Company Quick10K Filing
Ranger Energy Services
Price6.49 EPS1
Shares9 P/E9
MCap61 P/FCF2
Net Debt46 EBIT13
TEV107 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-28
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-06
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-09-01
8-K 2020-07-23 Earnings, Exhibits
8-K 2020-05-08
8-K 2020-03-31
8-K 2020-03-26
8-K 2020-02-27
8-K 2019-10-24
8-K 2019-07-25
8-K 2019-06-27
8-K 2019-05-15
8-K 2019-04-30
8-K 2018-12-31
8-K 2018-12-04
8-K 2018-11-06
8-K 2018-08-07
8-K 2018-07-30
8-K 2018-06-22
8-K 2018-06-15
8-K 2018-06-04
8-K 2018-05-08
8-K 2018-03-06
8-K 2018-01-05

RNGR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Business Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 - Property and Equipment, Net
Note 4 - Intangible Assets
Note 5 - Accrued Expenses
Note 6 - Leases
Note 7 - Debt
Note 8 - Equity
Note 9 - Risk Concentrations
Note 10 - Income Taxes
Note 11 - Earnings (Loss) per Share
Note 12 - Commitments and Contingencies
Note 13 - Segment Reporting
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risks
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 rngr-063020xex311dma.htm
EX-31.2 rngr-063020xex312jbb.htm
EX-32.1 rngr-063020xex321dma.htm
EX-32.2 rngr-063020xex322jbb.htm

Ranger Energy Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3252601951306502017201820192020
Assets, Equity
9070503010-102017201820192020
Rev, G Profit, Net Income
754923-3-29-552017201820192020
Ops, Inv, Fin

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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
rngr-20200630_g1.jpg
RANGER ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware81-5449572
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
800 Gessner Street, Suite 1000
Houston, Texas 77024
(Address of principal executive offices) (Zip Code)
(713) 935-8900
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par value RNGR New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐Accelerated filer ☐
Non-accelerated Filer ☒
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒
As of July 22, 2020, the registrant had 8,479,668 shares of Class A Common Stock and 6,866,154 shares of Class B Common Stock outstanding.



RANGER ENERGY SERVICES, INC.
TABLE OF CONTENTS
Page



PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
RANGER ENERGY SERVICES, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
June 30, 2020December 31, 2019
Assets
Cash and cash equivalents$6.0  $6.9  
Accounts receivable, net16.0  41.5  
Contract assets1.1  1.2  
Inventory2.0  3.8  
Prepaid expenses1.8  5.3  
Total current assets26.9  58.7  
Property and equipment, net206.6  218.9  
Intangible assets, net8.9  9.3  
Operating leases, right-of-use assets5.3  6.5  
Other assets0.4  0.1  
Total assets$248.1  $293.5  
Liabilities and Stockholders' Equity
Accounts payable$5.1  $13.8  
Accrued expenses8.0  18.4  
Finance lease obligations, current portion4.0  5.1  
Long-term debt, current portion10.0  15.8  
Other current liabilities1.2  2.0  
Total current liabilities28.3  55.1  
Operating leases, right-of-use obligations4.2  4.5  
Finance lease obligations2.3  3.6  
Long-term debt, net16.8  26.6  
Other long-term liabilities1.3  0.7  
Total liabilities52.9  90.5  
Commitments and contingencies (Note 12)
Stockholders' equity
Preferred stock, $0.01 per share; 50,000,000 shares authorized; no shares issued or outstanding as of June 30, 2020 and December 31, 2019
    
Class A Common Stock, $0.01 par value, 100,000,000 shares authorized; 9,031,495 shares issued and 8,479,668 shares outstanding as of June 30, 2020 and 8,839,788 shares issued and 8,725,851 shares outstanding as of December 31, 2019
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 June 30, 2020 and December 31, 2019
0.1  0.1  
Less: Class A Common Stock held in treasury, at cost (551,827 shares as of June 30, 2020 and 113,937 as of December 31, 2019)
(3.8) (0.7) 
Accumulated deficit(11.5) (8.1) 
Additional paid-in capital121.0  121.8  
Total controlling stockholders' equity105.9  113.2  
Noncontrolling interest89.3  89.8  
Total stockholders' equity195.2  203.0  
Total liabilities and stockholders' equity$248.1  $293.5  
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
3


RANGER ENERGY SERVICES, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share and per share amounts)
Three Months EndedSix Months Ended
June 30,June 30,
2020201920202019
Revenues
High specification rigs$11.4  $33.1  $46.3  $64.8  
Completion and other services17.7  46.3  61.0  97.9  
Processing solutions1.6  4.9  4.4  9.9  
Total revenues30.7  84.3  111.7  172.6  
Operating expenses
Cost of services (exclusive of depreciation and amortization):
High specification rigs10.1  28.7  40.0  56.1  
Completion and other services13.3  35.0  45.0  72.9  
Processing solutions0.4  1.9  1.9  4.1  
Total cost of services23.8  65.6  86.9  133.1  
General and administrative5.5  6.3  10.5  13.5  
Depreciation and amortization9.5  8.4  18.4  16.8  
Total operating expenses38.8  80.3  115.8  163.4  
Operating income (loss)(8.1) 4.0  (4.1) 9.2  
Other expenses
Interest expense, net0.8  1.9  1.9  3.2  
Total other expenses0.8  1.9  1.9  3.2  
Income (loss) before income tax expense(8.9) 2.1  (6.0) 6.0  
Tax expense  0.3  0.1  0.6  
Net income (loss)(8.9) 1.8  (6.1) 5.4  
Less: Net income (loss) attributable to noncontrolling interests(4.0) 0.8  (2.7) 2.4  
Net income (loss) attributable to Ranger Energy Services, Inc.$(4.9) $1.0  $(3.4) $3.0  
Earnings (loss) per common share
Basic$(0.58) $0.12  $(0.40) $0.35  
Diluted$(0.58) $0.10  $(0.40) $0.29  
Weighted average common shares outstanding
Basic8,474,077  8,514,495  8,545,925  8,481,788  
Diluted8,474,077  15,412,431  8,545,925  15,361,162  
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4


RANGER ENERGY SERVICES, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in millions, except share amounts)
Three Months Ended June 30,Six Months Ended June 30,
20202019202020192020201920202019
QuantityAmountQuantityAmount
Shares, Class A Common Stock
Balance, beginning of period8,947,830  8,454,273  $0.1  $0.1  8,839,788  8,448,527  $0.1  $0.1  
Issuance of shares under share-based compensation plans117,502  93,621  —  —  270,135  101,621  —  —  
Shares withheld for taxes on equity transactions(33,837) (37,765) —  —  (78,428) (40,019) —  —  
Issuance of Class A Common Stock to related party—  206,897  —  —  —  206,897  —  —  
Balance, end of period9,031,495  8,717,026  $0.1  $0.1  9,031,495  8,717,026  $0.1  $0.1  
Shares, Class B Common Stock
Balance, beginning of period6,866,154  6,866,154  $0.1  $0.1  6,866,154  6,866,154  $0.1  $0.1  
Balance, end of period6,866,154  6,866,154  $0.1  $0.1  6,866,154  6,866,154  $0.1  $0.1  
Treasury Stock
Balance, beginning of period(551,827)   $(3.8) $  (113,937)   $(0.7) $  
Repurchase of Class A Common Stock—  —  —  —  (437,890) —  (3.1) —  
Balance, end of period(551,827)   $(3.8) $  (551,827)   $(3.8) $  
Accumulated deficit
Balance, beginning of period$(6.6) $(7.9) $(8.1) $(9.9) 
Net income (loss) attributable to controlling interest(4.9) 1.0  (3.4) 3.0  
Balance, end of period$(11.5) $(6.9) $(11.5) $(6.9) 
Additional paid-in capital
Balance, beginning of period$120.2  $112.2  $121.8  $111.6  
Equity based compensation amortization0.9  0.8  1.6  1.4  
Shares withheld for taxes on equity transactions(0.2) (0.4) (0.3) (0.4) 
Issuance of Class A Common Stock to related party—  3.0  —  3.0  
Benefit from reversal of valuation allowance—  0.6  —  0.6  
Impact of transactions affecting noncontrolling interest0.1  3.7  (2.1) 3.7  
Balance, end of period$121.0  $119.9  $121.0  $119.9  
Total controlling interest shareholders’ equity
Balance, beginning of period$110.0  $104.5  $113.2  $101.9  
Net income (loss) attributable to controlling interest(4.9) 1.0  (3.4) 3.0  
Equity based compensation amortization0.9  0.8  1.6  1.4  
Shares withheld for taxes on equity transactions(0.2) (0.4) (0.3) (0.4) 
Issuance of Class A Common Stock to related party—  3.0  —  3.0  
Benefit from reversal of valuation allowance—  0.6  —  0.6  
Repurchase of Class A Common Stock—  —  (3.1) —  
Impact of transactions affecting noncontrolling interest0.1  3.7  (2.1) 3.7  
Balance, end of period$105.9  $113.2  $105.9  $113.2  
Noncontrolling interest
Balance, beginning of period$93.4  $91.7  $89.8  $90.1  
Net income (loss) attributable to noncontrolling interest(4.0) 0.8  (2.7) 2.4  
Equity based compensation amortization—  0.1  0.1  0.1  
Impact of transactions affecting noncontrolling interest(0.1) (3.7) 2.1  (3.7) 
Balance, end of period$89.3  $88.9  $89.3  $88.9  
Total Stockholders' Equity
Balance, beginning of period$203.4  $196.2  $203.0  $192.0  
Net income (loss)(8.9) 1.8  (6.1) 5.4  
Equity based compensation amortization0.9  0.9  1.7  1.5  
Shares withheld for taxes on equity transactions(0.2) (0.4) (0.3) (0.4) 
Issuance of Class A Common Stock to related party—  3.0  —  3.0  
Benefit from reversal of valuation allowance—  0.6  —  0.6  
Repurchase of Class A Common Stock—  —  (3.1) —  
Balance, end of period$195.2  $202.1  $195.2  $202.1  
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5


RANGER ENERGY SERVICES, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Six Months Ended June 30,
20202019
Cash Flows from Operating Activities
Net income (loss)$(6.1) $5.4  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization18.4  16.8  
Equity based compensation1.7  1.5  
Gain on debt retirement(2.1)   
Other costs, net1.8    
Changes in operating assets and liabilities
Accounts receivable25.4  (8.6) 
Contract assets0.1  (2.9) 
Inventory1.4  (2.8) 
Prepaid expenses3.5  1.4  
Other assets(0.2) 0.9  
Accounts payable(8.7) (0.6) 
Accrued expenses(10.4) 2.0  
Operating lease, right-of-use obligations(1.1)   
Other long-term liabilities0.5  1.1  
Net cash provided by operating activities24.2  14.2  
Cash Flows from Investing Activities
Purchase of property and equipment(5.8) (16.0) 
Proceeds from disposal of property and equipment0.3  0.5  
Net cash used in investing activities(5.5) (15.5) 
Cash Flows from Financing Activities
Borrowings under Credit Facility32.6  25.1  
Principal payments on Credit Facility(37.6) (17.3) 
Principal payments on Encina Master Financing Agreement(5.0) (4.8) 
Principal payments on ESCO Note Payable(3.6)   
Principal payments on financing lease obligations(2.6) (2.2) 
Repurchase of Class A Common Stock(3.1)   
Shares withheld on equity transactions(0.3) (0.4) 
Net cash (used in) provided by financing activities(19.6) 0.4  
Decrease in Cash and Cash equivalents(0.9) (0.9) 
Cash and Cash Equivalents, Beginning of Period6.9  2.6  
Cash and Cash Equivalents, End of Period$6.0  $1.7  
Supplemental Cash Flow Information
Interest paid$1.7  $2.3  
Supplemental Disclosure of Non-cash Investing and Financing Activities
Capital expenditures$0.1  $(2.3) 
Additions to fixed assets through financing leases$(1.0) $(0.8) 
Early termination of financing leases$0.7  $  
Initial operating lease right-of-use asset additions$  $(8.3) 
Issuance of Class A Common Stock to related party$  $3.0  
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
6


RANGER ENERGY SERVICES, INC.
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 — Organization and Business Operations
Business
Ranger Energy Services, Inc. (“Ranger, Inc.,” “Ranger,” or the “Company”) is a provider of onshore high specification (“high-spec”) well service rigs and complementary services in the United States. The Company also provides an extensive range of well site services to leading U.S. exploration and production (“E&P”) companies that are fundamental to establishing and maintaining the flow of oil and natural gas throughout the productive life of a well.
The Company offers services that consist of well completion support, workover, well maintenance, wireline, fluid management, other complementary services, as well as installation, commissioning and operating of modular equipment, which are conducted in three reportable segments, as follows:
High Specification Rigs. Provider of high-spec well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well.
Completion and Other Services. Provider of wireline completion services necessary to bring a well on production and other ancillary services often utilized in conjunction with the high-spec rig services to enhance the production of a well.
Processing Solutions. Provider of proprietary, modular equipment for the processing of natural gas.
The Company’s operations take place in most of the active oil and natural gas basins in the United States, including the Permian Basin, Denver-Julesburg Basin, Bakken Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast, South Central Oklahoma Oil Province and Sooner Trend Anadarko Basin Canadian and Kingfisher Counties plays.
Organization
Ranger, Inc. was incorporated as a Delaware corporation in February 2017. Ranger, Inc. is a holding company, the sole material assets of which consist of membership interests in RNGR Energy Services, LLC, a Delaware limited liability company (“Ranger LLC”). Ranger LLC owns all of the outstanding equity interests in Ranger Energy Services, LLC (“Ranger Services”) and Torrent Energy Services, LLC (“Torrent Services”), the subsidiaries through which it operates its assets. Ranger LLC is the sole managing member of Ranger Services and Torrent Services, and is responsible for all operational, management and administrative decisions relating to Ranger Services and Torrent Services’ business and consolidates the financial results of Ranger Services and Torrent Services and their subsidiaries.
Recent Events
The outbreak of the novel coronavirus (“COVID-19”) has spread across the globe and has been declared a public health emergency by the World Health Organization and a National Emergency by the President of the United States. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has, and is likely to continue to, adversely affect the operations of the Company’s business, as the significantly reduced global and national economic activity has resulted in reduced demand for oil and natural gas. Federal, state and local governments mobilized to implement containment mechanisms to minimize impacts to their populations and economies. Various containment measures, which includes the quarantining of cities, regions and countries, while aiding in the prevention of further outbreak, have resulted in a severe drop in general economic activity and a resulting decrease in energy demand. In addition, the global economy has experienced a significant disruption to global supply chains. The extent of the COVID-19 outbreak on the Company’s operational and financial performance will continue to depend on certain developments, including the duration and spread of the outbreak and its continued impact on customer activity and third-party providers. The direct impact to the Company’s operations began to take effect at the close of the first quarter ended March 31, 2020, and continued through the issuance of these condensed consolidated financial statements. The full extent to which the COVID-19 outbreak may affect the Company’s financial conditions, results of operations or liquidity subsequent to the issuance of these condensed consolidated financial statements is uncertain. At the time of this filing, cases of COVID-19 in the U.S. were increasing rapidly, particularly in Texas, where we conduct significant operations.
The severe drop in economic activity, travel restrictions and other restrictions due to COVID-19 have had a significant negative impact on the demand for oil and gas. In addition to the impact of the COVID-19 outbreak, in March 2020, OPEC, Russia and certain other oil producing states, commonly referred to as “OPEC Plus,” failed to agree on a plan to cut production of oil and natural gas. Subsequently, Saudi Arabia announced plans to increase production to record levels and reduce the prices at which they sell oil and, in turn, Russia responded with threats to also increase production. Collectively, these events created an unprecedented global oil and natural gas supply and demand imbalance, reduced global oil and natural gas storage capacity, caused oil prices to decline significantly and resulted in continued volatility in oil, natural gas and NGLs prices into the second
7


quarter of 2020. On April 12, 2020, OPEC Plus agreed to cut oil production by 9.7 million barrels per day in May and June 2020; however, on July 15, 2020, OPEC Plus agreed to increase production by 1.6 million barrels per day starting in August 2020. With the combined effects of the increased production levels earlier in 2020, the recent increase in production and the reduction in demand caused by COVID-19, the global oil and natural gas supply and demand imbalance persists and continues to have a significant adverse effect on the oil and gas industry.
Due to the significantly reduced demand for oil and natural gas as a result of the COVID-19 pandemic and the current oversupply of oil and natural gas in the market, available storage and capacity for the Company’s customers’ production may be limited or completely unavailable in the future, which may further negatively impact the price of oil.
The Company cannot predict whether, or when, the global supply and demand imbalance will be resolved or whether, or when, oil and natural gas production and economic activities will return to normalized levels. In the absence of additional reductions to global production, oil, natural gas and NGLs prices could remain at current levels, or decline further, for an extended period of time.
Factors deriving from the COVID-19 response, as well as the oil oversupply, that have or may negatively impact sales, liquidity and gross margins in the future include, but are not limited to: limitations on the ability of the Company’s customers to conduct business, which would result in a decrease in demand for services and lower utilization of the Company’s assets; limitations on the ability of suppliers to provide materials or equipment, limitations on the ability of the Company’s employees to perform their work due to illness caused by the pandemic or local, state or federal orders requiring employees to remain at home; reduction of capital expenditures and discretionary spend; and limitations on the ability of customers to pay us on a timely basis. If prolonged, such factors may also negatively affect the carrying values of the Company’s property and equipment and intangible assets. At the close of the first quarter, the Company initiated cost reductions throughout the organization, including a reduction in the workforce and salary reductions. Additionally, various other operational, travel and organizational expense reductions will continue to manage costs to preserve liquidity through the downturn. We believe these actions will provide sufficient liquidity to finance our operations for twelve months post issuance of these consolidated financial statements. We will continue to actively monitor the situation and may take further actions that alter business operations as may be required by federal, state or local authorities, or that we determine are in the best interests of the Company’s employees, customers and stakeholders.
On March 12, 2020, the Company received a non-binding offer from CSL Capital Management, L.P. (“CSL”) and Bayou Holdings, proposing to acquire all of the outstanding shares of common stock of the Company not owned by CSL, Bayou Holdings and T. Rowe Price Associates, Inc. in a cash merger transaction for $6.00 per share (the “Take Private Proposal”). On May 11, 2020, CSL announced their decision to not pursue the possible acquisition of shares outstanding of Ranger at this time and abandoned the Take Private Proposal.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The consolidated balance sheet as of December 31, 2019 has been derived from audited financial statements and the unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”) for interim financial information and the Securities and Exchange Commission’s (the “SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain notes and other information have been condensed or omitted. The unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the results of operations for the interim periods. These interim financial statements should be read in conjunction with the consolidated financial statements and related notes for the years ended December 31, 2019 and 2018, included in the Annual Report filed on Form 10-K for the year ended December 31, 2019 (the “Annual Report”). Interim results for the periods presented may not be indicative of results that will be realized for future periods.
Significant Accounting Policies
The Company’s significant accounting policies are disclosed in Note 2 — Summary of Significant Accounting Policies of the Annual Report. There have been no changes in such policies or the application of such policies during the six months ended June 30, 2020.
8


Use of Estimates
The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: