Ranger Energy Services : Non-GAAP Reconciliations – 1Q2021 – EBITDA and Adjusted EBITDA
May 05, 2021 at 05:29 pm EDT
Share
RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)
Adjusted EBITDA is not a financial measure determined in accordance with U.S. GAAP. We define Adjusted EBITDA as net income or loss before net interest expense, income tax provision or benefit, depreciation and amortization, equity‑based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of assets, and certain other non-cash and certain items that we do not view as indicative of our ongoing performance.
We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net loss determined in accordance with U.S. GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an indication that our results will be unaffected by the items excluded from Adjusted EBITDA. Our computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. The following table presents reconciliations of net income or loss, our most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, to Adjusted
EBITDA.
The following tables are a reconciliation of net income or loss to Adjusted EBITDA for the three months ended March 31, 2021 and December 31, 2020, in millions:
Three Months Ended March 31, 2021
High
Completion
Processing
Specification
and Other
Other
Total
Rigs
Services
Solutions
(in millions)
Net income (loss)
$
(2.1)
$
(1.3)
$
-
$
(4.9)
$
(8.3)
Interest expense, net
-
-
-
0.6
0.6
Tax expense
-
-
-
0.4
0.4
Depreciation and amortization
4.8
2.2
0.6
0.4
8.0
EBITDA
2.7
0.9
0.6
(3.5)
0.7
Equity based compensation
-
-
-
0.9
0.9
(Gain) loss on disposal of property and equipment
-
-
-
(0.4)
(0.4)
Severance and reorganization costs
-
-
-
(1.4)
(1.4)
Adjusted EBITDA
$
2.7
$
0.9
$
0.6
$
(4.4)
$
(0.2)
8
Three Months Ended December 31, 2020
High
Completion
Processing
Specification
and Other
Other
Total
Rigs
Services
Solutions
(in millions)
Net income (loss)
$
(2.6)
$
1.7
$
0.1
$
(5.9)
$
(6.7)
Interest expense, net
-
-
-
0.7
0.7
Tax expense
-
-
-
-
-
Depreciation and amortization
5.1
2.2
0.6
0.3
8.2
EBITDA
2.5
3.9
0.7
(4.9)
2.2
Equity based compensation
-
-
-
0.9
0.9
(Gain) loss on disposal of property and equipment
0.4
(0.3)
-
-
0.1
Severance and reorganization costs
-
-
-
-
-
Adjusted EBITDA
$
2.9
$
3.6
$
0.7
$
(4.0)
$
3.2
9
Attachments
Original document
Permalink
Disclaimer
Ranger Energy Services Inc. published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 21:28:00 UTC.
Ranger Energy Services, Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. The Company operates in three segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The High Specification Rigs provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. The Wireline Services. provides services necessary to bring and maintain a well on production and consists of its wireline completion, wireline production and pump down lines of business. The processing Solutions and Ancillary Services provides other services often utilized in conjunction with its High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, snubbing and coil tubing, and processing solutions.