RPC, Inc. Reports Fourth Quarter And Full Year 2024 Financial Results And Declares Regular Quarterly Cash Dividend
RPC Inc. (NYSE: RES) reported its Q4 and full-year 2024 financial results. Q4 revenues decreased 1% sequentially to $335.4 million, with net income falling 32% to $12.8 million ($0.06 EPS). Adjusted EBITDA was $46.1 million, down 17% with a 13.7% margin.
For full-year 2024, revenues declined 13% to $1.4 billion, with net income of $91.4 million ($0.43 EPS). The company generated $349.4 million in operating cash flow and $129.5 million in free cash flow. RPC maintained a debt-free status, paid $34.4 million in dividends, and repurchased $9.9 million of common stock.
The company plans capital spending of $150-200 million in 2025 and ended 2024 with over $300 million in cash. The Board declared a quarterly dividend of $0.04 per share, payable March 10, 2025.
RPC Inc. (NYSE: RES) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024. Le entrate del quarto trimestre sono diminuite dell'1% rispetto al trimestre precedente, raggiungendo i 335,4 milioni di dollari, con un utile netto in calo del 32% a 12,8 milioni di dollari (0,06 dollari per azione). L'EBITDA rettificato è stato di 46,1 milioni di dollari, in diminuzione del 17%, con un margine del 13,7%.
Per l'intero anno 2024, le entrate sono diminuiti del 13%, raggiungendo 1,4 miliardi di dollari, con un utile netto di 91,4 milioni di dollari (0,43 dollari per azione). L'azienda ha generato 349,4 milioni di dollari di flusso di cassa operativo e 129,5 milioni di dollari di flusso di cassa libero. RPC ha mantenuto uno stato di assenza di debito, ha pagato 34,4 milioni di dollari in dividendi e ha riacquistato 9,9 milioni di dollari di azioni ordinarie.
L'azienda prevede spese in conto capitale comprese tra 150 e 200 milioni di dollari nel 2025 e ha chiuso il 2024 con oltre 300 milioni di dollari in contante. Il Consiglio ha dichiarato un dividendo trimestrale di 0,04 dollari per azione, pagabile il 10 marzo 2025.
RPC Inc. (NYSE: RES) reportó sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos del cuarto trimestre disminuyeron un 1% secuencialmente, alcanzando los 335,4 millones de dólares, con un ingreso neto cayendo un 32% a 12,8 millones de dólares (0,06 dólares por acción). El EBITDA ajustado fue de 46,1 millones de dólares, un 17% menos, con un margen del 13,7%.
Para el año completo 2024, los ingresos cayeron un 13% a 1,4 mil millones de dólares, con un ingreso neto de 91,4 millones de dólares (0,43 dólares por acción). La compañía generó 349,4 millones de dólares en flujo de caja operativo y 129,5 millones de dólares en flujo de caja libre. RPC mantuvo un estatus libre de deudas, pagó 34,4 millones de dólares en dividendos y recompró 9,9 millones de dólares en acciones comunes.
La empresa planea gastos de capital de entre 150 y 200 millones de dólares en 2025 y cerró 2024 con más de 300 millones de dólares en efectivo. La Junta declaró un dividendo trimestral de 0,04 dólares por acción, pagadero el 10 de marzo de 2025.
RPC Inc. (NYSE: RES)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 4분기 매출은 전년 대비 1% 감소하여 3억 3천5백40만 달러에 이르렀으며, 순이익은 32% 감소한 1천280만 달러(주당 0.06달러)였습니다. 조정된 EBITDA는 4천610만 달러로 17% 감소했으며, 13.7%의 마진을 기록했습니다.
2024년 전체 매출은 13% 감소하여 14억 달러에 이르렀고, 순이익은 9천140만 달러(주당 0.43달러)였습니다. 이 회사는 3억 4천9백40만 달러의 운영 현금 흐름과 1억 2천9백50만 달러의 자유 현금 흐름을 창출했습니다. RPC는 무부채 상태를 유지하며, 3천4백만 달러의 배당금을 지급하고 9백90만 달러의 보통주를 재매입했습니다.
회사는 2025년에 1억 5천만 달러에서 2억 달러의 자본 지출을 계획하고 있으며, 2024년을 현금 3억 달러 이상으로 마감했습니다. 이사회는 주당 0.04달러의 분기 배당금을 선언했으며, 2025년 3월 10일에 지급될 예정입니다.
RPC Inc. (NYSE: RES) a annoncé ses résultats financiers du quatrième trimestre et de l'année 2024. Les revenus du quatrième trimestre ont diminué de 1 % par rapport au trimestre précédent, atteignant 335,4 millions de dollars, avec un bénéfice net en baisse de 32 % à 12,8 millions de dollars (0,06 $ par action). L'EBITDA ajusté était de 46,1 millions de dollars, en baisse de 17 %, avec une marge de 13,7 %.
Pour l'année 2024, les revenus ont chuté de 13 % à 1,4 milliard de dollars, avec un bénéfice net de 91,4 millions de dollars (0,43 $ par action). L'entreprise a généré 349,4 millions de dollars de flux de trésorerie d'exploitation et 129,5 millions de dollars de flux de trésorerie disponible. RPC a maintenu un statut sans dette, a versé 34,4 millions de dollars en dividendes et a racheté pour 9,9 millions de dollars d'actions ordinaires.
L'entreprise prévoit des investissements en capital de 150 à 200 millions de dollars en 2025 et a terminé l'année 2024 avec plus de 300 millions de dollars en espèces. Le Conseil a déclaré un dividende trimestriel de 0,04 $ par action, payable le 10 mars 2025.
RPC Inc. (NYSE: RES) hat seine Finanzberichte für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Die Einnahmen im vierten Quartal sind im Vergleich zum Vorquartal um 1% auf 335,4 Millionen Dollar gesunken, während der Nettogewinn um 32% auf 12,8 Millionen Dollar (0,06 Dollar pro Aktie) fiel. Bereinigtes EBITDA lag bei 46,1 Millionen Dollar, was einem Rückgang von 17% und einer Marge von 13,7% entspricht.
Für das Gesamtjahr 2024 sanken die Einnahmen um 13% auf 1,4 Milliarden Dollar, mit einem Nettogewinn von 91,4 Millionen Dollar (0,43 Dollar pro Aktie). Das Unternehmen generierte 349,4 Millionen Dollar an operativem Cashflow und 129,5 Millionen Dollar an freiem Cashflow. RPC behielt einen schuldenfreien Status bei, zahlte 34,4 Millionen Dollar an Dividenden und kaufte Aktien im Wert von 9,9 Millionen Dollar zurück.
Das Unternehmen plant Investitionen von 150 bis 200 Millionen Dollar im Jahr 2025 und schloss das Jahr 2024 mit über 300 Millionen Dollar in bar ab. Der Vorstand erklärte eine vierteljährliche Dividende von 0,04 Dollar pro Aktie, die am 10. März 2025 fällig ist.
- Debt-free balance sheet with $326 million cash position
- Strong operating cash flow of $349.4 million in 2024
- Free cash flow generation of $129.5 million
- Continued shareholder returns through dividends ($34.4M) and share buybacks ($9.9M)
- Q4 revenues decreased 1% sequentially to $335.4M
- Q4 net income declined 32% sequentially to $12.8M
- Full-year 2024 revenues dropped 13% to $1.4B
- Adjusted EBITDA margin decreased 270 basis points to 13.7%
- Highly competitive market conditions affecting pricing
Insights
The Q4 2024 results reveal concerning trends in RPC's operational efficiency and market positioning. The
The Technical Services segment, particularly pressure pumping, faces an increasingly competitive landscape, evidenced by pricing pressures despite improved utilization. This dynamic suggests potential market share preservation at the expense of margins. The Support Services segment's sharp
However, RPC's financial strategy demonstrates prudent management:
- Maintained a robust balance sheet with
$326 million cash position - Generated substantial free cash flow of
$129.5 million - Balanced capital returns through
$34.4 million in dividends and$9.9 million in share repurchases
The planned capital expenditure of
The lowered effective tax rate of
* Non-GAAP and adjusted measures, including adjusted operating income, adjusted net income, adjusted earnings per share (diluted), EBITDA and adjusted EBITDA, adjusted EBITDA margin, and free cash flow are reconciled to the most comparable GAAP measures in the appendices of this earnings release.
* Sequential comparisons are to 3Q:24. The Company believes quarterly sequential comparisons are most useful in assessing industry trends and RPC's recent financial results. Both sequential and year-over-year comparisons are available in the tables at the end of this earnings release.
Fourth Quarter 2024 Results
- Revenues decreased
1% sequentially to$335.4 million - Net income was
, down$12.8 million 32% sequentially, and diluted Earnings Per Share (EPS) was ; Net income margin decreased 180 basis points to$0.06 3.8% - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
, down$46.1 million 17% sequentially; Adjusted EBITDA margin decreased 270 basis points to13.7% - Results reflected improved utilization driving higher revenues in pressure pumping, while the Company's other service lines' revenues were generally lower due to seasonal softness
Full Year 2024 Results
- Revenues decreased
13% versus prior year to$1.4 billion - Net income was
and diluted Earnings Per Share (EPS) was$91.4 million ; Net income margin was$0.43 6.5% - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
; Adjusted EBITDA margin was$233.0 million 16.5% - Net cash flow from operating activities was
and free cash flow was$349.4 million $129.5 million - The Company remained debt-free, paid
in dividends, and repurchased$34.4 million of common stock in 2024 (including$9.9 million of buyback program repurchases)$7.5 million
Management Commentary
"We finished 2024 with a slight sequential improvement in pressure pumping results, while the rest of the business was generally soft, reflecting typically lower fourth quarter customer activity," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "The improved utilization of our pressure pumping assets, off a weak third quarter, was driven by tier 4 dual fuel asset demand. While there is some general energy sector optimism regarding the new presidential administration, the oilfield services industry remains highly competitive."
"Looking forward in 2025, we are optimistic about our new products and services in downhole tools gaining traction after early positive results in 2024. We plan to continue investing in innovation across the business and project capital spending in the range of
Selected Industry Data (Source: Baker Hughes, Inc., | ||||||||||||||||||||
4Q:24 | 3Q:24 | Change | % Change | 4Q:23 | Change | % Change | ||||||||||||||
586 | 586 | — | — | % | 622 | (36) | (5.8) % | |||||||||||||
Oil price ($/barrel) | $ | 70.59 | $ | 76.57 | $ | (5.98) | (7.8) | % | $ | 78.52 | $ | (7.93) | (10.1) % | |||||||
Natural gas ($/Mcf) | $ | 2.43 | $ | 2.10 | $ | 0.33 | 15.7 | % | $ | 2.74 | $ | (0.31) | (11.3) % |
4Q:24 Consolidated Financial Results (Sequential Comparisons versus 3Q:24)
Revenues were
Cost of revenues, which excludes depreciation and amortization of
Selling, general and administrative expenses were
Interest income totaled
Income tax provision was
Net income and diluted EPS were
Adjusted EBITDA was
Non-GAAP adjustments: there were no adjustments to GAAP performance measures in 4Q:24 other than those necessary to calculate EBITDA, Adjusted EBITDA and free cash flow (see Appendices A, B, C and D).
Balance Sheet, Cash Flow and Capital Allocation
Cash and cash equivalents were
Net cash provided by operating activities and free cash flow were
Payment of dividends totaled
Share repurchases totaled
Segment Operations: Sequential Comparisons (versus 3Q:24)
Technical Services performs value-added completion, production and maintenance services directly to a customer's well. These services include pressure pumping, downhole tools, coiled tubing, cementing, and other offerings.
- Revenues were essentially unchanged at
$314.6 million - Operating income was
, down$10.6 million 35% - Results were driven primarily by higher direct costs (insurance-related) and SG&A costs despite flat revenues
Support Services provides equipment for customer use or services to assist customer operations, including rental tools, and pipe inspection services and storage.
- Revenues were
, down$20.7 million 14% - Operating income was
, down$2.6 million 51% - Results were driven by lower activity in rental tools and the high fixed-cost nature of these service lines
Three Months Ended | Year Ended | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
Revenues: | |||||||||||||||
Technical Services | $ | 314,635 | $ | 313,492 | $ | 371,059 | $ | 1,326,005 | $ | 1,516,137 | |||||
Support Services | 20,726 | 24,160 | 23,472 | 88,994 | 101,337 | ||||||||||
Total revenues | $ | 335,361 | $ | 337,652 | $ | 394,531 | $ | 1,414,999 | $ | 1,617,474 | |||||
Operating income: | |||||||||||||||
Technical Services | $ | 10,603 | $ | 16,344 | $ | 46,442 | $ | 89,101 | $ | 245,904 | |||||
Support Services | 2,572 | 5,286 | 5,036 | 15,836 | 26,461 | ||||||||||
Corporate expenses | (4,515) | (4,216) | (3,880) | (15,598) | (18,473) | ||||||||||
Pension settlement charges | — | — | — | — | (18,286) | ||||||||||
Gain on disposition of assets, net | 1,857 | 1,790 | 1,615 | 8,199 | 9,344 | ||||||||||
Total operating income | $ | 10,517 | $ | 19,204 | $ | 49,213 | $ | 97,538 | $ | 244,950 | |||||
Interest expense | (130) | (261) | (95) | (724) | (341) | ||||||||||
Interest income | 3,303 | 3,523 | 2,596 | 13,134 | 8,599 | ||||||||||
Other income, net | 350 | 1,005 | 839 | 2,854 | 3,035 | ||||||||||
Income before income taxes | $ | 14,040 | $ | 23,471 | $ | 52,553 | $ | 112,802 | $ | 256,243 |
Conference Call Information
RPC, Inc. will hold a conference call today, January 30, 2025, 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 www.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.
About RPC
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
Forward Looking Statements
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: statements regarding our optimism about our new products and services in downhole tools gaining traction after early positive results in 2024, our plan to continue investing in innovation across the business, statements regarding projected capital spending in the range of
For information about RPC, Inc., please contact:
Mark Chekanow, CFA, Vice President Investor Relations
(404) 419-3809
mark.chekanow@rpc.net
Michael L. Schmit, Chief Financial Officer
(404) 321-2140
irdept@rpc.net
RPC INCORPORATED AND SUBSIDIARIES | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands except per share data) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
REVENUES | $ | 335,361 | $ | 337,652 | $ | 394,531 | $ | 1,414,999 | $ | 1,617,474 | |||||
COSTS AND EXPENSES: | |||||||||||||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) | 250,248 | 247,507 | 279,399 | 1,036,648 | 1,089,519 | ||||||||||
Selling, general and administrative expenses | 41,249 | 37,697 | 38,127 | 156,437 | 165,940 | ||||||||||
Pension settlement charges | — | — | — | — | 18,286 | ||||||||||
Depreciation and amortization | 35,204 | 35,034 | 29,407 | 132,575 | 108,123 | ||||||||||
Gain on disposition of assets, net | (1,857) | (1,790) | (1,615) | (8,199) | (9,344) | ||||||||||
Operating income | 10,517 | 19,204 | 49,213 | 97,538 | 244,950 | ||||||||||
Interest expense | (130) | (261) | (95) | (724) | (341) | ||||||||||
Interest income | 3,303 | 3,523 | 2,596 | 13,134 | 8,599 | ||||||||||
Other income, net | 350 | 1,005 | 839 | 2,854 | 3,035 | ||||||||||
Income before income taxes | 14,040 | 23,471 | 52,553 | 112,802 | 256,243 | ||||||||||
Income tax provision | 1,278 | 4,675 | 12,294 | 21,358 | 61,130 | ||||||||||
NET INCOME | $ | 12,762 | $ | 18,796 | $ | 40,259 | $ | 91,444 | $ | 195,113 | |||||
EARNINGS PER SHARE | |||||||||||||||
Basic | $ | 0.06 | $ | 0.09 | $ | 0.19 | $ | 0.43 | $ | 0.90 | |||||
Diluted | $ | 0.06 | $ | 0.09 | $ | 0.19 | $ | 0.43 | $ | 0.90 | |||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||
Basic | 214,950 | 214,976 | 216,006 | 214,942 | 216,472 | ||||||||||
Diluted | 214,950 | 214,976 | 216,006 | 214,942 | 216,472 |
RPC INCORPORATED AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands) | ||||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
Cash and cash equivalents | $ | 325,975 | $ | 223,310 | ||
Accounts receivable, net | 276,577 | 324,915 | ||||
Inventories | 107,628 | 110,904 | ||||
Income taxes receivable | 4,332 | 52,269 | ||||
Prepaid expenses | 16,136 | 12,907 | ||||
Other current assets | 2,194 | 2,768 | ||||
Total current assets | 732,842 | 727,073 | ||||
Property, plant and equipment, net | 513,516 | 435,139 | ||||
Operating lease right-of-use assets | 27,465 | 24,537 | ||||
Finance lease right-of-use assets | 4,400 | 1,036 | ||||
Goodwill | 50,824 | 50,824 | ||||
Other intangibles, net | 13,843 | 12,825 | ||||
Retirement plan assets | 30,666 | 26,772 | ||||
Other assets | 12,933 | 8,639 | ||||
Total assets | $ | 1,386,489 | $ | 1,286,845 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
LIABILITIES | ||||||
Accounts payable | $ | 84,494 | $ | 85,036 | ||
Accrued payroll and related expenses | 25,243 | 30,956 | ||||
Accrued insurance expenses | 7,942 | 5,340 | ||||
Accrued state, local and other taxes | 3,234 | 4,461 | ||||
Income taxes payable | 446 | 275 | ||||
Unearned revenue | 45,376 | 15,743 | ||||
Current portion of operating lease liabilities | 7,108 | 7,367 | ||||
Current portion of finance lease liabilities and finance obligations | 3,522 | 375 | ||||
Accrued expenses and other liabilities | 4,548 | 2,304 | ||||
Total current liabilities | 181,913 | 151,857 | ||||
Long-term accrued insurance expenses | 12,175 | 10,202 | ||||
Retirement plan liabilities | 24,539 | 23,724 | ||||
Long-term operating lease liabilities | 21,724 | 18,600 | ||||
Long-term finance lease liabilities | 559 | 819 | ||||
Other long-term liabilities | 9,099 | 7,840 | ||||
Deferred income taxes | 58,189 | 51,290 | ||||
Total liabilities | 308,198 | 264,332 | ||||
STOCKHOLDERS' EQUITY | ||||||
Common stock | 21,494 | 21,502 | ||||
Capital in excess of par value | — | — | ||||
Retained earnings | 1,059,625 | 1,003,380 | ||||
Accumulated other comprehensive loss | (2,828) | (2,369) | ||||
Total stockholders' equity | 1,078,291 | 1,022,513 | ||||
Total liabilities and stockholders' equity | $ | 1,386,489 | $ | 1,286,845 |
RPC INCORPORATED AND SUBSIDIARIES | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(In thousands) | ||||||
Twelve Months Ended December 31, | 2024 | 2023 | ||||
(Unaudited) | ||||||
OPERATING ACTIVITIES | ||||||
Net income | $ | 91,444 | $ | 195,113 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 132,575 | 108,123 | ||||
Pension settlement charge | — | 18,286 | ||||
Working capital | 116,663 | 57,810 | ||||
Other operating activities | 8,704 | 15,431 | ||||
Net cash provided by operating activities | 349,386 | 394,763 | ||||
INVESTING ACTIVITIES | ||||||
Capital expenditures | (219,930) | (181,005) | ||||
Proceeds from sale of assets | 18,379 | 18,091 | ||||
Purchase of business | — | (78,798) | ||||
Net cash used for investing activities | (201,551) | (241,712) | ||||
FINANCING ACTIVITIES | ||||||
Payment of dividends | (34,433) | (34,562) | ||||
Cash paid for common stock purchased and retired | (9,938) | (21,088) | ||||
Cash paid for finance lease and finance obligations | (799) | (515) | ||||
Net cash used for financing activities | (45,170) | (56,165) | ||||
Net increase in cash and cash equivalents | 102,665 | 96,886 | ||||
Cash and cash equivalents at beginning of period | 223,310 | 126,424 | ||||
Cash and cash equivalents at end of period | $ | 325,975 | $ | 223,310 |
Non-GAAP Measures
RPC, Inc. has used the non-GAAP financial measures of adjusted operating income, adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, and free cash flow in today's earnings release. These measures should not be considered in isolation or as a substitute for performance or liquidity measures prepared in accordance with GAAP. Management believes that presenting these non-GAAP measures enables investors to compare the operating performance of our core business consistently over various time periods, and in the case of EBITDA and adjusted EBITDA, without regard to changes in our capital structure. Management believes that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating RPC's liquidity. Free cash flow should be considered in addition to, rather than as a substitute for, net cash provided by operating activities as a measure of our liquidity. Additionally, RPC's definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, management believes it is important to view free cash flow as a measure that provides supplemental information to our Condensed Consolidated Statements of Cash Flows.
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 in the appendices below are reconciliations of these non-GAAP measures with their most directly comparable GAAP measures. These reconciliations also appear on RPC, Inc.'s investor website, which can be found on the Internet at www.rpc.net.
Appendix A | |||||||||||||||
(Unaudited) | Three Months Ended | Year Ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Reconciliation of Operating Income to Adjusted | |||||||||||||||
Operating income | $ | 10,517 | $ | 19,204 | $ | 49,213 | $ | 97,538 | $ | 244,950 | |||||
Add: Pension settlement charges | — | — | — | — | 18,286 | ||||||||||
Adjusted operating income | $ | 10,517 | $ | 19,204 | $ | 49,213 | $ | 97,538 | $ | 263,236 |
Appendix B | |||||||||||||||
(Unaudited) | Three Months Ended | Year Ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Reconciliation of Net Income to Adjusted Net Income | |||||||||||||||
Net income | $ | 12,762 | $ | 18,796 | $ | 40,259 | $ | 91,444 | $ | 195,113 | |||||
Adjustments: | |||||||||||||||
Add: Pension settlement charges, before taxes | — | — | — | — | 18,286 | ||||||||||
Less: Tax effect of pension settlement charges | — | — | — | — | (4,370) | ||||||||||
Total adjustments, net of tax | — | — | — | — | 13,916 | ||||||||||
Adjusted net income | $ | 12,762 | $ | 18,796 | $ | 40,259 | $ | 91,444 | $ | 209,029 |
(Unaudited) | Three Months Ended | Year Ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||
Reconciliation of Diluted Earnings Per Share to Adjusted | |||||||||||||||
Diluted earnings per share | $ | 0.06 | $ | 0.09 | $ | 0.19 | $ | 0.43 | $ | 0.90 | |||||
Adjustments: | |||||||||||||||
Add: Pension settlement charges, before taxes | — | — | — | — | 0.09 | ||||||||||
Less: Tax effect of pension settlement charges | — | — | — | — | (0.02) | ||||||||||
Total adjustments, net of tax | — | — | — | — | 0.07 | ||||||||||
Adjusted diluted earnings per share | $ | 0.06 | $ | 0.09 | $ | 0.19 | $ | 0.43 | $ | 0.97 | |||||
Weighted average shares outstanding (in thousands) | 214,950 | 214,976 | 216,006 | 214,942 | 216,472 |
Appendix C | |||||||||||||||
(Unaudited) | Three Months Ended | Year Ended | |||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||
(In thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA | |||||||||||||||
Net income | $ | 12,762 | $ | 18,796 | $ | 40,259 | $ | 91,444 | $ | 195,113 | |||||
Adjustments: | |||||||||||||||
Add: Income tax provision | 1,278 | 4,675 | 12,294 | 21,358 | 61,130 | ||||||||||
Add: Interest expense | 130 | 261 | 95 | 724 | 341 | ||||||||||
Add: Depreciation and amortization | 35,204 | 35,034 | 29,407 | 132,575 | 108,123 | ||||||||||
Less: Interest income | 3,303 | 3,523 | 2,596 | 13,134 | 8,599 | ||||||||||
EBITDA | $ | 46,071 | $ | 55,243 | $ | 79,459 | $ | 232,967 | $ | 356,108 | |||||
Add: Pension settlement charges | — | — | — | — | 18,286 | ||||||||||
Adjusted EBITDA | $ | 46,071 | $ | 55,243 | $ | 79,459 | $ | 232,967 | $ | 374,394 | |||||
Revenues | $ | 335,361 | $ | 337,652 | $ | 394,531 | $ | 1,414,999 | $ | 1,617,474 | |||||
Net income margin(1) | 3.8 % | 5.6 % | 10.2 % | 6.5 % | 12.1 % | ||||||||||
Adjusted EBITDA margin(1) | 13.7 % | 16.4 % | 20.1 % | 16.5 % | 23.1 % |
(1) Net income margin is calculated as net income divided by revenues. EBITDA margin is calculated as EBITDA divided by revenues. |
Appendix D | ||||||
(Unaudited) | Twelve Months Ended | |||||
December 31, | December 31, | |||||
(In thousands) | 2024 | 2023 | ||||
Reconciliation of Operating Cash Flow to Free Cash Flow | ||||||
Net cash provided by operating activities | $ | 349,386 | $ | 394,763 | ||
Capital expenditures | (219,930) | (181,005) | ||||
Free cash flow | $ | 129,456 | $ | 213,758 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/rpc-inc-reports-fourth-quarter-and-full-year-2024-financial-results-and-declares-regular-quarterly-cash-dividend-302363811.html
SOURCE RPC, Inc.
FAQ
What were RPC's (RES) Q4 2024 financial results?
How much cash does RPC (RES) have at the end of 2024?
What is RPC's (RES) planned capital spending for 2025?
How much did RPC (RES) return to shareholders in 2024?