Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q3 2024 Earnings Presentation
23 slides from Ranger Energy Services's earnings presentation, Oct 28, 2024
Slide 1: Q3 2024 Earnings
Q3 2024 Earnings October 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)($MM) & Returned Capital $65.4 ▪ Returned 62% of free cash flows or $41MM since the rollout $54.6 of the capital return program, inclusive of dividends and share $47.8 repurchases far exceeding our 25% min
Slide 4: Q3 2024 Financial Summary
Q4 Q32023 2024Financial FinancialSummary Summary Revenue ($MM) & Land Rig Count(1) Q3 2024 Highlights 776 761 760 ▪ Revenue continues to trend up with quarter over quarter and year 719 over year improvement in segments and service lines, excluding wireline completions 648 622 ▪ Adjusted EBITDA of $2
Slide 5: Quarterly Performance Analysis
Quarterly Performance Analysis Quarter over Quarter Revenue Bridge ($MM) $5.8 $5.2 $153.0 $138.1 $3.9 Q2 2024 HSR Wireline Ancillary Q3 2024 Quarter over Quarter Adjusted EBITDA Bridge ($MM) $2.3 $1.5 $(0.2) $25.1 $21.0 $0.5 Q2 2024 HSR Wireline Ancillary Other Q3 2024 5
Slide 6: High-Specification Rigs Segment Highlights
High-Specification Rigs Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q3 2024 Operational Results 776 761 760 ▪ Rig hours increased 3% from Q2 and 4% year- 719 over-year, despite rig count declines of over 20% from prior year peaks 648 622 ▪ HSR revenue was a record $86.7 million in
Slide 7: Processing Solutions & Ancillary Services Segment Highlights
Processing Solutions & Ancillary Services Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q3 2024 Operational Results 776 761 760 ▪ Q3 rebound in Processing Solutions & Ancillary Services 719 segment continued from Q2 and expected to remain resilient into Q4 648 ▪ Increased revenue in
Slide 8: Wireline Services Segment Highlights
Wireline Services Segment Highlights Q3 2024 Operational Results Revenue ($MM) & Land Drilling Rig Count(1) 776 761 ▪ Production Wireline revenue reached a new peak, reflecting 760 increased operational activity and an intentional management 719 decision to pivot to production related work ▪ Pump do
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
OVERVIEW RANGER BUSINESS WELL SERVICES WIRELINE SERVICES • High-Spec Service Rigs • Intervention Services • Coiled Tubing • Pump-Down Services • Rental and Fishing • Cement and Casing Evaluation • Plug and Abandonment • Plug and Perf ANCILLARY SERVICES • Fishing and Rentals • Plug and Abandonment •
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 September 30, 2024 Net income (loss) $ 13.8 $ — $ 6.6 $ (11.7) $ 8.7 Interest expense, net — — — 0.7 0.7 Income tax expense — —
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 June 30, 2024 Net income (loss) $ 11.8 $ (2.6) $ 5.2 $ (9.7) $ (4.7) Interest expense, net — — — 0.6 0.6 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 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 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 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 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 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 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 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 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 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 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 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 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 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 21: 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 22: 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 23: Non-GAAP Reconciliation: Free Cash Flows
Non-GAAP Reconciliation: Free Cash Flows (in millions) Three Months Ended September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Net cash provided by operating activities $ 17.7 $ 22.1 $ 12.0 $ 37.7 $ 12.2 Purchase of property and equipment (6.9) (15.3) (6.5) (8.6) (15.
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