-67.3%	$13.8M-3.9%	$14.4M+143.4%	$5.9M-20.9%	$7.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.2M+6.8%	$4.8M-8.2%	$5.3M+23.8%	$4.3M-38.5%	$6.9M+5.0%	$6.6M+20.0%	$5.5M+19.4%	$4.6M
Operating Income	$17.3M+421.5%	-$5.4M-3.8%	-$5.2M+48.9%	-$10.1M-117.9%	$56.6M+1727.4%	-$3.5M+74.0%	-$13.4M-19.0%	-$11.2M
Interest Expense	$5.3M-3.8%	$5.6M-37.1%	$8.8M+4.0%	$8.5M0.0%	$8.5M0.0%	$8.5M0.0%	$8.5M0.0%	$8.5M
Income Tax	$10.6M+232.7%	-$8.0M-415.3%	$2.5M+61.6%	$1.6M+228.3%	-$1.2M-184.9%	$1.4M+4.4%	$1.4M+56.4%	$881K
Net Income	$1.5M+164.0%	-$2.3M+86.0%	-$16.4M+19.0%	-$20.2M-142.0%	$48.1M+422.9%	-$14.9M+36.5%	-$23.5M-8.0%	-$21.7M
EPS (Diluted)	$0.11+164.7%	$-0.17	N/A	$-1.54-142.7%	$3.61+416.7%	$-1.14	N/A	$-1.66

VTDRF Balance Sheet

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Total Assets	$578.6M-17.3%	$699.4M-11.0%	$786.2M-27.9%	$1.1B-3.4%	$1.1B+4.3%	$1.1B
Current Assets	$220.1M-22.9%	$285.5M+12.5%	$253.7M-26.7%	$345.8M+6.0%	$326.2M+9.5%	$298.0M
Cash & Equivalents	$74.0M+0.9%	$73.3M-48.3%	$141.9M-38.8%	$231.9M+3.1%	$225.0M+15.1%	$195.5M
Inventory	N/A	N/A	N/A	$48.4M+7.0%	$45.2M+2.8%	$44.0M
Accounts Receivable	$62.8M+67.3%	$37.5M+51.8%	$24.7M-46.8%	$46.5M+63.6%	$28.4M-37.3%	$45.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$317.8M-27.0%	$435.3M+5.8%	$411.6M-6.2%	$438.9M-63.2%	$1.2B+18.7%	$1.0B
Current Liabilities	$124.0M+77.9%	$69.7M+38.8%	$50.2M-34.4%	$76.5M+22.7%	$62.4M-9.9%	$69.2M
Long-Term Debt	$179.2M-48.3%	$346.9M+0.5%	$345.2M+0.5%	$343.6M-69.0%	$1.1B+20.6%	$919.9M
Total Equity	$260.7M-1.3%	$264.1M-29.5%	$374.5M-42.5%	$651.8M+1107.6%	-$64.7M-184.3%	$76.8M
Retained Earnings	-$373.1M-0.9%	-$369.8M-42.4%	-$259.7M-1621.7%	$17.1M+103.9%	-$438.7M-47.6%	-$297.2M

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Total Assets	$580.6M-4.0%	$604.7M+4.5%	$578.6M-22.9%	$750.5M-0.5%	$754.3M+4.8%	$719.9M+2.9%	$699.4M-2.7%	$718.8M
Current Assets	$248.1M-5.6%	$262.7M+19.4%	$220.1M-42.5%	$382.7M+5.7%	$362.1M+14.2%	$317.1M+11.1%	$285.5M+31.6%	$216.9M
Cash & Equivalents	$79.7M+13.9%	$69.9M-5.6%	$74.0M-69.6%	$243.6M+7.1%	$227.3M+265.3%	$62.2M-15.1%	$73.3M-30.5%	$105.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$83.1M-12.9%	$95.5M+52.1%	$62.8M-11.4%	$70.8M-10.8%	$79.4M+56.5%	$50.7M+35.2%	$37.5M+3.8%	$36.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$321.0M-7.4%	$346.5M+9.0%	$317.8M-32.9%	$473.4M+3.6%	$457.0M-2.9%	$470.8M+8.1%	$435.3M+0.9%	$431.3M
Current Liabilities	$121.3M-17.3%	$146.8M+18.4%	$124.0M+9.1%	$113.6M+17.5%	$96.7M-7.5%	$104.5M+50.0%	$69.7M+2.6%	$67.9M
Long-Term Debt	$188.9M+0.2%	$188.6M+5.2%	$179.2M-48.5%	$348.1M+0.1%	$347.7M+0.1%	$347.3M+0.1%	$346.9M+0.1%	$346.4M
Total Equity	$259.6M+0.6%	$258.2M-1.0%	$260.7M-5.9%	$277.1M-6.8%	$297.3M+19.3%	$249.1M-5.7%	$264.1M-8.1%	$287.5M
Retained Earnings	-$374.0M+0.4%	-$375.4M-0.6%	-$373.1M-4.6%	-$356.8M-6.0%	-$336.6M+12.5%	-$384.7M-4.0%	-$369.8M-6.8%	-$346.3M

VTDRF Cash Flow Statement

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Operating Cash Flow	-$18.9M+73.2%	-$70.4M+17.5%	-$85.3M-115.9%	$535.6M+4086.6%	$12.8M+164.4%	-$19.9M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$191.5M+2841.1%	$6.5M+306.4%	-$3.2M+59.5%	-$7.8M+91.8%	-$94.6M-532.1%	-$15.0M
Financing Cash Flow	-$170.0M	$0	$0+100.0%	-$524.3M-516.9%	$125.8M+8893.8%	-$1.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Operating Cash Flow	$7.1M+138.9%	-$18.1M-687.7%	$3.1M-82.6%	$17.7M+156.3%	-$31.5M-283.9%	-$8.2M+68.3%	-$25.9M-633.0%	-$3.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$1.8M-112.8%	-$843K+60.3%	-$2.1M-23.6%	-$1.7M-100.9%	$199.2M+5342.5%	-$3.8M+0.4%	-$3.8M-631.9%	-$521K
Financing Cash Flow	-$1.7M-137.7%	$4.5M	N/A	N/A	$0	$0	$0	$0
Dividends Paid	$0-100.0%	$5.3M	N/A	N/A	$0	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VTDRF Financial Ratios

Metric	FY22	FY21	FY20	FY19	FY18	FY17
Gross Margin	15.8%+10.9pp	4.9%+22.4pp	-17.5%-96.9pp	79.4%+55.1pp	24.2%+0.3pp	23.9%
Operating Margin	13.6%+57.1pp	-43.6%+146.7pp	-190.2%-243.0pp	52.8%+72.8pp	-20.1%+10.3pp	-30.4%
Net Margin	-1.2%+68.3pp	-69.5%+148.6pp	-218.1%-278.0pp	59.9%+122.6pp	-62.7%+7.7pp	-70.4%
Return on Equity	-1.3%+40.4pp	-41.7%+32.2pp	-73.9%-143.8pp	69.9%	N/A	-195.1%
Return on Assets	-0.6%+15.2pp	-15.8%+19.4pp	-35.2%-77.0pp	41.8%+54.3pp	-12.5%+1.3pp	-13.8%
Current Ratio	1.78-2.3	4.10-1.0	5.05+0.5	4.52-0.7	5.23+0.9	4.31
Debt-to-Equity	0.69-0.6	1.31+0.4	0.92+0.4	0.53+17.7	-17.14-29.1	11.98
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'23	Q1'23	Q4'22	Q3'22	Q2'22	Q1'22	Q4'21	Q3'21
Gross Margin	31.0%+17.4pp	13.7%-0.9pp	14.6%+8.2pp	6.4%-12.5pp	18.9%-5.8pp	24.7%+12.8pp	11.9%-2.3pp	14.2%
Operating Margin	16.0%+23.0pp	-7.0%-0.2pp	-6.8%+7.5pp	-14.2%-91.6pp	77.3%+83.3pp	-6.0%+20.9pp	-26.9%-5.6pp	-21.3%
Net Margin	1.4%+4.3pp	-3.0%+18.5pp	-21.5%+7.0pp	-28.5%-94.1pp	65.7%+91.2pp	-25.5%+21.6pp	-47.1%-6.0pp	-41.1%
Return on Equity	0.6%+1.4pp	-0.9%+5.4pp	-6.3%+1.0pp	-7.3%-23.5pp	16.2%+22.2pp	-6.0%+2.9pp	-8.9%-1.3pp	-7.6%
Return on Assets	0.3%+0.6pp	-0.4%+2.4pp	-2.8%-0.1pp	-2.7%-9.1pp	6.4%+8.4pp	-2.1%+1.3pp	-3.4%-0.3pp	-3.0%
Current Ratio	2.04+0.3	1.79+0.0	1.78-1.6	3.37-0.4	3.75+0.7	3.03-1.1	4.10+0.9	3.19
Debt-to-Equity	0.730.0	0.73+0.0	0.69-0.6	1.26+0.1	1.17-0.2	1.39+0.1	1.31+0.1	1.21
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Vantage Drilling International's annual revenue?

Vantage Drilling International (VTDRF) reported $278.7M in total revenue for fiscal year 2022. This represents a 75.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Vantage Drilling International's revenue growing?

Vantage Drilling International (VTDRF) revenue grew by 75.9% year-over-year, from $158.4M to $278.7M in fiscal year 2022.

Is Vantage Drilling International profitable?

No, Vantage Drilling International (VTDRF) reported a net income of -$3.4M in fiscal year 2022, with a net profit margin of -1.2%.

What is Vantage Drilling International's earnings per share (EPS)?

Vantage Drilling International (VTDRF) reported diluted earnings per share of $-0.26 for fiscal year 2022. This represents a 96.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Vantage Drilling International's EBITDA?

Vantage Drilling International (VTDRF) had EBITDA of $82.3M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Vantage Drilling International have?

As of fiscal year 2022, Vantage Drilling International (VTDRF) had $74.0M in cash and equivalents against $179.2M in long-term debt.

What is Vantage Drilling International's gross margin?

Vantage Drilling International (VTDRF) had a gross margin of 15.8% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.

What is Vantage Drilling International's operating margin?

Vantage Drilling International (VTDRF) had an operating margin of 13.6% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.

What is Vantage Drilling International's net profit margin?

Vantage Drilling International (VTDRF) had a net profit margin of -1.2% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.

What is Vantage Drilling International's return on equity (ROE)?

Vantage Drilling International (VTDRF) has a return on equity of -1.3% for fiscal year 2022, measuring how efficiently the company generates profit from shareholder equity.

What is Vantage Drilling International's operating cash flow?

Vantage Drilling International (VTDRF) generated -$18.9M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.

What are Vantage Drilling International's total assets?

Vantage Drilling International (VTDRF) had $578.6M in total assets as of fiscal year 2022, including both current and long-term assets.

How many shares does Vantage Drilling International have outstanding?

Vantage Drilling International (VTDRF) had 13M shares outstanding as of fiscal year 2022.

What is Vantage Drilling International's current ratio?

Vantage Drilling International (VTDRF) had a current ratio of 1.78 as of fiscal year 2022, which is generally considered healthy.

What is Vantage Drilling International's debt-to-equity ratio?

Vantage Drilling International (VTDRF) had a debt-to-equity ratio of 0.69 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Vantage Drilling International's return on assets (ROA)?

Vantage Drilling International (VTDRF) had a return on assets of -0.6% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.

What is Vantage Drilling International's cash runway?

Based on fiscal year 2022 data, Vantage Drilling International (VTDRF) had $74.0M in cash against an annual operating cash burn of $18.9M. This gives an estimated cash runway of approximately 47 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Vantage Drilling International's Piotroski F-Score?

Vantage Drilling International (VTDRF) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Vantage Drilling International's earnings high quality?

Vantage Drilling International (VTDRF) has an earnings quality ratio of 5.63x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Vantage Drilling International cover its interest payments?

Vantage Drilling International (VTDRF) has an interest coverage ratio of 1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Vantage Drilling International?

Vantage Drilling International (VTDRF) scores 56 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.