RPC(US:RES)2025-04-24 10:45Financial Performance - Revenues for Q1 2025 were $332.9 million, a decrease of 1% sequentially from Q4 2024[5]. - Net income was $12 million, down 6% sequentially, with diluted EPS at $0.06; net income margin decreased by 20 basis points to 3.6%[5][11]. - EBITDA increased by 6% sequentially to $48.9 million, with an EBITDA margin of 14.7%, up 100 basis points[5][12]. - Revenues for Q1 2025 were $332,877 thousand, a decrease of 11.9% compared to $377,833 thousand in Q1 2024[24]. - Net income for Q1 2025 was $12,030 thousand, down 56.2% from $27,467 thousand in Q1 2024[24]. - EBITDA for Q1 2025 was $48,894 thousand, representing an EBITDA margin of 14.7% compared to 16.7% in Q1 2024[30]. - Operating income increased to $12,386 thousand in Q1 2025 from $10,517 thousand in Q4 2024, reflecting a 17.7% quarter-over-quarter growth[24]. Cash Flow and Liquidity - Cash and cash equivalents at the end of Q1 2025 were $326.7 million, with no outstanding borrowings under the $100 million revolving credit facility[13]. - Net cash provided by operating activities was $39.9 million, and free cash flow was $7.6 million in Q1 2025[14]. - Free cash flow for Q1 2025 was $7,595 thousand, an increase from $3,781 thousand in Q1 2024[31]. - The company reported a net cash provided by operating activities of $39,865 thousand in Q1 2025, compared to $56,559 thousand in Q1 2024[31]. - Cash and cash equivalents at the end of Q1 2025 were $326,724 thousand, slightly up from $325,975 thousand at the end of 2024[26]. Expenses and Costs - Cost of revenues decreased by 3% to $243.9 million, contributing to improved operating income[9]. - Selling, general and administrative expenses rose to $42.5 million, representing 12.8% of revenues, an increase of 50 basis points[10]. - Capital expenditures in Q1 2025 were $32,270 thousand, down from $52,778 thousand in Q1 2024[26]. Acquisitions and Market Activity - The company completed the acquisition of Pintail Completions on April 1, 2025, which generated over $400 million in revenues in 2024[5]. - The average U.S. rig count increased by 0.3% to 588 in Q1 2025, while oil prices rose by 1.9% to $71.93 per barrel[7]. Assets and Liabilities - Total assets decreased to $1,345,919 thousand as of March 31, 2025, down from $1,386,489 thousand at the end of 2024[25]. - Total liabilities decreased to $264,333 thousand as of March 31, 2025, compared to $308,198 thousand at the end of 2024[25]. Dividends - The company declared a regular quarterly cash dividend of $0.04 per share, payable on June 10, 2025[15].