- Net income of $87.0 million
compared to $69.3 million in the
third quarter of 2022
- Diluted earnings per share of $0.40 compared to $0.32 in the third quarter of 2022
- EBITDA1 of $135.5
million compared to $113.0
million in the third quarter of 2022
ATLANTA, Jan. 25,
2023 /PRNewswire/ -- RPC, Inc. (NYSE: RES) today
announced its unaudited results for the fourth quarter and year
ended December 31, 2022. RPC provides
a broad range of specialized oilfield services and equipment
primarily to independent and major oilfield companies engaged in
the exploration, production, and development of oil and gas
properties throughout the United
States and in selected international markets.
For the quarter ended December 31,
2022, RPC generated revenues of $482.0 million, an increase of 4.9 percent
compared to $459.6 million in the
third quarter of 2022. The improvement in revenues was driven by
improved pricing in most of our service lines and higher equipment
utilization supported by a full quarter of operation for our most
recently reactivated pressure pumping fleet. Operating profit for
the fourth quarter of 2022 was $112.3
million compared to operating profit of $92.2 million in the third quarter of 2022. Net
income for the fourth quarter of 2022 was $87.0 million, or $0.40 diluted earnings per share, compared to net
income of $69.3 million, or
$0.32 diluted earnings per share, in
the third quarter of 2022. Earnings before interest, taxes,
depreciation, and amortization (EBITDA)1 for the fourth
quarter of 2022 was $135.5 million,
compared to $113.0 million in the
third quarter of 2022, an increase of 19.8 percent.
Cost of revenues during the fourth quarter of 2022 was
$308.6 million, or 64.0 percent of
revenues, compared to $309.8 million,
or 67.4 percent of revenues in the third quarter of 2022. Cost of
revenues as a percentage of revenues decreased during the quarter
due to improved job mix and continued strong pricing for our
services.
Selling, general and administrative expenses were $38.2 million in both the fourth and third
quarters of 2022. Depreciation and amortization was
$22.5 million in the fourth quarter
of 2022 compared to $20.9 million in
the third quarter of 2022.
During the fourth quarter of 2022 RPC also recorded a
$2.9 million pension settlement
charge. Adjusted net income during the fourth quarter was
$89.2 million and adjusted diluted
earnings per share was $0.41.2 We expect to finalize the
termination of the pension plan in the first quarter of 2023.
For the twelve months ended December 31,
2022, revenues increased 85.2 percent to $1.6 billion compared to $864.9 million for 2021. Net income for the
twelve-month period was $218.4
million, or $1.01 diluted
earnings per share, compared to $7.2
million, or $0.03 diluted
earnings per share, for 2021.
RPC's revenues for the quarter ended December 31, 2022 increased by $213.8 million, or 79.7 percent, compared to the
fourth quarter of the prior year due to improved pricing, higher
customer activity levels and a larger active fleet of
revenue-producing equipment. Cost of revenues during the fourth
quarter of 2022 increased by $107.9
million compared to the fourth quarter of 2021. As a
percentage of revenues, cost of revenues decreased to 64.0 percent
in the fourth quarter of 2022 from 74.8 percent in the fourth
quarter of 2021 because of improved pricing for our services and
leverage of direct employment costs.
Selling, general and administrative expenses increased by
$6.1 million in the fourth quarter of
2022 compared to the fourth quarter of the prior year. RPC's
operating profit in the fourth quarter of 2022 was $112.3 million, compared to an operating profit
of $20.1 million in the fourth
quarter of 2021. Net income for the fourth quarter of 2022 was
$87.0 million compared to net income
of $12.3 million in the fourth
quarter of 2021. EBITDA2 for the fourth quarter of 2022
was $135.5 million compared to
$39.4 million in the fourth quarter
of 2021.
Rig Count and Commodity Price Statistics
The average U.S. domestic rig count during the fourth quarter of
2022 was 776, a 2.0 percent increase compared to the third quarter
of 2022 and a 38.3 percent increase compared to the same period in
2021. The average price of oil during the fourth quarter of 2022
was $82.67 per barrel, an 11.0
percent decrease compared to the third quarter of 2022, but a 26.8
percent increase compared to the same period in 2021. The average
price of natural gas during the fourth quarter of 2022 was
$5.55 per Mcf, an increase of 17.3
percent compared to the third quarter of 2022, and a one percent
increase compared to the same period in 2021.
Management Commentary
"RPC's fourth quarter financial results reflect a continued
strong oilfield operating environment, which led to a sequential
revenue increase during a quarter that is traditionally impacted by
holidays, inclement weather and customer budgets. Our customers
were eager to continue their operations throughout the quarter.
Most of our service lines realized higher revenues during the
fourth quarter due to strong activity and pricing improvements,"
stated Ben M. Palmer, RPC's
President and Chief Executive Officer. "As we begin the first
quarter of 2023, we expect continued robust drilling and completion
activities based on indications from most customers.
"I am pleased to report that our cash balance increased by
$90.5 million during the fourth
quarter to $126.4 million. Our cash
balance improved significantly despite increasing activity and
capital expenditures of $49.3 million
during the quarter. Our strong capital position at the end of 2022
and expectations for 2023 will allow us to continue to invest in
our businesses and return capital to our shareholders. Yesterday
RPC's Board of Directors doubled our quarterly dividend to
$0.04 per share from $0.02 per share in the prior quarter," concluded
Palmer.
Summary of Segment Operating Performance
RPC manages two operating segments – Technical Services and
Support Services.
Technical Services includes RPC's oilfield service lines that
utilize people and equipment to perform value-added completion,
production and maintenance services directly to a customer's well.
These services are generally directed toward improving the flow of
oil and natural gas from producing formations or to address well
control issues. The Technical Services segment includes pressure
pumping, downhole tools and services, coiled tubing, nitrogen,
hydraulic workover services, surface pressure control equipment,
well control, and fishing tool operations.
Support Services includes RPC's oilfield service lines that
provide equipment for customer use or services to assist customer
operations. The equipment and services offered include rental of
tubulars and related tools, pipe inspection and storage services,
and oilfield training services.
Technical Services fourth quarter 2022 revenues increased 5.1
percent compared to the prior quarter and by 80.1 percent compared
to the same period of the prior year. Technical Services generated
an operating profit of $110.5 million
in the fourth quarter of 2022 compared to an operating profit of
$89.5 million in the prior quarter,
and an operating profit of $20.5
million in the fourth quarter of the prior year. The
sequential and year-over-year improvements in Technical Services
operating results were driven by higher customer activity
levels and improved pricing and a larger active fleet of
revenue-producing equipment.
Support Services revenues were unchanged during the fourth
quarter of 2022 compared to the prior quarter but increased 73.1
percent compared to the same period of the prior year. The revenue
increase compared to the fourth quarter of 2021 was due to higher
activity levels and improved pricing within rental tools. Support
Services generated an operating profit of $6.7 million in the fourth quarter of 2022
compared to an operating profit of $5.3
million in the prior quarter, and an operating loss of
$373 thousand in the same period of
the prior year.
(in
thousands)
|
|
Three Months Ended
|
|
|
Twelve Months Ended December
31,
|
|
|
December 31,
|
|
September
30,
|
|
December 31,
|
|
|
|
|
|
|
|
2022
|
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Technical
Services
|
$
|
458,135
|
$
|
435,775
|
$
|
254,444
|
|
$
|
1,516,363
|
$
|
815,046
|
Support
Services
|
|
23,895
|
|
23,826
|
|
13,808
|
|
|
85,399
|
|
49,883
|
Total
revenues
|
$
|
482,030
|
$
|
459,601
|
$
|
268,252
|
|
$
|
1,601,762
|
$
|
864,929
|
Operating profit
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
Technical
Services
|
$
|
110,529
|
$
|
89,455
|
$
|
20,496
|
|
$
|
281,622
|
$
|
24,434
|
Support
Services
|
|
6,703
|
|
5,278
|
|
(373)
|
|
|
18,095
|
|
(5,725)
|
Corporate
expenses
|
|
(4,500)
|
|
(4,106)
|
|
(3,539)
|
|
|
(17,660)
|
|
(13,300)
|
Pension
settlement charges
|
|
(2,921)
|
|
-
|
|
-
|
|
|
(2,921)
|
|
-
|
Gain on
disposition of assets, net
|
|
2,509
|
|
1,543
|
|
3,474
|
|
|
8,804
|
|
10,882
|
Total operating
profit
|
$
|
112,320
|
$
|
92,170
|
$
|
20,058
|
|
$
|
287,940
|
$
|
16,291
|
Interest
expense
|
|
(71)
|
|
(143)
|
|
(166)
|
|
|
(614)
|
|
(1,929)
|
Interest
income
|
|
699
|
|
329
|
|
12
|
|
|
1,171
|
|
59
|
Other income
(expense), net
|
|
619
|
|
(67)
|
|
456
|
|
|
1,135
|
|
2,027
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
|
113,567
|
$
|
92,289
|
$
|
20,360
|
|
$
|
289,632
|
$
|
16,448
|
|
|
|
|
|
|
|
|
|
|
|
|
RPC, Inc. will hold a conference call today, January 25, 2023 at 9:00
a.m. ET to discuss the results for the quarter. Interested
parties may listen in by accessing a live webcast in the investor
relations section of RPC, Inc.'s website at rpc.net. The live
conference call can also be accessed by calling (888) 440-5966 or
(646) 960-0125 for international callers and use conference ID
number 9842359. For those not able to attend the live
conference call, a replay will be available in the investor
relations section of RPC, Inc.'s website beginning approximately
two hours after the call and for a period of 90 days.
RPC provides a broad range of specialized oilfield services and
equipment primarily to independent and major oilfield companies
engaged in the exploration, production and development of oil and
gas properties throughout the United
States, including the Gulf of
Mexico, mid-continent, southwest, Appalachian and Rocky
Mountain regions, and in selected international markets. RPC's
investor website can be found at rpc.net.
Certain statements and information included in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
all statements that look forward in time or express management's
beliefs, expectations or hopes. These statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of RPC to be materially
different from any future results, performance or achievements
expressed or implied in such forward-looking statements, including
statements regarding (i) our belief that most customers plan to
continue robust drilling and completion activities during the first
quarter of 2023 plans to continue to invest in our business and
return capital to our shareholders. Additional discussion of
factors that could cause the actual results to differ materially
from management's projections, forecasts, estimates and
expectations is contained in RPC's Form 10-K for the year ended
December 31, 2021.
For information about RPC, Inc., please contact:
Michael L. Schmit, Chief
Financial Officer
(404) 321-2140
irdept@rpc.net
Jim Landers, Vice President
Corporate Services
(404) 321-2162
JLanders@rpc.net
RPC INCORPORATED AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (In
thousands except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months
Ended
|
Periods ended,
(Unaudited)
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
REVENUES
|
|
$
|
482,030
|
|
$
|
459,601
|
|
$
|
268,252
|
|
$
|
1,601,762
|
|
$
|
864,929
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
308,571
|
|
|
309,790
|
|
|
200,629
|
|
|
1,088,115
|
|
|
663,262
|
Selling, general and
administrative expenses
|
|
|
38,211
|
|
|
38,243
|
|
|
32,128
|
|
|
148,573
|
|
|
123,572
|
Pension settlement
charges
|
|
|
2,921
|
|
|
-
|
|
|
-
|
|
|
2,921
|
|
|
-
|
Depreciation and
amortization
|
|
|
22,516
|
|
|
20,941
|
|
|
18,911
|
|
|
83,017
|
|
|
72,686
|
Gain on disposition of
assets, net
|
|
|
(2,509)
|
|
|
(1,543)
|
|
|
(3,474)
|
|
|
(8,804)
|
|
|
(10,882)
|
Operating
profit
|
|
|
112,320
|
|
|
92,170
|
|
|
20,058
|
|
|
287,940
|
|
|
16,291
|
Interest
expense
|
|
|
(71)
|
|
|
(143)
|
|
|
(166)
|
|
|
(614)
|
|
|
(1,929)
|
Interest
income
|
|
|
699
|
|
|
329
|
|
|
12
|
|
|
1,171
|
|
|
59
|
Other income (expense),
net
|
|
|
619
|
|
|
(67)
|
|
|
456
|
|
|
1,135
|
|
|
2,027
|
Income before income
taxes
|
|
|
113,567
|
|
|
92,289
|
|
|
20,360
|
|
|
289,632
|
|
|
16,448
|
Income tax
provision
|
|
|
26,562
|
|
|
22,949
|
|
|
8,021
|
|
|
71,269
|
|
|
9,231
|
NET
INCOME
|
|
$
|
87,005
|
|
$
|
69,340
|
|
$
|
12,339
|
|
$
|
218,363
|
|
$
|
7,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.40
|
|
$
|
0.32
|
|
$
|
0.06
|
|
$
|
1.01
|
|
$
|
0.03
|
Diluted
|
|
$
|
0.40
|
|
$
|
0.32
|
|
$
|
0.06
|
|
$
|
1.01
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
216,618
|
|
|
216,647
|
|
|
215,640
|
|
|
216,518
|
|
|
215,646
|
Diluted
|
|
|
216,618
|
|
|
216,647
|
|
|
215,640
|
|
|
216,518
|
|
|
215,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RPC INCORPORATED AND
SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
126,424
|
|
$
|
82,433
|
Accounts receivable,
net
|
|
416,568
|
|
|
258,635
|
Inventories
|
|
97,107
|
|
|
78,983
|
Income taxes
receivable
|
|
42,403
|
|
|
58,504
|
Prepaid
expenses
|
|
17,753
|
|
|
9,773
|
Other current
assets
|
|
3,086
|
|
|
3,682
|
Total current
assets
|
|
703,341
|
|
|
492,010
|
Property, plant and
equipment, net
|
|
333,093
|
|
|
254,408
|
Operating lease
right-of-use assets
|
|
28,864
|
|
|
24,572
|
Finance lease
right-of-use assets
|
|
-
|
|
|
20,327
|
Goodwill
|
|
32,150
|
|
|
32,150
|
Other assets
|
|
31,565
|
|
|
40,898
|
Total
assets
|
$
|
1,129,013
|
|
$
|
864,365
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Accounts
payable
|
$
|
115,213
|
|
$
|
74,404
|
Accrued payroll and
related expenses
|
|
33,161
|
|
|
15,350
|
Accrued insurance
expenses
|
|
3,232
|
|
|
10,129
|
Accrued state, local
and other taxes
|
|
4,296
|
|
|
1,905
|
Income taxes
payable
|
|
499
|
|
|
656
|
Pension
liabilities
|
|
9,610
|
|
|
-
|
Current portion of
operating lease liabilities
|
|
10,728
|
|
|
6,387
|
Current portion of
finance lease liabilities
|
|
-
|
|
|
20,194
|
Other accrued
expenses
|
|
1,864
|
|
|
1,824
|
Total current
liabilities
|
|
178,603
|
|
|
130,849
|
Long-term accrued
insurance expenses
|
|
7,149
|
|
|
11,770
|
Long-term pension and
retirement plans liabilities
|
|
23,106
|
|
|
35,376
|
Long-term operating
lease liabilities
|
|
19,517
|
|
|
19,719
|
Other long-term
liabilities
|
|
5,430
|
|
|
7,111
|
Deferred income
taxes
|
|
37,473
|
|
|
17,749
|
Total
liabilities
|
|
271,278
|
|
|
222,574
|
Common
stock
|
|
21,661
|
|
|
21,563
|
Capital in excess of
par value
|
|
-
|
|
|
-
|
Retained
earnings
|
|
856,013
|
|
|
640,936
|
Accumulated other
comprehensive loss
|
|
(19,939)
|
|
|
(20,708)
|
Total
stockholders' equity
|
|
857,735
|
|
|
641,791
|
Total
liabilities and stockholders' equity
|
$
|
1,129,013
|
|
$
|
864,365
|
|
|
|
|
|
|
Appendix A
RPC has used the non-GAAP financial measures of earnings before
interest, taxes, depreciation and amortization (EBITDA) and
adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA) in today's earnings release, and
anticipates using EBITDA and adjusted EBITDA in today's earnings
conference call. EBITDA and adjusted EBITDA should not be
considered in isolation or as a substitute for net loss or other
performance measures prepared in accordance with GAAP.
RPC uses EBITDA and adjusted EBITDA as a measure of operating
performance because it allows us to compare performance
consistently over various periods without regard to changes in our
capital structure or non-recurring items. We are also required to
use EBITDA to report compliance with financial covenants under our
revolving credit facility.
A non-GAAP financial measure is a numerical measure of financial
performance, financial position, or cash flows that either 1)
excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet or statement of cash
flows, or 2) includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of net loss to EBITDA and adjusted
EBITDA, the most comparable GAAP measures. This
reconciliation also appears on RPC's investor website, which can be
found on the Internet at rpc.net.
The Reconciliation of Net Income to EBITDA and Adjusted EBITDA
is shown below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Periods ended,
(Unaudited)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
(In
thousands)
|
|
|
December 31,
2022
|
|
|
September 30,
2022
|
|
|
December 31,
2021
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|
December 31,
2022
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|
December 31,
2021
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Reconciliation of
Net Income to EBITDA and Adjusted EBITDA
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|
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|
Net Income
|
|
$
|
87,005
|
|
$
|
69,340
|
|
$
|
12,339
|
|
$
|
218,363
|
|
$
|
7,217
|
Add:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision
|
|
|
26,562
|
|
|
22,949
|
|
|
8,021
|
|
|
71,269
|
|
|
9,231
|
Interest expense
|
|
|
71
|
|
|
143
|
|
|
166
|
|
|
614
|
|
|
1,929
|
Depreciation and
amortization
|
|
|
22,516
|
|
|
20,941
|
|
|
18,911
|
|
|
83,017
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|
|
72,686
|
Less:
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|
|
|
|
|
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|
|
|
|
|
|
|
|
Interest income
|
|
|
699
|
|
|
329
|
|
|
12
|
|
|
1,171
|
|
|
59
|
EBITDA
|
|
$
|
135,455
|
|
$
|
113,044
|
|
$
|
39,425
|
|
$
|
372,092
|
|
$
|
91,004
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
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Pension settlement
charges
|
|
|
2,921
|
|
|
-
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|
|
-
|
|
|
2,921
|
|
|
-
|
Adjusted
EBITDA
|
|
$
|
138,376
|
|
$
|
113,044
|
|
$
|
39,425
|
|
$
|
375,013
|
|
$
|
91,004
|
|
|
|
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Appendix B
RPC, Inc. has used the non-GAAP financial measures of adjusted
net income and adjusted diluted earnings per share, in today's
earnings release and anticipates using these non-GAAP financial
measures in today's earnings conference call. These measures
should not be considered in isolation or as a substitute for net
loss, loss per share, or other performance measures prepared in
accordance with GAAP.
Management believes that presenting the financial measures of
adjusted net loss and adjusted loss per share, enable us to compare
our operating performance consistently over various time periods
without regard to non-recurring items.
A non-GAAP financial measure is a numerical measure of financial
performance, financial position, or cash flows that either 1)
excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet or statement of cash
flows, or 2) includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of this non-GAAP measure with its
most comparable GAAP measures. This reconciliation also
appears on RPC, Inc.'s investor website, which can be found on the
Internet at rpc.net.
The Reconciliation of Net Income to Adjusted Net Income and the
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted
Earnings Per Share is shown below:
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Periods ended,
(Unaudited)
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Three Months
Ended
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|
Twelve Months
Ended
|
(In
thousands)
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|
December 31,
2022
|
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|
September 30,
2022
|
|
|
December 31,
2021
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted Net Income
|
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|
|
|
|
|
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|
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|
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|
|
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|
|
|
|
|
|
|
Net Income
|
|
$
|
87,005
|
|
$
|
69,340
|
|
$
|
12,339
|
|
$
|
218,363
|
|
$
|
7,217
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
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Pension settlement charges,
net of tax
|
|
|
2,202
|
|
|
-
|
|
|
-
|
|
|
2,202
|
|
|
-
|
Adjusted Net
Income
|
|
$
|
89,207
|
|
$
|
69,340
|
|
$
|
12,339
|
|
$
|
220,565
|
|
$
|
7,217
|
|
|
|
|
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Reconciliation of
Diluted Earnings Per Share to Adjusted Diluted Earnings Per
Share
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Diluted Earnings Per
Share
|
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$
|
0.40
|
|
$
|
0.32
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|
$
|
0.06
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|
$
|
1.01
|
|
$
|
0.03
|
Add:
|
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|
|
|
|
|
|
|
|
|
|
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|
Pension settlement charges, net of tax
|
|
$
|
0.01
|
|
$
|
0.00
|
|
$
|
0.00
|
|
$
|
0.01
|
|
$
|
0.00
|
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|
|
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Adjusted Diluted Earnings Per Share
|
|
$
|
0.41
|
|
$
|
0.32
|
|
$
|
0.06
|
|
$
|
1.02
|
|
$
|
0.03
|
|
|
|
|
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|
|
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|
|
|
|
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|
Weighted Average Shares
Outstanding
|
|
|
216,618
|
|
|
216,647
|
|
|
215,640
|
|
|
216,518
|
|
|
215,646
|
|
|
|
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|
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|
1 EBITDA and adjusted EBITDA are financial measures
which do not conform to GAAP. Additional disclosure regarding these
non-GAAP financial measures and their reconciliation to net income,
the nearest GAAP financial measures, are disclosed in Appendix A to
this press release.
2 Adjusted net income and adjusted diluted earnings per
share are financial measures which do not conform to GAAP.
Additional disclosure regarding these non-GAAP financial measures
and their reconciliation to net income and diluted earnings per
share, the nearest GAAP financial measures, are disclosed in
Appendix B to this press release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rpc-inc-reports-fourth-quarter-and-full-year-2022-financial-results-301729891.html
SOURCE RPC, Inc.