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Ranger Energy Services(RNGR) - 2021 Q4 - Annual Report
2022-03-30 21:09
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...
Ranger Energy Services(RNGR) - 2021 Q3 - Quarterly Report
2021-11-05 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaw ...
Ranger Energy Services(RNGR) - 2021 Q2 - Quarterly Report
2021-07-30 21:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 10350 Rich ...
Ranger Energy Services(RNGR) - 2021 Q1 - Quarterly Report
2021-05-06 21:03
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 10350 Ric ...
Ranger Energy Services(RNGR) - 2020 Q4 - Annual Report
2021-02-26 22:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...
Ranger Energy Services(RNGR) - 2020 Q3 - Quarterly Report
2020-10-23 21:00
Washington, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 81-5449572 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or (State or other jurisdiction of incorporation or ...
Ranger Energy Services(RNGR) - 2020 Q2 - Quarterly Report
2020-07-27 23:28
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 800 Gessne ...
Ranger Energy Services(RNGR) - 2020 Q1 - Quarterly Report
2020-05-01 21:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware ...
Ranger Energy Services(RNGR) - 2019 Q4 - Annual Report
2020-02-28 22:01
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10‑K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 For the transition period from to Commission file number 001-38183 RANGER ENERGY SERVICES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Delaware 81‑5449572 or ☐ TRANSITION REPORT PURSU ...
Ranger Energy Services(RNGR) - 2019 Q3 - Quarterly Report
2019-10-25 21:07
PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited interim financial statements for Q3 2019 report **total assets of $308.4 million**, **net income of $4.5 million**, and **operating cash flow of $36.3 million** [Unaudited Interim Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2019, **total assets increased to $308.4 million**, **liabilities decreased to $105.9 million**, and **stockholders' equity rose to $202.5 million** Balance Sheet Summary | Balance Sheet Items | Sep 30, 2019 (in millions) | Dec 31, 2018 (in millions) | | :--- | :--- | :--- | | **Total Current Assets** | $68.5 | $61.1 | | Property and equipment, net | $222.8 | $229.8 | | **Total Assets** | **$308.4** | **$302.5** | | **Total Current Liabilities** | $58.9 | $58.9 | | Long-term debt, net | $37.0 | $44.7 | | **Total Liabilities** | **$105.9** | **$110.5** | | **Total Stockholders' Equity** | **$202.5** | **$192.0** | [Unaudited Interim Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2019 saw **revenues rise to $84.1 million** but a **net loss of $0.9 million**, while nine-month revenues grew **18% to $256.7 million** with a **net income of $4.5 million** Statements of Operations Summary | Metric (in millions) | Q3 2019 | Q3 2018 | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $84.1 | $82.1 | $256.7 | $217.8 | | Operating Income (Loss) | $1.6 | $4.4 | $10.8 | $(5.4) | | **Net Income (Loss)** | **$(0.9)** | **$4.0** | **$4.5** | **$(7.5)** | | Diluted EPS | $(0.06) | $0.24 | $0.26 | $(0.51) | [Unaudited Interim Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine months ended September 30, 2019, generated **$36.3 million in operating cash**, with **investing cash use decreasing to $19.0 million**, leading to a **$5.4 million increase in cash** Cash Flow Summary | Cash Flow Activity (in millions) | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $36.3 | $24.9 | | Net cash used in investing activities | $(19.0) | $(56.1) | | Net cash (used in) provided by financing activities | $(11.9) | $27.9 | | **Increase (decrease) in Cash** | **$5.4** | **$(3.3)** | | Cash and Cash Equivalents, End of Period | $8.0 | $2.0 | [Notes to Unaudited Interim Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Notes detail business structure, accounting policies, and financial components, including the adoption of ASU 2016-02 and segment performance across three operational areas - The company is a provider of high-specification well service rigs and associated services, operating through three segments: **High Specification Rigs**, **Completion and Other Services**, and **Processing Solutions**[17](index=17&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk) - Effective January 1, 2019, the company adopted the new lease accounting standard (**ASU 2016-02**), recognizing an initial operating lease right-of-use asset and corresponding liability of **$8.3 million**[23](index=23&type=chunk)[27](index=27&type=chunk) Debt Instrument Breakdown | Debt Instrument | Sep 30, 2019 (in millions) | Dec 31, 2018 (in millions) | | :--- | :--- | :--- | | ESCO Notes Payable | $5.8 | $5.8 | | Wells Fargo Credit Facility | $17.5 | $17.9 | | Encina Master Financing Agreement | $29.5 | $36.8 | | **Total Debt** | **$52.8** | **$60.5** | - In June 2019, the Board of Directors approved a share repurchase program authorizing the purchase of up to **10%** of outstanding Class A Common Stock held by non-affiliates, not to exceed **580,000 shares** or **$5.0 million**[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses an **18% revenue increase** for the nine months ended September 30, 2019, driven by segment growth, with **Adjusted EBITDA rising to $39.4 million** and **solid liquidity of $8.0 million cash** [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 2019 revenues grew **2% to $84.1 million** with a **64% operating income decline**, while nine-month revenues increased **18% to $256.7 million** driven by Completion and Processing Solutions Quarterly Revenue by Segment | Revenue by Segment (in millions) | Q3 2019 | Q3 2018 | % Change | | :--- | :--- | :--- | :--- | | High Specification Rigs | $32.5 | $38.7 | (16)% | | Completion and Other Services | $45.3 | $39.4 | 15% | | Processing Solutions | $6.3 | $4.0 | 58% | | **Total Revenues** | **$84.1** | **$82.1** | **2%** | Nine-Month Revenue by Segment | Revenue by Segment (in millions) | Nine Months 2019 | Nine Months 2018 | % Change | | :--- | :--- | :--- | :--- | | High Specification Rigs | $97.3 | $114.6 | (15)% | | Completion and Other Services | $143.2 | $92.3 | 55% | | Processing Solutions | $16.2 | $10.9 | 49% | | **Total Revenues** | **$256.7** | **$217.8** | **18%** | - The High Specification Rigs segment saw a decrease in rig hours, from **74,200** in Q3 2018 to **62,400** in Q3 2019, and from **224,600** to **184,700** for the respective nine-month periods[102](index=102&type=chunk)[103](index=103&type=chunk)[108](index=108&type=chunk) - Growth in the Completion and Other Services segment was primarily driven by the wireline business, which expanded its unit count by **44%** to **13 units** as of September 30, 2019, from **9 units** a year prior[109](index=109&type=chunk)[122](index=122&type=chunk) [Non-GAAP Financial Measure: Adjusted EBITDA](index=31&type=section&id=Non-GAAP%20Financial%20Measure%3A%20Adjusted%20EBITDA) Adjusted EBITDA for Q3 2019 was **$12.2 million**, while the nine-month period saw a **44% increase to $39.4 million**, driven by strong segment performance Adjusted EBITDA by Segment | Adjusted EBITDA (in millions) | Q3 2019 | Q3 2018 | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | :--- | :--- | | High Specification Rigs | $3.3 | $5.6 | $12.0 | $17.6 | | Completion and Other Services | $10.7 | $11.4 | $35.7 | $24.1 | | Processing Solutions | $3.5 | $2.2 | $9.3 | $5.8 | | Other | $(5.3) | $(6.6) | $(17.6) | $(20.1) | | **Total Adjusted EBITDA** | **$12.2** | **$12.6** | **$39.4** | **$27.4** | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2019, liquidity included **$8.0 million in cash** and **$17.2 million credit facility availability**, with **$36.3 million cash generated from operations** - Primary sources of liquidity as of September 30, 2019, include **$8.0 million** in cash and **$17.2 million** in availability under the Credit Facility[148](index=148&type=chunk) Cash Flow Summary | Cash Flow Summary (in millions) | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | | Cash from Operating Activities | $36.3 | $24.9 | | Cash from Investing Activities | $(19.0) | $(56.1) | | Cash from Financing Activities | $(11.9) | $27.9 | | **Net change in cash** | **$5.4** | **$(3.3)** | - Working capital increased to **$9.6 million** as of September 30, 2019, from **$2.2 million** as of December 31, 2018[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company faces market risks including commodity price, interest rate, and credit risk, with a **1% interest rate change impacting annual expense by $0.5 million** - The company is exposed to interest rate risk on its Credit Facility and Financing Agreement. A hypothetical **1.0%** change in the weighted average interest rate would affect annual interest expense by approximately **$0.5 million**[175](index=175&type=chunk) - The market for the company's services is indirectly exposed to fluctuations in oil and natural gas prices, which impact the activity levels of its E&P customers[177](index=177&type=chunk) - As of September 30, 2019, the top three customer trade receivable balances represented approximately **15%**, **10%**, and **8%** of total accounts receivable[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[178](index=178&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended September 30, 2019, that materially affected, or are reasonably likely to materially affect, internal controls[179](index=179&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is not subject to material litigation, and management expects no material adverse effect on financial position from existing legal matters - The company is not currently subject to any material litigation, and management does not expect existing matters to have a material adverse effect on its financial condition[180](index=180&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the Annual Report's 'Risk Factors' for a detailed discussion of potential material adverse effects on the business - For a detailed discussion of risk factors, the report refers to the 'Risk Factors' section in the company's Annual Report[181](index=181&type=chunk) [Item 2. Unregistered Sales of Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Securities%20and%20Use%20of%20Proceeds) In the first nine months of 2019, a **$3.0 million liability was settled by issuing 206,897 shares**, and **47,474 shares were repurchased for $0.3 million** in Q3 - A **$3.0 million** liability was settled through the issuance of **206,897 shares** of Class A Common Stock to CSL Energy Holdings I, LLC and CSL Energy Holdings II, LLC[182](index=182&type=chunk) Share Repurchase Program Activity | Period | Total Shares Repurchased | Average Price Paid per Share | | :--- | :--- | :--- | | July 2019 | — | $— | | August 2019 | 20,874 | $6.51 | | September 2019 | 26,600 | $6.56 | | **Total Q3 2019** | **47,474** | **N/A** | - As of September 30, 2019, a maximum of **532,526 shares** may yet be purchased under the share repurchase program[186](index=186&type=chunk) [Item 6. Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including reorganization agreements, corporate governance, and officer certifications