Ranger Energy Services(US:RNGR)2025-03-03 22:18Financial Performance - Full year 2024 revenue was $571.1 million, with net income of $18.4 million, or $0.81 per fully diluted share[3] - Adjusted EBITDA for full year 2024 was $78.9 million, representing a 13.8% margin, compared to $84.4 million and 13.3% margin in 2023[3] - Fourth quarter 2024 revenue was $143.1 million, a decrease from $153.0 million in the prior quarter and $151.5 million in the prior year[12] - Net income for the year ended December 31, 2024, was $18.4 million, down from $23.8 million in 2023, reflecting a decrease of 22.7%[33] - The total net income for the year ended December 31, 2024, was $18.4 million, a decrease from $23.8 million in 2023, reflecting a decline of 23%[40] Cash Flow and Liquidity - Free Cash Flow for 2024 was $50.4 million, or $2.24 per share, with total liquidity of $112.1 million at year-end[3] - The company returned over 40% of 2024 Free Cash Flow through dividends and share repurchases, exceeding its minimum commitment[3] - The quarterly dividend was increased by 20% to $0.06 per share, reflecting confidence in future cash flow[3] - Cash and cash equivalents increased to $40.9 million as of December 31, 2024, from $15.7 million at the end of 2023, a growth of 160.5%[32] - Net cash provided by operating activities for the year ended December 31, 2024, was $84.5 million, down from $90.8 million in 2023, indicating a decrease of 7%[42] Segment Performance - High-Specification Rigs segment revenue reached $87.0 million in Q4 2024, an increase of $8.0 million year-over-year[15] - Wireline Services segment revenue decreased by 25% quarter-over-quarter to $22.6 million, and by 46% year-over-year[17] - Processing Solutions and Ancillary Services segment revenue was $33.5 million in Q4 2024, up 8% from the prior year[19] - High Specification Rigs revenue was $86.7 million for the three months ended September 30, 2024, up from $79.0 million in the same period of 2023, a 9.8% increase[30] Operating Expenses and Income - Operating income for the three months ended September 30, 2024, was $12.9 million, compared to $8.9 million for the same period in 2023, an increase of 45.0%[30] - Total operating expenses for the three months ended September 30, 2024, were $140.1 million, compared to $134.2 million in the same period of 2023, an increase of 4.4%[30] - The company incurred $1.7 million in severance and reorganization costs for the three months ended December 31, 2024[39] Asset Management - Total assets as of December 31, 2024, were $381.6 million, slightly up from $378.0 million in 2023, indicating a 0.9% increase[32] - Ranger Energy Services reported a decrease in accounts receivable from $85.4 million in 2023 to $68.4 million in 2024, a reduction of 20.0%[32] EBITDA and Margins - Adjusted EBITDA for the three months ended December 31, 2024, was $21.9 million, compared to $18.4 million for the same period in 2023, reflecting a year-over-year increase of 19%[38] - The Adjusted EBITDA margin for the year ended December 31, 2024, was 78.9 million, compared to 84.4 million in 2023, showing a decrease of 6%[42] - The company’s Free Cash Flow conversion rate for the three months ended December 31, 2024, was 125%, compared to 158% in the same period of 2023[42] Depreciation and Interest - Depreciation and amortization expenses for the year ended December 31, 2024, totaled $44.1 million, compared to $39.9 million in 2023, indicating an increase of 10%[40] - The company’s interest expense for the year ended December 31, 2024, was $2.6 million, consistent with the previous year[39]