RPC, Inc. Reports Third Quarter 2024 Financial Results And Declares Regular Quarterly Cash Dividend
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.
- 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
- 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
Key metrics showing deterioration include the net income margin decreasing 330 basis points to
* 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
, down$18.8 million 42% sequentially, and diluted Earnings Per Share (EPS) was ; net income margin decreased 330 basis points sequentially to$0.09 5.6% - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) was
, down$55.2 million 19% sequentially; Adjusted EBITDA margin decreased 240 basis points sequentially to16.4% - 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
in dividends in 3Q:24, ending the quarter with$8.6 million in cash$277 million
Management Commentary
"The third quarter saw sequentially lower revenues and profits in a challenging oilfield services market," stated Ben M. Palmer, RPC's President and Chief Executive Officer. "Oil prices and rig count were each sequentially lower in the quarter, adding headwinds to an already competitive marketplace. Similar to the second quarter, our non-pressure pumping service line revenues were generally more resilient, posting a moderate
"As we close out the year, we look forward to expanding some of our innovative new products and services in coiled tubing and downhole tools to capitalize on attractive opportunities. Our appetite for high-quality acquisitions remains high, and we are encouraged by the availability of actionable transactions. We maintain a strong balance sheet, with nearly
Selected Industry Data (Source: Baker Hughes, Inc., | ||||||||||||||||||||
3Q:24 | 2Q:24 | Change | % Change | 3Q:23 | Change | % Change | ||||||||||||||
586 | 603 | (17) | (2.8) | % | 649 | (63) | (9.7) | % | ||||||||||||
Oil price ($/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
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 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
Net cash provided by operating activities and free cash flow were
Payment of dividends totaled
Share repurchases totaled
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
, down$313.5 million 8% - Operating income was
, down$16.3 million 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
, up$24.2 million 7% - Operating income was
, up$5.3 million 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
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
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 | 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 | $ | 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 | $ | 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 | |||||||||||||||
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 |
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SOURCE RPC, Inc.
FAQ
What was RPC's (RES) revenue in Q3 2024?
How much did RPC (RES) earn per share in Q3 2024?
What was RPC's (RES) cash position at the end of Q3 2024?