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RPC, Inc. Reports Third Quarter 2024 Financial Results And Declares Regular Quarterly Cash Dividend

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RPC Inc reported declining financial results for Q3 2024, with revenues decreasing 7% sequentially to $337.7 million. Net income fell 42% to $18.8 million, with diluted EPS of $0.09. The company faced challenges in the oilfield services market, with lower oil prices and rig count affecting performance. Pressure pumping revenues declined 12% due to reduced asset utilization, while other service lines decreased 4%. Despite market challenges, RPC maintained a strong balance sheet with $277 million in cash and no debt, continuing to pay dividends of $8.6 million in Q3.

RPC Inc ha riportato risultati finanziari in calo per il terzo trimestre del 2024, con ricavi diminuiti del 7% rispetto al trimestre precedente, arrivando a 337,7 milioni di dollari. L'utile netto è sceso del 42% a 18,8 milioni di dollari, con un utile per azione diluito di $0,09. L'azienda ha affrontato sfide nel mercato dei servizi per il settore petrolifero, con prezzi del petrolio più bassi e un conteggio dei pozzi che hanno influenzato le prestazioni. I ricavi dei servizi di pompa a pressione sono diminuiti del 12% a causa della ridotta utilizzazione delle risorse, mentre altre linee di servizio hanno registrato un calo del 4%. Nonostante le difficoltà del mercato, RPC ha mantenuto un solido bilancio con 277 milioni di dollari in contante e senza debiti, continuando a pagare dividendi di 8,6 milioni di dollari nel terzo trimestre.

RPC Inc informó resultados financieros en declive para el tercer trimestre de 2024, con ingresos disminuyendo un 7% secuencialmente, alcanzando 337.7 millones de dólares. La utilidad neta cayó un 42% a 18.8 millones de dólares, con un EPS diluido de $0.09. La compañía enfrentó desafíos en el mercado de servicios de campos petroleros, con menores precios del petróleo y un menor número de plataformas que afectaron el rendimiento. Los ingresos por servicios de bombeo a presión disminuyeron un 12% debido a la reducción en la utilización de activos, mientras que otras líneas de servicio cayeron un 4%. A pesar de los desafíos del mercado, RPC mantuvo un balance sólido con 277 millones de dólares en efectivo y sin deuda, continuando con el pago de dividendos de 8.6 millones de dólares en el tercer trimestre.

RPC Inc는 2024년 3분기 재무 결과가 하락했다고 보고했으며, 매출이 순차적으로 7% 감소하여 3억 3천 7백만 달러에 달했습니다. 순이익은 42% 감소한 1천 8백 8십만 달러로, 희석 주당 순이익은 $0.09였습니다. 회사는 석유 서비스 시장에서 저유가 및 시추기 수 감소로 인해 어려움을 겪었습니다. 압력 펌핑 수익은 자산 활용도 감소로 인해 12% 감소했으며, 다른 서비스 라인은 4% 떨어졌습니다. 시장의 어려움에도 불구하고 RPC는 2억 7천 7백만 달러의 현금과 무부채로 강력한 재무 구조를 유지하며, 3분기에도 860만 달러의 배당금을 계속 지급했습니다.

RPC Inc a annoncé des résultats financiers en baisse pour le troisième trimestre 2024, avec des revenus en diminution de 7% par rapport au trimestre précédent, s'élevant à 337,7 millions de dollars. Le bénéfice net a chuté de 42% à 18,8 millions de dollars, avec un BPA dilué de $0,09. L'entreprise a rencontré des défis sur le marché des services pétroliers, avec des prix du pétrole plus bas et un nombre de plateformes en baisse affectant les performances. Les revenus des services de pompage à pression ont diminué de 12% en raison d'une utilisation réduite des actifs, tandis que d'autres lignes de service ont baissé de 4%. Malgré les défis du marché, RPC a maintenu un bilan solide avec 277 millions de dollars en liquidités et sans dettes, continuant de verser des dividendes de 8,6 millions de dollars au troisième trimestre.

RPC Inc berichtete von rückläufigen finanziellen Ergebnissen für das dritte Quartal 2024, wobei die Einnahmen sequenziell um 7% auf 337,7 Millionen Dollar sanken. Der Nettogewinn fiel um 42% auf 18,8 Millionen Dollar, mit einem verwässerten Gewinn pro Aktie von $0,09. Das Unternehmen sah sich Herausforderungen im Markt für Ölfelddienstleistungen gegenüber, mit niedrigeren Ölpreisen und einem Rückgang der Bohrlochanzahl, die die Leistung beeinträchtigten. Die Einnahmen aus Druckpumpdiensten sanken um 12% aufgrund einer verringerten Asset-Nutzung, während andere Dienstleistungsbereiche um 4% zurückgingen. Trotz der Marktherausforderungen hielt RPC eine starke Bilanz mit 277 Millionen Dollar in Bargeld und ohne Schulden und zahlte im dritten Quartal Dividenden in Höhe von 8,6 Millionen Dollar weiter aus.

Positive
  • Strong cash position of $277 million with zero debt
  • Maintained quarterly dividend payment of $0.04 per share
  • Support Services segment showed improvement with 7% revenue growth and 21% operating income increase
  • Generated $255.2 million in operating cash flow year-to-date
Negative
  • Revenue decreased 7% sequentially to $337.7 million
  • Net income declined 42% sequentially to $18.8 million
  • Pressure pumping revenues dropped 12% due to lower utilization
  • Net income margin decreased 330 basis points to 5.6%
  • Adjusted EBITDA fell 19% to $55.2 million

Insights

The Q3 results reveal significant headwinds for RPC, with revenues declining 7% to $337.7 million and net income dropping 42% to $18.8 million. The pressure pumping segment, RPC's largest service line, faced particular challenges with a 12% revenue decline due to lower utilization and pricing pressure. Despite these challenges, the company maintains a strong balance sheet with $277 million in cash and zero debt.

Key metrics showing deterioration include the net income margin decreasing 330 basis points to 5.6% and Adjusted EBITDA falling 19% to $55.2 million. The broader industry context of lower oil prices ($76.57 per barrel) and declining rig count (down 2.8%) suggests continued near-term pressure on operations and margins.

(PRNewsfoto/RPC, Inc.)

ATLANTA, Oct. 24, 2024 /PRNewswire/ -- RPC, Inc. (NYSE: RES) ("RPC" or the "Company"), a leading diversified oilfield services company, announced its unaudited results for the third quarter ended September 30, 2024.

* 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 2Q: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.

Third Quarter 2024 Results

  • Revenues decreased 7% sequentially to $337.7 million
  • Net income was $18.8 million, down 42% sequentially, and diluted Earnings Per Share (EPS) was $0.09; net income margin decreased 330 basis points sequentially to 5.6%
  • Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was $55.2 million, down 19% sequentially; Adjusted EBITDA margin decreased 240 basis points sequentially to 16.4%
  • Results reflected lower utilization and pricing in pressure pumping, while the Company's other service lines' revenues were generally more stable
  • The Company remained debt-free and paid $8.6 million in dividends in 3Q:24, ending the quarter with $277 million in cash

Management Commentary

"The third quarter saw sequentially lower revenues and profits in a challenging oilfield services market," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "Oil prices and rig count were each sequentially lower in the quarter, adding headwinds to an already competitive marketplace. Similar to the second quarter, our non-pressure pumping service line revenues were generally more resilient, posting a moderate 4% decline in aggregate, while pressure pumping revenues were down low double-digits. In this lackluster environment, spot market pumping customers contributed to whitespace on our calendar with industry consolidation putting pressure on our business, while our broader service lines and more diversified, larger customers have been more steady. Our tier 4 dual fuel assets remain highly utilized with good visibility, while older equipment utilization and demand has been soft. We will continue to take measured cost actions to preserve margins until industry conditions improve."

"As we close out the year, we look forward to expanding some of our innovative new products and services in coiled tubing and downhole tools to capitalize on attractive opportunities. Our appetite for high-quality acquisitions remains high, and we are encouraged by the availability of actionable transactions. We maintain a strong balance sheet, with nearly $280 million in cash and no debt at the end of the third quarter, to support existing businesses, potential M&A and dividend payments," concluded Palmer.

Selected Industry Data (Source: Baker Hughes, Inc., U.S. Energy Information Administration)
























3Q:24


2Q:24


Change


% Change


3Q:23


Change


% Change


U.S. rig count (avg)



586



603



(17)


(2.8)

%


649



(63)


(9.7)

%

Oil price ($/barrel)


$

76.57


$

81.78


$

(5.21)


(6.4)

%

$

82.17


$

(5.60)


(6.8)

%

Natural gas ($/Mcf)


$

2.10


$

2.07


$

0.03


1.4

%

$

2.59


$

(0.49)


(18.9)

%

 

3Q:24 Consolidated Financial Results (Sequential Comparisons versus 2Q:24)

Revenues were $337.7 million, down 7%. Revenues for pressure pumping, the Company's largest service line, declined 12%, while all other service lines combined decreased 4%. Pressure pumping revenues decreased primarily due to lower asset utilization in a highly competitive marketplace, with softness in the Company's spot and semi-dedicated customer base. We experienced lower overall activity as well as the negative impact of customer consolidation and associated acquisition of certain customers. Coiled tubing revenues also decreased as specialized plug and abandonment work from the second quarter did not repeat in the third quarter; however, the Company does expect revenues for this unique service to be a meaningful opportunity in 2025. Service lines such as cementing, downhole tools and rental tools were flat-to-slightly lower in the quarter.

Cost of revenues, which excludes depreciation and amortization of $31.8 million, was $247.5 million, down from $262.3 million. These costs decreased during the quarter generally in line with revenues, with the largest decreases coming from lower employment costs as a result of headcount reductions, as well as maintenance and repairs, and materials and supplies.

Selling, general and administrative expenses were $37.7 million, up slightly from $37.4 million.

Interest income totaled $3.5 million, reflecting a higher average cash balance.

Income tax provision was $4.7 million, or 19.9% of income before income taxes.

Net income and diluted EPS were $18.8 million and $0.09, respectively, down from $32.4 million and $0.15, respectively, in 2Q:24. Net income margin decreased 330 basis points sequentially to 5.6%.

Adjusted EBITDA was $55.2 million, down from $68.5 million, reflecting lower revenues, particularly in pressure pumping, and the associated negative operating leverage and fixed cost absorption; Adjusted EBITDA margin decreased 240 basis points sequentially to 16.4%.

Non-GAAP adjustments: there were no adjustments to GAAP performance measures in 3Q:24 other than those necessary to calculate EBITDA and Adjusted EBITDA (see Appendices A, B and C).

Balance Sheet, Cash Flow and Capital Allocation

Cash and cash equivalents were $276.9 million at the end of 3Q:24, with no outstanding borrowings under the Company's $100 million revolving credit facility, with $16.5 million subject to outstanding letters of credit.

Net cash provided by operating activities and free cash flow were $255.2 million and $75.8 million, respectively, year-to-date through 3Q:24.

Payment of dividends totaled $25.8 million year-to-date through 3Q:24. The Board of Directors declared a regular quarterly cash dividend of $0.04 per share, payable on December 10, 2024, to common stockholders of record at the close of business on November 11, 2024.

Share repurchases totaled $9.9 million year-to-date through 3Q:24.

Segment Operations: Sequential Comparisons (versus 2Q: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 $313.5 million, down 8%
  • Operating income was $16.3 million, down 46%
  • Results were driven primarily by lower activity levels in pressure pumping and the related negative leverage of fixed costs, particularly labor

Support Services provides equipment for customer use or services to assist customer operations, including rental tools, and pipe inspection services and storage.

  • Revenues were $24.2 million, up 7%
  • Operating income was $5.3 million, up 21%
  • Results were driven by higher activity in tubular services and the high fixed-cost nature of these service lines


















Three Months Ended


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 

(In thousands)


2024


2024


2023


2024


2023




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)

Revenues:
















Technical Services


$

313,492


$

341,484


$

303,069


$

1,011,370


$

1,145,078

Support Services



24,160



22,669



27,348



68,268



77,865

Total revenues


$

337,652


$

364,153


$

330,417


$

1,079,638


$

1,222,943

Operating income:
















Technical Services


$

16,344


$

30,198


$

18,912


$

78,498


$

199,462

Support Services



5,286



4,379



6,861



13,264



21,425

Corporate expenses



(4,216)



(2,447)



(4,840)



(11,083)



(14,593)

Pension settlement charges











(18,286)

Gain on disposition of assets, net



1,790



3,338



1,778



6,342



7,729

Total operating income


$

19,204


$

35,468


$

22,711


$

87,021


$

195,737

Interest expense



(261)



(99)



(101)



(594)



(246)

Interest income



3,523



3,343



1,450



9,831



6,003

Other income, net



1,005



732



804



2,504



2,196

Income before income taxes


$

23,471


$

39,444


$

24,864


$

98,762


$

203,690

 

Conference Call Information

RPC, Inc. will hold a conference call today, October 24, 2024, 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 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 www.rpc.net.

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: our plans to continue to take measured cost actions to preserve margins until industry conditions improve; our plans to expand some of our innovative new products and services in coiled tubing and downhole tools to capitalize on attractive opportunities; our appetite for high-quality acquisitions, and the availability of actionable transactions; our ability to support existing businesses, potential M&A and dividend payments; and our expectation that revenues for coiled tubing service will be a meaningful opportunity in 2025. Risk factors that could cause such future events not to occur as expected include the following: the price of oil and natural gas and overall performance of the U.S. economy, both of which can impact capital spending by our customers and demand for our services; business interruptions due to adverse weather conditions; changes in the competitive environment of our industry; political instability in the petroleum-producing regions of the world; the actions of the OPEC oil cartel; our customers' drilling and production activities; the risk that our assessments, such as regarding the oversupplied nature of oilfield services, will turn out incorrect; and our ability to identify and complete acquisitions and/or other strategic investments or transactions.  Additional factors that could cause the actual results to differ materially from management's projections, forecasts, estimates, and expectations are contained in RPC's Form 10-K for the year ended December 31, 2023.

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


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 



2024


2024


2023


2024


2023




(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)

















REVENUES


$

337,652


$

364,153


$

330,417


$

1,079,638


$

1,222,943

COSTS AND EXPENSES:
















Cost of revenues (exclusive of depreciation and amortization
shown separately below)



247,507



262,284



239,084



786,400



810,120

Selling, general and administrative expenses



37,697



37,406



42,012



115,188



127,813

Pension settlement charge











18,286

Depreciation and amortization



35,034



32,333



28,388



97,371



78,716

Gain on disposition of assets, net



(1,790)



(3,338)



(1,778)



(6,342)



(7,729)

Operating income



19,204



35,468



22,711



87,021



195,737

Interest expense



(261)



(99)



(101)



(594)



(246)

Interest income



3,523



3,343



1,450



9,831



6,003

Other income, net



1,005



732



804



2,504



2,196

Income before income taxes



23,471



39,444



24,864



98,762



203,690

Income tax provision



4,675



7,025



6,547



20,080



48,836

NET INCOME


$

18,796


$

32,419


$

18,317


$

78,682


$

154,854

































EARNINGS PER SHARE
















Basic


$

0.09


$

0.15


$

0.08


$

0.37


$

0.71

Diluted


$

0.09


$

0.15


$

0.08


$

0.37


$

0.71

















WEIGHTED AVERAGE SHARES OUTSTANDING
















Basic



214,976



214,844



216,333



214,940



216,631

Diluted



214,976



214,844



216,333



214,940



216,631

 

RPC INCORPORATED AND SUBSIDIARIES


CONSOLIDATED BALANCE SHEETS










(In thousands)



September 30, 


December 31, 



2024


2023




(Unaudited)




ASSETS







Cash and cash equivalents


$

276,888


$

223,310

Accounts receivable, net



275,456



324,915

Inventories



113,489



110,904

Income taxes receivable



937



52,269

Prepaid expenses



8,493



12,907

Other current assets



2,517



2,768

Total current assets



677,780



727,073

Property, plant and equipment, net



509,292



435,139

Operating lease right-of-use assets



28,905



24,537

Finance lease right-of-use assets



4,524



1,036

Goodwill



50,824



50,824

Other intangibles, net



14,436



12,825

Retirement plan assets



30,677



26,772

Other assets



14,159



8,639

Total assets


$

1,330,597


$

1,286,845








LIABILITIES AND STOCKHOLDERS' EQUITY







Accounts payable


$

86,640


$

85,036

Accrued payroll and related expenses



20,519



30,956

Accrued insurance expenses



5,662



5,340

Accrued state, local and other taxes



6,068



4,461

Income taxes payable



223



275

Unearned revenue





15,743

Current portion of operating lease liabilities



7,186



7,367

Current portion of finance lease liabilities and finance obligations



3,617



375

Accrued expenses and other liabilities



4,690



2,304

Total current liabilities



134,605



151,857

Long-term accrued insurance expenses



11,331



10,202

Retirement plan liabilities



24,444



23,724

Long-term operating lease liabilities



22,862



18,600

Long-term finance lease liabilities



671



819

Other long-term liabilities



9,182



7,840

Deferred income taxes



55,161



51,290

Total liabilities



258,256



264,332

Common stock



21,497



21,502

Capital in excess of par value





Retained earnings



1,053,318



1,003,380

Accumulated other comprehensive loss



(2,474)



(2,369)

Total stockholders' equity



1,072,341



1,022,513

Total liabilities and stockholders' equity


$

1,330,597


$

1,286,845

 

RPC INCORPORATED AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS










(In thousands)

Nine Months Ended September 30, 


2024


2023




(Unaudited)



(Unaudited)

OPERATING ACTIVITIES







Net income


$

78,682


$

154,854

Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization



97,371



78,716

Pension settlement charge





18,286

Working capital



77,081



40,858

Other operating activities



2,081



6,428

Net cash provided by operating activities



255,215



299,142








INVESTING ACTIVITIES







Capital expenditures



(179,460)



(148,816)

Proceeds from sale of assets



14,127



12,569

Purchase of business





(78,798)

Net cash used for investing activities



(165,333)



(215,045)








FINANCING ACTIVITIES







Payment of dividends



(25,784)



(25,948)

Cash paid for common stock purchased and retired



(9,928)



(12,445)

Cash paid for finance lease and finance obligations



(592)



(254)

Net cash used for financing activities



(36,304)



(38,647)








Net increase in cash and cash equivalents



53,578



45,450

Cash and cash equivalents at beginning of period



223,310



126,424

Cash and cash equivalents at end of period


$

276,888


$

171,874

 

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


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 

(In thousands)


2024


2024


2023


2024


2023

Reconciliation of Operating Income to Adjusted
Operating Income
































Operating income


$

19,204


$

35,468


$

22,711


$

87,021


$

195,737

Add: Pension settlement charge











18,286

Adjusted operating income


$

19,204


$

35,468


$

22,711


$

87,021


$

214,023

 

Appendix B

















(Unaudited)


Three Months Ended


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 

(In thousands)


2024


2024


2023


2024


2023

Reconciliation of Net Income to Adjusted Net Income
































Net income


$

18,796


$

32,419


$

18,317


$

78,682


$

154,854

Adjustments:
















Add: Pension settlement charges, before taxes











18,286

Less: Tax effect of pension settlement charges











(4,389)

Total adjustments, net of tax











13,897

Adjusted net income


$

18,796


$

32,419


$

18,317


$

78,682


$

168,751

 

(Unaudited)


Three Months Ended


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 



2024


2024


2023


2024


2023

Reconciliation of Diluted Earnings Per Share to Adjusted
Diluted Earnings Per Share
































Diluted earnings per share


$

0.09


$

0.15


$

0.08


$

0.37


$

0.71

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


$

0.09


$

0.15


$

0.08


$

0.37


$

0.78

















Weighted average shares outstanding (in thousands)



214,976



214,844



216,333



214,940



216,631

 

Appendix C

(Unaudited)


Three Months Ended


Nine Months Ended



September 30, 


June 30, 


September 30, 


September 30, 


September 30, 

(In thousands)


2024


2024


2023


2024


2023

Reconciliation of Net Income to EBITDA and Adjusted
EBITDA
















Net income


$

18,796


$

32,419


$

18,317


$

78,682


$

154,854

Adjustments:
















Add: Income tax provision



4,675



7,025



6,547



20,080



48,836

Add: Interest expense



261



99



101



594



246

Add: Depreciation and amortization



35,034



32,333



28,388



97,371



78,716

Less: Interest income



3,523



3,343



1,450



9,831



6,003

EBITDA


$

55,243


$

68,533


$

51,903


$

186,896


$

276,649

Add: Pension settlement charges











18,286

Adjusted EBITDA


$

55,243


$

68,533


$

51,903


$

186,896


$

294,935

















Revenues


$

337,652


$

364,153


$

330,417


$

1,079,638


$

1,222,943

















Net income margin(1)



5.6 %



8.9 %



5.5 %



7.3 %



12.7 %

















Adjusted EBITDA margin(1)



16.4 %



18.8 %



15.7 %



17.3 %



24.1 %


(1) Net income margin is calculated as net income divided by revenues. EBITDA margin is calculated as EBITDA divided by revenues.

 

Appendix D







(Unaudited)


Nine Months Ended



September 30,


September 30,

(In thousands)


2024


2023

Reconciliation of Operating Cash Flow to Free Cash Flow







Net cash provided by operating activities


$

255,215


$

299,142

Capital expenditures



(179,460)



(148,816)

Free cash flow


$

75,755


$

150,326

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/rpc-inc-reports-third-quarter-2024-financial-results-and-declares-regular-quarterly-cash-dividend-302285195.html

SOURCE RPC, Inc.

FAQ

What was RPC's (RES) revenue in Q3 2024?

RPC reported revenue of $337.7 million in Q3 2024, representing a 7% decrease from the previous quarter.

How much did RPC (RES) earn per share in Q3 2024?

RPC earned $0.09 per diluted share in Q3 2024, down from $0.15 in the previous quarter.

What was RPC's (RES) cash position at the end of Q3 2024?

RPC had $276.9 million in cash and cash equivalents at the end of Q3 2024, with no outstanding debt.

What dividend did RPC (RES) declare for Q3 2024?

RPC declared a regular quarterly cash dividend of $0.04 per share, payable on December 10, 2024.

RPC, Inc.

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