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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
washington, d.c. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 25, 2023
RPC, INC.
(Exact name of registrant as specified in
its charter)
Delaware |
1-8726 |
58-1550825 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
2801 Buford Highway NE, Suite 300, Atlanta, Georgia 30329
(Address of principal executive office) (zip code)
Registrant's telephone number, including area code: (404) 321-2140
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.10 par value |
|
RES |
|
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item
2.02 Results of Operations and Financial Condition.
On October 25, 2023, RPC, Inc. issued a press release titled
"RPC, Inc. Reports Third Quarter 2023 Financial Results," announcing the financial results for the third quarter ended September
30, 2023.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, RPC, Inc. has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
RPC, Inc. |
|
|
Date: October 25, 2023 |
/s/ Michael L. Schmit |
|
Michael L. Schmit |
|
Vice President and Chief Financial Officer |
Exhibit
99.1
RPC,
Inc. Reports Third Quarter 2023 Financial Results
ATLANTA,
October 25, 2023 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the third quarter and nine months ended September
30, 2023. 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.
“RPC’s
third quarter 2023 operating results for the majority of our service lines were relatively stable sequentially except for the even
weaker than expected decline in pressure pumping,” stated Ben M. Palmer, RPC’s President and Chief Executive Officer.
“We believed this pressure pumping weakness would prove temporary and made the decision to maintain our pricing discipline and
service readiness. This decision resulted in carrying costs during the quarter in anticipation of a busy fourth quarter calendar
working at acceptable terms. A highlight for the quarter was the recently acquired Spinnaker cementing business. The integration has
proceeded smoothly and the business positively contributed to our financial results,” concluded Palmer.
Consolidated
Financial Results
For
the quarter ended September 30, 2023, RPC generated revenues of $330.4 million, a decrease compared to $415.9 million in the second
quarter. Revenues fell primarily due to declines in RPC’s pressure pumping business due to lower customer activity, partially
offset by a full quarter of financial results from our recent cementing acquisition. Operating profit for the third quarter of 2023
was $22.7 million compared to $82.4 million in the second quarter. Net income for the third quarter of 2023 was $18.3 million, or
$0.08 diluted earnings per share, compared to net income of $65.0 million, or $0.30 diluted earnings per share, in the second
quarter.
Adjusted
operating profit1 for the third quarter of 2023 was $22.7 million compared to $83.3 million in the second quarter of
2023. Adjusted net income2 for the third quarter of 2023 was $18.3 million, or $0.08 adjusted diluted earnings per
share2, compared to adjusted net income of $65.7 million, or $0.30 adjusted diluted earnings per share, in the second
quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA)3 for the third
quarter of 2023, for which there was no adjustment, was $51.9 million, a decrease compared to $110.1 million in the second quarter.
1Adjusted
operating profit is a financial measure which does not conform to GAAP. Additional disclosure regarding this non-GAAP financial measure
and its reconciliation to operating profit, the nearest GAAP financial measure, is disclosed in Appendix A to this press release.
2Adjusted
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 income per share, the nearest GAAP financial measures, are
disclosed in Appendix B to this press release.
3Adjusted
EBITDA and 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 measure, are disclosed in Appendix C to this press release.
Page 2
Third Quarter 2023 Earnings Release
Cost of revenues, which excludes depreciation and amortization, during
the third quarter of 2023 was $239.1 million compared to $265.8 million in the second quarter. These costs as a percentage of revenues
were 72.4 percent in the third quarter of 2023, an increase compared to 63.9 percent of revenues in the second quarter because of lower
revenues and the relatively fixed nature of direct employment costs. Selling, general and administrative expenses were $42.0 million in
the third quarter of 2023 compared to $43.6 million in the second quarter of 2023. Depreciation and amortization was $28.4 million in
the third quarter of 2023 compared to $26.2 million in the second quarter of 2023.
RPC’s revenues for the quarter ended September 30, 2023 decreased
by $129.2 million, or 28.1 percent, compared to the third quarter of the prior year due to lower activity levels and more competitive
pricing. Cost of revenues, which excludes depreciation and amortization, during the third quarter of 2023 decreased by $70.7 million compared
to the third quarter of 2022. As a percentage of revenues, cost of revenues increased to 72.4 percent in the third quarter of 2023 from
67.4 percent in the third quarter of 2022.
Selling,
general and administrative expenses increased by $3.8 million in the third quarter of 2023 compared to the third quarter of the prior
year. RPC’s operating profit in the third quarter of 2023 was $22.7 million, compared to $92.2 million in the third quarter of
2022. Net income for the third quarter of 2023 was $18.3 million compared to $69.3 million in the third quarter of 2022. EBITDA3,
in the third quarter of 2023 was $51.9 million compared to $113.0 million in the third quarter of 2022.
For
the nine months ended September 30, 2023, revenues increased 9.2 percent to $1.2 billion compared to $1.1 billion for the same period
last year. Net income for the nine-month period was $154.9 million, or $0.71 diluted earnings per share, compared to net income of $131.4
million, or $0.61 diluted earnings per share, in the same period last year.
Rig
Count and Commodity Price Statistics
The
average U.S. domestic rig count during the third quarter of 2023 was 649, a 9.7 percent decrease compared to the second quarter of 2023,
and a 14.7 percent decrease compared to the third quarter of 2022. The average price of oil during the third quarter of 2023 was $82.17
per barrel, an 11.7 percent increase compared to the second quarter of 2023, but an 11.5 percent decrease compared to the third quarter
of 2022. The average price of natural gas during the third quarter of 2023 was $2.59 per Mcf, an increase of 19.9 percent compared to
the second quarter of 2023, but a 67.8 percent decrease compared to the third quarter of the prior year.
Page 3
Third Quarter 2023 Earnings Release
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, cementing, 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 third quarter 2023 revenues decreased by 22.3 percent compared to the prior quarter and decreased by 30.5 percent compared to
the same period of the prior year. Technical Services generated an operating profit of $18.9 million in the third quarter of 2023 compared
to $77.0 million in the prior quarter and an operating profit of $89.5 million in the third quarter of the prior year. The year-over-year
declines in Technical Services operating results were driven by lower pressure pumping revenues, the largest service line within Technical
Services.
Support
Services revenues increased by 5.8 percent during the third quarter of 2023 compared to the prior quarter and increased by 14.8 percent
compared to the same period of the prior year. The increases in revenues were due to higher activity levels in rental tools as compared
to both comparable periods. Support Services generated an operating profit of $6.9 million in the third quarter of 2023 and $7.9 million
in the second quarter of 2023. Third quarter 2023 Support Services operating profit increased by $1.6 million compared to the third quarter
of the prior year due to higher activity levels and leverage of higher revenues over costs that are fixed during the short term.
Page 4
Third Quarter 2023 Earnings Release
(In thousands) | |
Three Months Ended | | |
Nine Months Ended | |
(Unaudited) | |
September 30, | | |
June 30, | | |
September 30, | | |
September 30, | |
| |
2023 | | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | |
Technical Services | |
$ | 303,069 | | |
$ | 390,018 | | |
$ | 435,775 | | |
$ | 1,145,078 | | |
$ | 1,058,227 | |
Support Services | |
| 27,348 | | |
| 25,840 | | |
| 23,826 | | |
| 77,865 | | |
| 61,505 | |
Total revenues | |
$ | 330,417 | | |
$ | 415,858 | | |
$ | 459,601 | | |
$ | 1,222,943 | | |
$ | 1,119,732 | |
Operating profit: | |
| | | |
| | | |
| | | |
| | | |
| | |
Technical Services | |
$ | 18,912 | | |
$ | 77,017 | | |
$ | 89,455 | | |
$ | 199,462 | | |
$ | 171,093 | |
Support Services | |
| 6,861 | | |
| 7,920 | | |
| 5,278 | | |
| 21,425 | | |
| 11,392 | |
Corporate expenses | |
| (4,840 | ) | |
| (4,672 | ) | |
| (4,106 | ) | |
| (14,593 | ) | |
| (13,160 | ) |
Pension settlement charges | |
| - | | |
| (911 | ) | |
| - | | |
| (18,286 | ) | |
| - | |
Gain on disposition of assets, net | |
| 1,778 | | |
| 3,015 | | |
| 1,543 | | |
| 7,729 | | |
| 6,295 | |
Total operating profit | |
$ | 22,711 | | |
$ | 82,369 | | |
$ | 92,170 | | |
$ | 195,737 | | |
$ | 175,620 | |
Interest expense | |
| (101 | ) | |
| (73 | ) | |
| (143 | ) | |
| (246 | ) | |
| (543 | ) |
Interest income | |
| 1,450 | | |
| 2,698 | | |
| 329 | | |
| 6,003 | | |
| 472 | |
Other income (expense), net | |
| 804 | | |
| 631 | | |
| (67 | ) | |
| 2,196 | | |
| 516 | |
Income before income taxes | |
$ | 24,864 | | |
$ | 85,625 | | |
$ | 92,289 | | |
$ | 203,690 | | |
$ | 176,065 | |
RPC,
Inc. will hold a conference call today, October 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. Such forward-looking statements include statements that look forward in time
or express management’s beliefs, expectations or hopes. In particular, such statements include, without limitation, our
expectations regarding a busy calendar in the fourth quarter working at acceptable terms. 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, 2022.
Page 5
Third Quarter 2023 Earnings Release
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
Page 6
Third Quarter 2023 Earnings Release
RPC INCORPORATED AND SUBSIDIARIES | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) | |
| | |
| | |
| |
| |
| | |
| | |
| |
| |
Three Months Ended | | |
Nine Months Ended | |
Periods ended, (Unaudited) | |
September 30, 2023 | | |
June 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
REVENUES | |
$ | 330,417 | | |
$ | 415,858 | | |
$ | 459,601 | | |
$ | 1,222,943 | | |
$ | 1,119,732 | |
COSTS AND EXPENSES: | |
| | | |
| | | |
| | | |
| | | |
| | |
Cost of revenues (exclusive of depreciation and amortization shown separately below) | |
| 239,084 | | |
| 265,786 | | |
| 309,790 | | |
| 810,120 | | |
| 779,544 | |
Selling, general and administrative expenses | |
| 42,012 | | |
| 43,604 | | |
| 38,243 | | |
| 127,813 | | |
| 110,362 | |
Pension settlement charges | |
| - | | |
| 911 | | |
| - | | |
| 18,286 | | |
| - | |
Depreciation and amortization | |
| 28,388 | | |
| 26,203 | | |
| 20,941 | | |
| 78,716 | | |
| 60,501 | |
Gain on disposition of assets, net | |
| (1,778 | ) | |
| (3,015 | ) | |
| (1,543 | ) | |
| (7,729 | ) | |
| (6,295 | ) |
Operating profit | |
| 22,711 | | |
| 82,369 | | |
| 92,170 | | |
| 195,737 | | |
| 175,620 | |
Interest expense | |
| (101 | ) | |
| (73 | ) | |
| (143 | ) | |
| (246 | ) | |
| (543 | ) |
Interest income | |
| 1,450 | | |
| 2,698 | | |
| 329 | | |
| 6,003 | | |
| 472 | |
Other income (expense), net | |
| 804 | | |
| 631 | | |
| (67 | ) | |
| 2,196 | | |
| 516 | |
Income before income taxes | |
| 24,864 | | |
| 85,625 | | |
| 92,289 | | |
| 203,690 | | |
| 176,065 | |
Income tax provision | |
| 6,547 | | |
| 20,612 | | |
| 22,949 | | |
| 48,836 | | |
| 44,707 | |
NET INCOME | |
$ | 18,317 | | |
$ | 65,013 | | |
$ | 69,340 | | |
$ | 154,854 | | |
$ | 131,358 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
EARNINGS PER SHARE | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.08 | | |
$ | 0.30 | | |
$ | 0.32 | | |
$ | 0.71 | | |
$ | 0.61 | |
Diluted | |
$ | 0.08 | | |
$ | 0.30 | | |
$ | 0.32 | | |
$ | 0.71 | | |
$ | 0.61 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE SHARES OUTSTANDING | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 216,333 | | |
| 216,398 | | |
| 216,647 | | |
| 216,631 | | |
| 216,485 | |
Diluted | |
| 216,333 | | |
| 216,398 | | |
| 216,647 | | |
| 216,631 | | |
| 216,485 | |
Page 7
Third Quarter 2023 Earnings Release
RPC INCORPORATED AND SUBSIDIARIES | |
| | |
| |
| |
| | |
| |
CONSOLIDATED BALANCE SHEETS | |
| | |
| |
| |
| | |
| |
| |
(In thousands) | |
| |
September 30,
2023 | | |
December 31,
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 171,874 | | |
$ | 126,424 | |
Accounts receivable, net | |
| 326,778 | | |
| 416,568 | |
Inventories | |
| 109,969 | | |
| 97,107 | |
Income taxes receivable | |
| 62,889 | | |
| 42,403 | |
Prepaid expenses | |
| 11,701 | | |
| 17,753 | |
Other current assets | |
| 3,228 | | |
| 3,086 | |
Total current assets | |
| 686,439 | | |
| 703,341 | |
Property, plant and equipment, net | |
| 436,336 | | |
| 333,093 | |
Operating lease right-of-use assets | |
| 25,567 | | |
| 28,864 | |
Finance lease right-of-use assets | |
| 1,101 | | |
| - | |
Goodwill | |
| 50,824 | | |
| 32,150 | |
Other intangibles, net | |
| 13,354 | | |
| 1,084 | |
Other assets | |
| 33,752 | | |
| 30,481 | |
Total assets | |
$ | 1,247,373 | | |
$ | 1,129,013 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Accounts payable | |
$ | 88,389 | | |
$ | 115,213 | |
Accrued payroll and related expenses | |
| 27,909 | | |
| 33,161 | |
Accrued insurance expenses | |
| 6,760 | | |
| 3,232 | |
Accrued state, local and other taxes | |
| 6,196 | | |
| 4,296 | |
Income taxes payable | |
| 259 | | |
| 499 | |
Pension liabilities | |
| - | | |
| 9,610 | |
Current portion of operating lease liabilities | |
| 7,959 | | |
| 10,728 | |
Accrued expenses and other liabilities | |
| 2,640 | | |
| 1,864 | |
Total current liabilities | |
| 140,112 | | |
| 178,603 | |
Long-term accrued insurance expenses | |
| 9,489 | | |
| 7,149 | |
Long-term retirement plan liabilities | |
| 21,898 | | |
| 23,106 | |
Deferred income taxes | |
| 50,472 | | |
| 37,473 | |
Long-term operating lease liabilities | |
| 19,040 | | |
| 19,517 | |
Long-term finance lease liabilities | |
| 882 | | |
| - | |
Other long-term liabilities | |
| 7,724 | | |
| 5,430 | |
Total liabilities | |
| 249,617 | | |
| 271,278 | |
Common stock | |
| 21,623 | | |
| 21,661 | |
Capital in excess of par value | |
| - | | |
| - | |
Retained earnings | |
| 978,496 | | |
| 856,013 | |
Accumulated other comprehensive loss | |
| (2,363 | ) | |
| (19,939 | ) |
Total stockholders' equity | |
| 997,756 | | |
| 857,735 | |
Total liabilities and stockholders' equity | |
$ | 1,247,373 | | |
$ | 1,129,013 | |
Page 8
Third Quarter 2023 Earnings Release
Appendix
A
RPC,
Inc. has used the non-GAAP financial measure of adjusted operating profit in today's earnings release and anticipates using this non-GAAP
financial measure in today's earnings conference call. This measure should not be considered in isolation or as a substitute for operating
profit, or other performance measures prepared in accordance with GAAP.
Management
believes that presenting the financial measure of adjusted operating profit enables us to compare our operating performance consistently
over various time periods.
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 directly comparable GAAP
measure. This reconciliation also appears on RPC, Inc.'s investor website, which can be found on the Internet at rpc.net.
The
Reconciliation of Operating Profit to Adjusted Operating Profit is shown below:
Periods ended, (Unaudited) | |
Three Months Ended | | |
Nine Months Ended | |
(In thousands) | |
September 30,
2023 | | |
June 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2022 | |
Reconciliation of Operating Profit to Adjusted Operating Profit | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating Profit | |
$ | 22,711 | | |
$ | 82,369 | | |
$ | 92,170 | | |
$ | 195,737 | | |
$ | 175,620 | |
Add: | |
| | | |
| | | |
| | | |
| | | |
| | |
Pension settlement charges | |
| - | | |
| 911 | | |
| - | | |
| 18,286 | | |
| - | |
Adjusted Operating Profit | |
$ | 22,711 | | |
$ | 83,280 | | |
$ | 92,170 | | |
$ | 214,023 | | |
$ | 175,620 | |
Page 9
Third Quarter 2023 Earnings Release
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 income, income per share, or other performance measures prepared in accordance with GAAP.
Management
believes that presenting the financial measures of adjusted net income and adjusted income per share, enable us to compare our operating
performance consistently over various time periods.
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 these non-GAAP measures with their most directly comparable
GAAP measures. This reconciliation also appears on RPC, Inc.'s investor website, which can be found on the Internet at rpc.net.
Page 10
Third Quarter 2023 Earnings Release
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:
Periods ended, (Unaudited) | |
Three Months Ended | | |
Nine Months Ended | |
(In thousands) | |
September 30, 2023 | | |
June 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
Reconciliation of Net Income to Adjusted Net Income | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | 18,317 | | |
$ | 65,013 | | |
$ | 69,340 | | |
$ | 154,854 | | |
$ | 131,358 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | | |
| | |
Pension settlement charges, before taxes | |
| - | | |
| 911 | | |
| - | | |
| 18,286 | | |
| - | |
Tax effect of pension settlement charges * | |
| - | | |
| (220 | ) | |
| - | | |
| (4,389 | ) | |
| - | |
Total adjustments, net of tax | |
| - | | |
| 691 | | |
| - | | |
| 13,897 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted Net Income | |
$ | 18,317 | | |
$ | 65,704 | | |
$ | 69,340 | | |
$ | 168,751 | | |
$ | 131,358 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
* The sum of adjustments for the three-month periods presented
may differ from the amounts for the six month period due to the differences in effective tax rate for each period. |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Diluted Earnings Per Share | |
$ | 0.08 | | |
$ | 0.30 | | |
$ | 0.32 | | |
$ | 0.71 | | |
$ | 0.61 | |
Add: | |
| | | |
| | | |
| | | |
| | | |
| | |
Pension settlement charges, net of tax | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.00 | | |
$ | 0.07 | | |
$ | 0.00 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted Diluted Earnings Per Share | |
$ | 0.08 | | |
$ | 0.30 | | |
$ | 0.32 | | |
$ | 0.78 | | |
$ | 0.61 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted Average Shares Outstanding | |
| 216,333 | | |
| 216,398 | | |
| 216,647 | | |
| 216,631 | | |
| 216,485 | |
Appendix
C
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 income or other performance measures prepared in accordance with GAAP.
RPC
uses EBITDA and adjusted EBITDA as measures of operating performance because they allow us to compare performance consistently over various
periods without regard to changes in our capital structure. Adjusted EBITDA is useful to compare operating performance net of unusual
or non-recurring charges. 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 income, the most directly comparable GAAP measure, to
EBITDA and adjusted EBITDA. This reconciliation also appears on RPC's investor website, which can be found on the Internet at rpc.net.
Page 11
Third Quarter 2023 Earnings Release
The
Reconciliation of Net Income to EBITDA and Adjusted EBITDA is shown below:
| |
Three Months Ended | | |
Nine Months Ended | |
(In thousands) | |
September 30, 2023 | | |
June 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | 18,317 | | |
$ | 65,013 | | |
$ | 69,340 | | |
$ | 154,854 | | |
$ | 131,358 | |
Add: | |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax provision | |
| 6,547 | | |
| 20,612 | | |
| 22,949 | | |
| 48,836 | | |
| 44,707 | |
Interest expense | |
| 101 | | |
| 73 | | |
| 143 | | |
| 246 | | |
| 543 | |
Depreciation and amortization | |
| 28,388 | | |
| 26,203 | | |
| 20,941 | | |
| 78,716 | | |
| 60,501 | |
Less: | |
| | | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 1,450 | | |
| 2,698 | | |
| 329 | | |
| 6,003 | | |
| 472 | |
EBITDA | |
$ | 51,903 | | |
$ | 109,203 | | |
$ | 113,044 | | |
$ | 276,649 | | |
$ | 236,637 | |
Add: | |
| | | |
| | | |
| | | |
| | | |
| | |
Pension settlement charges | |
| - | | |
| 911 | | |
| - | | |
| 18,286 | | |
| - | |
Adjusted EBITDA | |
$ | 51,903 | | |
$ | 110,114 | | |
$ | 113,044 | | |
$ | 294,935 | | |
$ | 236,637 | |
v3.23.3
Cover
|
Oct. 25, 2023 |
Cover [Abstract] |
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RPC, INC.
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