Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q1 2024 Earnings Presentation
21 slides from Ranger Energy Services's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Earnings
Q1 2024 Earnings May 2024
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES Forward-Looking Statements: Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements
Slide 3: Delivering Returns to Shareholders
Delivering Returns to Shareholders Capital Return Profile & Update Cumulative Free Cash Flow(1) & Returned Capital (in millions) ▪ Returned over 65% of trailing twelve months cash flows to investors in the form of dividends and share repurchases $47.8 far exceeding our 25% minimum commitment $42.3 ▪
Slide 4: Q1 2024 Financial Summary
Q4 Q12023 2024Financial FinancialSummary Summary Revenue($MM) & Land Rig Count(1) Q1 2024 Highlights ▪ Revenue declines driven by wireline completions and ancillary services, while high-specification rig activity levels remained steady ▪ Balance sheet remains strong with zero net debt, $5.5MM of Fre
Slide 5: Quarterly Performance Analysis
Quarterly Performance Analysis High-Specification Rig segment showed revenue resilience with margins impacted by carrying costs during downtime event while Wireline and Ancillary segments impacted by seasonality and completions market activity declines QoQ Revenue Bridge ($MM) QoQ Adjusted EBITDA Br
Slide 6: High-Specification Rigs Segment Highlights
High-Specification Rigs Segment Highlights Revenue ($MM) & Land Drilling Rig Count Q1 2024 Operational Results ▪ Revenue performance, despite seasonality and rig count drop, continues to reinforce the resilience of our production focus ▪ Rig hours increased by 3% to 111,000 hours from 107,900 in the
Slide 7: Wireline Services Segment Highlights
Wireline Services Segment Highlights Q1 2024 Operational Results Revenue ($MM) & Land Drilling Rig Count ▪ U.S. frac completions activity declined by 17% over the winter months pressuring North Wireline market as a result of new competition and lower pricing ▪ Increased competition with significantl
Slide 8: Processing Solutions & Ancillary Services Segment Highlights
Processing Solutions & Ancillary Services Segment Highlights Revenue ($MM) & Land Drilling Rig Count Q1 2024 Operational Results ▪ Depressed completions activity due to competitive pressures resulted in incremental competitive coil assets entering the basin with lower pricing significantly impacting
Slide 9: A Compelling Investment
A Compelling Investment Attractive Free Cash Flow generation creates multiple value creation opportunities • Shareholder Returns: Sustainable quarterly dividend program, supplemented by $85 million share repurchase authorization • Self-Funded M&A: Allows for pursuit of opportunistic M&A to create va
Slide 10: Appendix: Supplemental Information
APPENDIX: SUPPLEMENTAL INFORMATION 10
Slide 11: Overview: Ranger Business
OVERVIEW RANGER BUSINESS WELL SERVICES WIRELINE SERVICES • High-Spec Service Rigs • Plug and Perf • Rig-Assist Snubbing • Pump-Down Services • Coiled Tubing • Cement and Casing Evaluation • Rental and Fishing • Intervention Services • Plug and Abandonment • Pumping Services ANCILLARY SERVICES • Fish
Slide 12: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2024 Net income (loss) $ 7.8 $ (2.9) $ 0.5 $ (6.2) $ (0.8) Interest expense, net — — — 0.8 0.8 Income tax benefit — —
Slide 13: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended December 31, 2023 Net income (loss) $ 10.0 $ (1.8) $ 3.4 $ (9.5) $ 2.1 Interest expense, net — — — 0.7 0.7 Income tax expense —
Slide 14: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended September 30, 2023 Net income (loss) $ 10.6 $ 4.3 $ 4.5 $ (10.0) $ 9.4 Interest expense, net — — — 0.7 0.7 Income tax expense —
Slide 15: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended June 30, 2023 Net income (loss) $ 11.5 $ 2.8 $ 4.2 $ (12.4) $ 6.1 Interest expense, net — — — 0.9 0.9 Income tax expense — — — 2
Slide 16: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2023 Net income (loss) $ 11.9 $ 1.8 $ 3.4 $ (10.9) $ 6.2 Interest expense, net — — — 1.2 1.2 Income tax expense — — —
Slide 17: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended December 31, 2022 Net income (loss) $ 9.8 $ 2.0 $ 4.6 $ (8.8) $ 7.6 Interest expense, net — — — 1.6 1.6 Income tax benefit — — —
Slide 18: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended September 30, 2022 Net income (loss) $ 10.7 $ 8.6 $ 9.2 $ (14.9) $ 13.6 Interest expense, net — — — 1.8 1.8 Income tax expense —
Slide 19: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended June 30, 2022 Net income (loss) $ 6.1 $ 1.5 $ 5.1 $ (13.1) $ (0.4) Interest expense, net — — — 1.8 1.8 Income tax benefit — — —
Slide 20: Non-GAAP Reconciliation: Adjusted EBITDA
Non-GAAP Reconciliation: Adjusted EBITDA (in millions) Processing High Solutions and Specification Wireline Ancillary Rigs Services Services Other Total Three Months Ended March 31, 2022 Net income (loss) $ 7.7 $ (4.5) $ 1.3 $ (10.2) $ (5.7) Interest expense, net — — — 2.1 2.1 Income tax benefit — —
Slide 21: Non-GAAP Reconciliation: Free Cash Flows
Non-GAAP Reconciliation: Free Cash Flows (in millions) Three Months Ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net cash provided by operating activities $ 12.0 $ 37.7 $ 12.2 $ 23.5 Purchase of property and equipment (6.5) (8.6) (15.0) (7.5) Free Cash Flow $ 5.5 $ 29.1 $
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