Processing
Solutions
High and
Specification Wireline Ancillary
Rigs Services Services Other Total
-------------- --------- ----------- ------- --------
Nine Months Ended September 30, 2023
---------------------------------------------------------
Net income (loss) $ 34.0 $ 8.9 $ 12.1 $(33.3) $21.7
Interest
expense, net -- -- -- 2.8 2.8
Income tax
expense -- -- -- 5.4 5.4
Depreciation and
amortization 14.7 8.4 5.0 1.2 29.3
------------- -------- ---------- ----- ----
EBITDA 48.7 17.3 17.1 (23.9) 59.2
Impairment of
fixed assets -- -- -- 0.4 0.4
Equity based
compensation -- -- -- 3.6 3.6
Loss on
retirement of
debt -- -- -- 2.4 2.4
Gain on disposal
of property and
equipment -- -- -- (1.6) (1.6)
Severance and
reorganization
costs -- -- -- 0.4 0.4
Acquisition
related costs -- -- -- 1.6 1.6
------------- -------- ---------- ----- ----
Adjusted EBITDA $ 48.7 $ 17.3 $ 17.1 $(17.1) $66.0
------------- -------- ---------- ----- ----
Free Cash Flow
We believe Free Cash Flow is an important financial measure for use in evaluating the Company's financial performance, as it measures our ability to generate additional cash from our business operations. Free Cash Flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of Free Cash Flow is limited and 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 obligations or payments made for business acquisitions. Therefore, we believe it is important to view Free Cash Flow as supplemental to our entire statement of cash flows.
The following table is a reconciliation of consolidated operating cash flows to Free Cash Flow for the respective periods, in millions:
Three Months Ended Nine Months Ended
-------------------------- ------------------------
September 30, September September September
2024 30, 2023 30, 2024 30, 2023
------------- ----------- ----------- -----------
Net cash
provided by
operating
activities $ 17.7 $ 12.2 $ 51.8 $ 53.1
Purchase of
property and
equipment (6.9) (15.0) (28.7) (27.9)
---- ----- ----- -----
Free Cash Flow $ 10.8 $ (2.8) $ 23.1 $ 25.2
---- --- ----- ----- --- ----- ---
Add back:
Purchase of
property and
equipment
related to
asset
acquisition -- 7.3 -- 7.3
---- --- ----- --- ----- --- ----- ---
Modified Free
cash Flow $ 10.8 $ 4.5 $ 23.1 $ 32.5
---- --- ----- --- ----- --- ----- ---
Adjusted
EBITDA $ 25.1 $ 24.0 $ 57.0 $ 66.0
---- --- ----- --- ----- --- ----- ---
Free cash Flow
conversion -
Free cash flow
as a
percentage of
EBITDA 43% (12)% 41% 38%
---- ----- ----- -----
Modified Free
cash Flow
conversion -
Modified Free
cash Flow as a
percentage of
EBITDA 43% 19% 41% 49%
---- ----- ----- -----
View source version on businesswire.com: https://www.businesswire.com/news/home/20241025673583/en/
CONTACT: Melissa Cougle
Chief Financial Officer
(713) 935-8900
InvestorRelations@rangerenergy.com
(END) Dow Jones Newswires
October 28, 2024 06:34 ET (10:34 GMT)
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