Ranger Energy Services, Inc. · NYSE:RNGR
Ranger Energy Services — Q2 2024 Earnings Presentation
22 slides from Ranger Energy Services's earnings presentation, Jul 30, 2024
Slide 1: Q2 2024 Earnings
Q2 2024 Earnings July 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 ▪ Returned 71% of free cash flows since the rollout of the $54.6 capital return program, inclusive of dividends and share $47.8 repurchases, far exceeding our 25% minimum commitmen
Slide 4: Q2 2024 Financial Summary
Q4 Q22023 2024Financial FinancialSummary Summary Revenue ($MM) & Land Rig Count(1) Q2 2024 Highlights 776 761 760 ▪ Revenue up slightly from Q1 and decreasing year over year with 713 719 increases in High Specification Rigs and Ancillary Service segments offset by further reductions in Wireline comp
Slide 5: Quarterly Performance Analysis
Quarterly Performance Analysis Q/Q Revenue Bridge ($MM) Q/Q Adjusted EBITDA Bridge ($MM) 5
Slide 6: High-Specification Rigs Segment Highlights
High-Specification Rigs Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2024 Operational Results 776 761 760 ▪ Consistent demand and strong customer 713 719 relationships resulted in increases to both rig hours and pricing 648 622 ▪ HSR revenue was a record $82.7 million in Q2, 602
Slide 7: Processing Solutions & Ancillary Services Segment Highlights
Processing Solutions & Ancillary Services Segment Highlights Revenue ($MM) & Land Drilling Rig Count(1) Q2 2024 Operational Results 776 761 760 ▪ Strong rebound in Q2 with more normalized customer activity 713 719 levels, particularly coil tubing 648 ▪ Increased revenue in Q2 by 27% over Q1 and near
Slide 8: Wireline Services Segment Highlights
Wireline Services Segment Highlights Q2 2024 Operational Results Revenue ($MM) & Land Drilling Rig Count(1) 776 ▪ Segment seeing most market decline driven pressure with 761 760 completions wireline activity becoming increasingly commoditized 713 719 with significantly lower pricing driving margins
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 • 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 22: Non-GAAP Reconciliation: Free Cash Flows
Non-GAAP Reconciliation: Free Cash Flows (in millions) Three Months Ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net cash provided by operating activities $ 22.1 $ 12.0 $ 37.7 $ 12.2 $ 23.5 Purchase of property and equipment (15.3) (6.5) (8.6) (15.0) (7.5) Fr
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