Ranger Energy Services : Non-GAAP Reconciliations – 1Q2022 – Net Debt and Adjusted Net Debt
August 01, 2022 at 07:55 am EDT
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Net Debt and Adjusted Net Debt
We believe Net Debt and Adjusted Net Debt are useful performance measures of liquidity, financial health and provides an indication of our leverage. We define Net Debt as current and long-term debt, finance leases, other financing obligations, offset by cash and cash equivalents. We define Adjusted Net Debt as Net Debt, less a facility financing lease, to be analogous to the calculation of certain financial covenants. All debt and other obligations present the principal balances outstanding as of the respective periods.
The following tables are a reconciliation of consolidated debt and cash and cash equivalents to Net Debt and Adjusted Net Debt as of March 31, 2022 and December 31, 2021:
March 31, 2022
December 31, 2021
Change
Debt and Other Obligations
(in millions)
Credit facility
$
44.8
$
27.0
$
17.8
Eclipse M&E Loan
12.0
12.5
(0.5)
Eclipse Term Loan B
10.7
12.4
(1.7)
Secured Promissory Note
8.3
10.4
(2.1)
Installment purchases
0.9
1.0
(0.1)
Other financing liabilities
12.6
12.7
(0.1)
Finance lease obligations
7.0
8.5
(1.5)
Less:
Cash and cash equivalents
3.8
0.6
3.2
Net Debt
92.5
83.9
8.6
Less: Facility financing lease
12.6
12.7
(0.1)
Adjusted Net Debt
$
79.9
$
71.2
$
8.7
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Ranger Energy Services Inc. published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 11:54:08 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.
RANGER ENERGY SERVICES, INC. 
