(Exact Name of Registrant as Specified in Charter) | ||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
( (Address of Principal Executive Offices) | ||||||||
Registrant’s telephone number, including area code: (713) 895-8900 |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Ranger Energy Services, Inc. | ||||||||
/s/ J. Brandon Blossman | November 4, 2021 | |||||||
J. Brandon Blossman | Date | |||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Three Months Ended | ||||||||||||||
September 30, 2021 | June 30, 2021 | |||||||||||||
Revenues | ||||||||||||||
High specification rigs | $ | 29.9 | $ | 29.0 | ||||||||||
Completion and other services | 50.8 | 19.8 | ||||||||||||
Processing solutions | 1.0 | 1.2 | ||||||||||||
Total revenues | 81.7 | 50.0 | ||||||||||||
Operating expenses | ||||||||||||||
Cost of services (exclusive of depreciation and amortization): | ||||||||||||||
High specification rigs | 25.1 | 24.0 | ||||||||||||
Completion and other services | 48.4 | 19.2 | ||||||||||||
Processing solutions | 0.5 | 0.9 | ||||||||||||
Total cost of services | 74.0 | 44.1 | ||||||||||||
General and administrative | 7.1 | 6.2 | ||||||||||||
Depreciation and amortization | 8.7 | 8.2 | ||||||||||||
Total operating expenses | 89.8 | 58.5 | ||||||||||||
Operating loss | (8.1) | (8.5) | ||||||||||||
Other expenses | ||||||||||||||
Interest expense, net | 1.2 | 0.7 | ||||||||||||
Total other expenses | 1.2 | 0.7 | ||||||||||||
Loss before income tax expense | (9.3) | (9.2) | ||||||||||||
Tax (benefit) expense | (0.2) | (0.1) | ||||||||||||
Net loss | (9.1) | (9.1) | ||||||||||||
Less: Net loss attributable to non-controlling interests | (3.5) | (3.5) | ||||||||||||
Net loss attributable to Ranger Energy Services, Inc. | $ | (5.6) | $ | (5.6) | ||||||||||
Loss per common share | ||||||||||||||
Basic | $ | (0.51) | $ | (0.59) | ||||||||||
Diluted | $ | (0.51) | $ | (0.59) | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Basic | 11,011,864 | 9,523,127 | ||||||||||||
Diluted | 11,011,864 | 9,523,127 |
September 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 2.8 | $ | 2.8 | ||||||||||
Restricted cash (1) | 42.0 | — | ||||||||||||
Accounts receivable, net | 57.6 | 25.9 | ||||||||||||
Contract assets | 7.8 | 1.1 | ||||||||||||
Inventory | 2.8 | 2.3 | ||||||||||||
Prepaid expenses | 12.5 | 3.6 | ||||||||||||
Total current assets | 125.5 | 35.7 | ||||||||||||
Property and equipment, net | 196.8 | 189.4 | ||||||||||||
Intangible assets, net | 8.0 | 8.5 | ||||||||||||
Operating leases, right-of-use assets | 7.2 | 5.8 | ||||||||||||
Other assets | 1.4 | 1.2 | ||||||||||||
Total assets | $ | 338.9 | $ | 240.6 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||
Accounts payable | 8.7 | 10.5 | ||||||||||||
Accrued expenses | 32.9 | 9.3 | ||||||||||||
Other financing liability, current portion | 2.3 | — | ||||||||||||
Long-term debt, current portion | 35.0 | 10.0 | ||||||||||||
Other current liabilities (1) | 45.9 | 3.2 | ||||||||||||
Total current liabilities | 124.8 | 33.0 | ||||||||||||
Operating leases, right-of-use obligations | 5.9 | 5.2 | ||||||||||||
Other financing liability | 12.7 | — | ||||||||||||
Long-term debt, net | 16.3 | 14.5 | ||||||||||||
Other long-term liabilities | 3.3 | 3.1 | ||||||||||||
Total liabilities | $ | 163.0 | $ | 55.8 | ||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' equity | ||||||||||||||
Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of September 30, 2021 and December 31, 2020 | — | — | ||||||||||||
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 11,716,996 shares issued and 11,165,168 shares outstanding as of September 30, 2021; 9,093,743 shares issued and 8,541,915 shares outstanding as of December 31, 2020 | 0.1 | 0.1 | ||||||||||||
Class B Common Stock, $0.01 par value, 100,000,000 shares authorized; 6,866,154 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 0.1 | 0.1 | ||||||||||||
Less: Class A Common Stock held in treasury, at cost; 551,828 treasury shares as of September 30, 2021 and December 31, 2020 | (3.8) | (3.8) | ||||||||||||
Accumulated deficit | (34.2) | (18.4) | ||||||||||||
Additional paid-in capital | 152.2 | 123.9 | ||||||||||||
Total controlling stockholders' equity | 114.4 | 101.9 | ||||||||||||
Noncontrolling interest | 61.5 | 82.9 | ||||||||||||
Total stockholders' equity | 175.9 | 184.8 | ||||||||||||
Total liabilities and stockholders' equity | $ | 338.9 | $ | 240.6 |
Nine Months Ended | ||||||||
September 30, 2021 | ||||||||
Cash Flows from Operating Activities | ||||||||
Net loss | $ | (26.5) | ||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 24.9 | |||||||
Equity based compensation | 2.1 | |||||||
Loss on debt retirement | 0.2 | |||||||
Other costs, net | 1.2 | |||||||
Changes in operating assets and liabilities, net effects of business combinations | ||||||||
Accounts receivable | (24.5) | |||||||
Contract assets | (6.7) | |||||||
Inventory | 2.5 | |||||||
Prepaid expenses | (6.7) | |||||||
Other assets | (0.6) | |||||||
Accounts payable | (7.8) | |||||||
Accrued expenses | 23.8 | |||||||
Other current liabilities | 40.2 | |||||||
Operating lease, right-of-use obligations | 1.1 | |||||||
Other long-term liabilities | 0.2 | |||||||
Net cash provided by operating activities | 23.4 | |||||||
Cash Flows from Investing Activities | ||||||||
Purchase of property and equipment | (3.9) | |||||||
Proceeds from disposal of property and equipment | 0.4 | |||||||
Purchase of businesses, net of cash received | (2.4) | |||||||
Net cash used in investing activities | (5.9) | |||||||
Cash Flows from Financing Activities | ||||||||
Borrowings under Credit Facility | 74.7 | |||||||
Principal payments on Credit Facility | (52.5) | |||||||
Borrowings under Eclipse M&E | 12.5 | |||||||
Deferred financing costs on Eclipse | (2.4) | |||||||
Principal payments on Secured Promissory Note | (0.6) | |||||||
Principal payments on Encina Master Financing Agreement | (17.7) | |||||||
Payments on Installment Purchases | (0.4) | |||||||
Proceeds from financing of sale-leasebacks | 15.6 | |||||||
Principal payments on financing lease obligations | (3.7) | |||||||
Shares withheld on equity transactions | (1.0) | |||||||
Net cash provided by financing activities | 24.5 | |||||||
Increase in cash, cash equivalents and restricted cash | 42.0 | |||||||
Cash, cash equivalents and restricted cash, Beginning of Period | 2.8 | |||||||
Cash, cash equivalents and restricted cash, End of Period | 44.8 | |||||||
Supplemental Cash Flow Information | ||||||||
Interest paid | $ | 1.3 | ||||||
Supplemental Disclosure of Non-cash Investing and Financing Activities | ||||||||
Capital expenditures | $ | (0.1) | ||||||
Additions to fixed assets through installment purchases and financing leases | $ | (2.5) | ||||||
Issuance of Class A Common Stock for acquisition | $ | (16.4) | ||||||
Secured Promissory Note | $ | (11.4) |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
High Specification Rigs | Completion and Other Services | Processing Solutions | Other | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.7 | $ | (1.2) | $ | (0.1) | $ | (8.5) | $ | (9.1) | ||||||||||||||||||||||
Interest expense, net | — | — | — | 1.2 | 1.2 | |||||||||||||||||||||||||||
Tax expense | — | — | — | (0.2) | (0.2) | |||||||||||||||||||||||||||
Depreciation and amortization | 4.1 | 3.6 | 0.6 | 0.4 | 8.7 | |||||||||||||||||||||||||||
EBITDA | 4.8 | 2.4 | 0.5 | (7.1) | 0.6 | |||||||||||||||||||||||||||
Equity based compensation | — | — | — | 0.3 | 0.3 | |||||||||||||||||||||||||||
Loss on retirement of debt | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||
Severance and reorganization costs | — | — | — | 0.5 | 0.5 | |||||||||||||||||||||||||||
Acquisition related costs | — | — | — | 0.8 | 0.8 | |||||||||||||||||||||||||||
Legal fees and settlements | $ | — | $ | — | $ | — | $ | 0.9 | $ | 0.9 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 4.8 | $ | 2.4 | $ | 0.5 | $ | (4.4) | $ | 3.3 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
High Specification Rigs | Completion and Other Services | Processing Solutions | Other | Total | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.3 | $ | (1.9) | $ | (0.4) | $ | (7.1) | $ | (9.1) | ||||||||||||||||||||||
Interest expense, net | — | — | — | 0.7 | 0.7 | |||||||||||||||||||||||||||
Tax expense | — | — | — | (0.1) | (0.1) | |||||||||||||||||||||||||||
Depreciation and amortization | 4.7 | 2.5 | 0.7 | 0.3 | 8.2 | |||||||||||||||||||||||||||
EBITDA | 5.0 | 0.6 | 0.3 | (6.2) | (0.3) | |||||||||||||||||||||||||||
Equity based compensation | — | — | — | 0.9 | 0.9 | |||||||||||||||||||||||||||
(Gain) loss on disposal of property and equipment | — | — | — | 0.5 | 0.5 | |||||||||||||||||||||||||||
Severance and reorganization costs | — | — | — | 0.3 | 0.3 | |||||||||||||||||||||||||||
Acquisition related costs | — | — | — | 0.6 | 0.6 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 5.0 | $ | 0.6 | $ | 0.3 | $ | (3.9) | $ | 2.0 |
September 30, 2021 | June 30, 2021 | Change | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Debt and Other Obligations | ||||||||||||||||||||
Credit facility | $ | 29.7 | $ | 9.7 | $ | 20.0 | ||||||||||||||
Eclipse M&E Loan | 12.5 | — | 12.5 | |||||||||||||||||
Secured Promissory Note | 10.7 | — | 10.7 | |||||||||||||||||
Installment purchases | 1.1 | 1.0 | 0.1 | |||||||||||||||||
Other financing liabilities | 15.3 | 16.0 | (0.7) | |||||||||||||||||
Finance lease obligations | 3.6 | 3.9 | (0.3) | |||||||||||||||||
Encina Master Financing Agreement | — | 12.7 | (12.7) | |||||||||||||||||
Less: | ||||||||||||||||||||
Cash and cash equivalents | 2.8 | 3.4 | (0.6) | |||||||||||||||||
Net Debt | 70.1 | 39.9 | 30.2 | |||||||||||||||||
Less: Facility financing lease | 12.8 | 12.9 | (0.1) | |||||||||||||||||
Adjusted Net Debt | $ | 57.3 | $ | 27.0 | $ | 30.3 |
Cover |
Nov. 04, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Entity Registrant Name | Ranger Energy Services, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38183 |
Entity Tax Identification Number | 81-5449572 |
Entity Address, Address Line One | 10350 Richmond |
Entity Address, Address Line Two | Suite 550 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77042 |
City Area Code | 713 |
Local Phone Number | 935-8900 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.01 par value |
Trading Symbol | RNGR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Amendment Flag | false |
Entity Central Index Key | 0001699039 |
Document Period End Date | Nov. 04, 2021 |
RHY_U=3_ 102P,$% @ JHMD4Y>*NQS $P( L !?3T\$MP>:4#M.*2VBZD8_1!2:5K5N %(MB6/: (7->=I3W;+T]!;X"O.DQQ0FE(2S,.\,W2?S+W\PPU M1>5*(Y5;&GC3Y?YVX$G1H2)8%II%R=.B':5_'B4?'D78FYJD6:>IK&HP=MX1PT$ MG53$WHI"/J:Q8;!EK '$NW2:9;/46PQFN1BUMIS> A(H!"DHV1%[A$O\G7 D(GP&LK\,S4-AB.G8RF M2&]B]#V,YU#BG/]3(U45%K"FHO409.B1P74&0ZRQB28)UD-N5G0&[O+H YMR MR"9JZJ8IGJ,.>%,.]D9/)508H'Q3F:B\]E-L.>F.7F=Z_S!YU!Y:YU;*O8=7 MLN48Y0]02P,$% @ JHMD4R0>FZ*M ^ $ !H !X;"]?
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end
GO>'W$[M^(D/]J;W;.VOO'DA'.Z:T
M)Q_->H>>WCKL2;WS+V'O\.#,/F\H]NZW,_NPJ;7K#:WE=(:M^E^C5OT;].6=
MLMV=P-T]T'NC;U#V36K53TAKU#RWZX"KW%![P[Y\- 3X]9-INWXP[9TWYVV^
M0U]:=.2, U%FU[^=M9V#66_8DEJCEM)S!D&[?C2R82QMIZ':SLZP%9IG>\YV
MUNI*TSVG*;>&W\Z/+:):DNG[V' IP:IKZI@2^*3[IL<]7V.RQ4I;/@U3_JER
M;1X? ) SXL9L!G\&V2C<^G]02P,$
M% @ JHMD4\=Q0$!M @ =P< ! !R;F /R67
MYYE=K'I"S.?,&0F?G9% G8SO8X>]T)/RH+F6J7DISA#RY5A_;VPB0NA8ME'Z_PCF-1#(,'0
MD%[.&H6B':65$$4R_-M+>T*_]2>LVBP5-;U7$D3>TD=M]ZG[MC$P\;"%VHI4
M*?041%; _'5)M6P2EYM"6#E?)TNJ>Y8_%R>0@@'K[X[N!@J@5IR20/(6^+PR
M N!DX2TYYWZMWFYN.3"RJ\G?S/+>H/B#H3#(3Q:#2X%)NC3>N5*?"]Q=%!-O
M&/A$\]RB+/YNPWE14"K,'/I^_,/HDL?;_\_IRY,Z%7RHO&5
MHUR=2
NE2&=V [C?%"3P+Y JDYK7<9I-[YA
MK$JEJBQI/VA_HG7.9_L/]A;(IFL@Q#M83L8$_@ML(WH.RT-9.^RTQ[5CC^ID
M)OJZ)1.4/8I%-J6._4PHO?C^8?!,8SU;;AA V\A7L[P.*6& T/1"'=$/.0)>
M*0?*A5"'AY)B<1SO"4OO%(N.+3_7OB+$0,W= T2&R ;<>I\?7#E[RA9PX8+\
MZ'G1'$2-:/J&\]OZECRQCYG"4*30FYM$"(-C^E![91(7CWW,=R+T?6N=L\1;
M2N)L]'*4HM+=0YM',G,U&?H74K:@829="ZF;+XQH#I3$"KO0? )O8['7U>O^3W=?[MD=-:,Q/R'-\QWTOH?[!___*!"U+Z
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MZ[4E=]%3X$K$\
FC)I%39XW.I!M@"BL=IY_#(G[!O8*#7?'=DC=I S8
MV8RQ,R:$(G0\I" CKHC?]LV A?H"*D/[\AN 'CIGJ@_?9S'!/!J2[F:V*3
MWV#=!SL:.WS0T8W^]""UU@3-+$O:BG590 ]Y>4+6#QJIQO=J-?>$O%'?T6,Q
M%DY/MS,88,^&I_(F9L3H WW]2/;1<9P$EC&G_DC6N@V9<"-[&4SBZNU2P%
M/ UTV28^HC:8'@$%70%V$RIMPF E<9U^&*?IQ'G>GU.)CJP&!7@)9<$528UU8#E;FD\M'
M=%$YF"8\K#[B_)H/@%?,[H 7F./*UP@;CL-K 5;1-\FPEN[RVU(6SHC-#](!
MVL^T8_!?(+J,?;?#]=2=J_ <>RU^T:YMR+VV$7+F!L10&1FH0\;2_BFG@\$]-^N#/C[@K6D&0U[M4._3:*Q]]V&JP="/C_A0NT56
MB,4(N\7C-%N0%_:#,_-N/8T-M&,Q+>=9+]U;4/5=H=-(KU;+2F@OB=Z
.ED79>
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M*:+7++=&0::4)R6"@CR0'#KZ@#(XRU(^BH$GS0X#8<)-R_%BOC(-G^I5&
'9*5F5G?E=Z(@ ,OD.=[-2YRU/IO-S1 ]V^"?;RIT-@5%ABR;
M8T-OI;;MT2%[Q^Y.6K^LJXS,&/GP8K\&> 1P.%:E)5A5,AJ"[C#Q]2V50ZMN
M/-O4(ZG9L@ZX->8)J9)4.?L"$^B/X35]3^;!;;_R0^KW.1:L:P-[>UF9;\>P
M: