ATLANTA, May 6, 2020 /PRNewswire/ -- RPC, Inc. (NYSE:
RES) today announced its unaudited results for the first quarter
ended March 31, 2020. RPC provides a
broad range of specialized oilfield services and equipment
primarily to independent and major oilfield companies engaged in
the exploration, production and development of oil and gas
properties throughout the United
States and in selected international markets.
For the quarter ended March 31,
2020, revenues were $243.8
million, a decrease of 27.2 percent, compared with
$334.7 million in the first quarter
of 2019. Revenues decreased due to lower activity levels and
pricing, and a smaller fleet of pressure pumping equipment compared
to the first quarter of the prior year. Operating loss for the
first quarter of 2020 was $218.7
million compared to operating loss of $2.2 million in the same period of the prior
year. Adjusted operating loss for the first quarter of 2020 was
$13.2 million.2 Net loss
for the first quarter of 2020 was $160.4
million, or $0.76 loss per
share, compared to a net loss of $739
thousand, or $0.00 per share,
in the first quarter of 2019. Adjusted net loss for the first
quarter of 2020 was $9.0 million, or
$0.04 adjusted loss per share.1
Earnings before interest, taxes, depreciation and amortization
(EBITDA) for the first quarter of 2020 was negative $179.7 million, compared to EBITDA of
$40.8 million in the same period of
the prior year.3 Adjusted EBITDA for the first quarter
of 2020 was $25.8
million.3
Cost of revenues during the first quarter of 2020 was
$181.9 million, or 74.6 percent of
revenues, compared to $252.4 million,
or 75.4 percent of revenues, during the first quarter of 2019. Cost
of revenues decreased primarily due to lower materials and supplies
expenses and employment expenses consistent with lower activity
levels.
Selling, general and administrative expenses were $36.5 million in the first quarter of 2020
compared to $45.4 million in the
first quarter of 2019. These expenses decreased during the first
quarter compared to the prior year primarily due to lower
employment costs. Depreciation and amortization decreased to
$39.3 million in the first quarter of
2020 compared to $42.5 million in the
first quarter of the prior year.
In connection with the preparation of our first quarter
financial statements, RPC recorded impairment and other charges of
$205.5 million, the vast majority of
which were non-cash. These charges were recognized in several of
our service lines within RPC's Technical Services operating
segment.
Discussion of Sequential Quarterly Financial Results
RPC's revenues for the quarter ended March 31, 2020 increased by $7.8 million, or 3.3 percent, compared with the
prior quarter due to recovery from seasonally lower activity levels
during the fourth quarter of 2019, which led to revenue increases
in our largest service lines. Cost of revenues during the first
quarter of 2020 increased by $5.1
million, or 2.9 percent, due to higher materials and
supplies expense caused by increased pressure pumping activity. As
a percentage of revenues, cost of revenues decreased slightly, from
75.0 percent in the fourth quarter of 2019 to 74.6 percent in the
first quarter of 2020, due to increased utilization and improved
operational efficiencies as well as cost reductions in the second
half of 2019, primarily within pressure pumping. RPC's operating
loss for the first quarter of 2020 was $218.7 million, compared with an operating loss
of $27.9 million in the fourth
quarter of 2019. RPC's adjusted operating loss for the first
quarter of 2020 was $13.2 million,
compared with an adjusted operating loss of $17.3 million in the fourth quarter of
2019. 2 Adjusted EBITDA for the first quarter of
2020 was $25.8 million compared to
adjusted EBITDA of $23.2 million in
the prior quarter. 3
Management Commentary
"The average U.S. domestic rig count during the first quarter of
2020 was 785, a 24.7 percent decrease compared to the same period
in 2019, and a 4.3 percent decrease compared to the fourth quarter
of 2019," stated Richard A. Hubbell,
RPC's President and Chief Executive Officer. "The average price of
oil during the first quarter was $47.23 per barrel, a 13.4 percent decrease
compared to the same period in 2019, and a 16.8 percent increase
compared to the fourth quarter of 2019. The average price of
natural gas during the first quarter was $1.92 per Mcf, a 34.3 percent decrease compared
to the same period in 2019, and a 34.2 percent decrease compared to
the fourth quarter of 2019.
"During the first quarter we produced improved sequential
financial results due to more streamlined operations, including a
smaller geographic footprint. We were particularly pleased with the
progress in pressure pumping, as this service line worked
efficiently during the quarter for several high-utilization
customers. Activity improved during the first part of the quarter
as we were awarded favorable incremental work and existing
customers resumed operations after the fourth quarter seasonal
slowdown.
"Unfortunately, the combined impacts of the OPEC disputes and
the COVID-19 pandemic overshadow our first quarter improvements. In
response to the pandemic, RPC instituted strict procedures to
ensure the health and safety of our employees, customers, and
vendors while in our facilities or on operational locations.
"As March progressed, our customers began to cancel current and
scheduled drilling and completion activities, in some cases while
the operation was underway. By the end of the quarter, the domestic
rig count began to decline precipitously, and oilfield operators
announced significant capital expenditure reductions.
"Unique among recent downturns, the oilfield is currently being
impacted by both an increase in oil production and a severe
decrease in demand. The near-term impact to our activity levels is
already more severe and abrupt than the previous downturn. Early in
the second quarter we reduced our workforce, instituted
compensation adjustments, lowered our expense structure, and
decreased capital expenditures. Should the market continue to
deteriorate, we will continue to adjust our cost structure as
necessary.
"RPC will take whatever steps are necessary to endure this
downturn and emerge as one of the survivors in our industry. In
that regard, we ended the first quarter with $82.6 million in cash and a debt-free balance
sheet. Our capital expenditures during the first quarter of 2020
were $25.0 million, and we currently
project that 2020 capital expenditures will be approximately
$50 million, down from our prior
forecast of approximately $80
million," concluded Hubbell.
Summary of Segment Operating Performance
RPC manages two operating segments - Technical Services and
Support Services.
Technical Services includes RPC's oilfield service lines that
utilize people and equipment to perform value-added completion,
production and maintenance services directly to a customer's well.
These services are generally directed toward improving the flow of
oil and natural gas from producing formations or to address well
control issues. The Technical Services segment includes pressure
pumping, downhole tools, coiled tubing, hydraulic workover
services, nitrogen, surface pressure control equipment, well
control and fishing tool operations.
Support Services includes RPC's oilfield service lines that
provide equipment for customer use or services to assist customer
operations. The equipment and services offered include rental of
tubulars and related tools, pipe handling, inspection and storage
services, and oilfield training services.
Technical Services revenues decreased by 27.5 percent for the
quarter compared to the same period of the prior year due to lower
pricing and activity, as well as a smaller fleet of equipment
within pressure pumping, which is the largest service line within
this segment. On a sequential basis, Technical Services revenues
increased by 4.0 percent during the first quarter of 2020 compared
to the prior quarter due to higher activity levels within the
largest service lines within this segment. Support Services
revenues decreased by 21.9 percent during the quarter compared to
the same period of the prior year. On a sequential basis, Support
Services revenues decreased by 6.0 percent during the first quarter
of 2020 compared to the prior quarter. Technical Services incurred
a substantially lower operating loss (without impairment charges)
during the first quarter of 2020 compared to the prior quarter.
Support Services' operating profit increased in the first quarter
of 2020 compared to the prior quarter due to improved profitability
in several of the service lines which comprise this segment.
(in
thousands)
|
|
Three Months
Ended
|
|
|
March
31,
|
|
December
31,
|
|
March 31,
|
|
|
2020
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
Technical Services
|
$
|
227,700
|
$
|
218,886
|
$
|
314,079
|
Support
Services
|
|
16,077
|
|
17,111
|
|
20,577
|
Total
revenues
|
$
|
243,777
|
$
|
235,997
|
$
|
334,656
|
Operating (loss)
profit:
|
|
|
|
|
|
|
Technical Services
|
$
|
(12,207)
|
$
|
(17,155)
|
$
|
(4,457)
|
Support
Services
|
|
1,547
|
|
1,173
|
|
3,137
|
Corporate expenses
|
|
(3,330)
|
|
(2,067)
|
|
(4,345)
|
Impairment and other charges *
|
|
(205,536)
|
|
(10,623)
|
|
-
|
Gain on
disposition of assets, net
|
|
819
|
|
797
|
|
3,504
|
Total operating
loss
|
$
|
(218,707)
|
$
|
(27,875)
|
$
|
(2,161)
|
Interest
expense
|
|
(113)
|
|
(73)
|
|
(89)
|
Interest
income
|
|
334
|
|
330
|
|
800
|
Other (expense)
income, net
|
|
(308)
|
|
160
|
|
445
|
|
|
|
|
|
|
|
Loss before income
taxes
|
$
|
(218,794)
|
$
|
(27,458)
|
$
|
(1,005)
|
|
|
|
|
|
|
|
* relates exclusively
to Technical Services
|
|
|
|
|
|
|
RPC, Inc. will hold a conference call today, May 6, 2020 at 9:00 a.m.
ET to discuss the results for the first quarter. Interested
parties may listen in by accessing a live webcast in the investor
relations section of RPC, Inc.'s website at rpc.net. The live
conference call can also be accessed by calling (833) 579-0910 or
(778) 560-2620 for international callers, and use conference ID
number 5071426. For those not able to attend the live
conference call, a replay will be available in the investor
relations section of RPC, Inc.'s website beginning approximately
two hours after the call and for a period of 90 days.
RPC provides a broad range of specialized oilfield services and
equipment primarily to independent and major oilfield companies
engaged in the exploration, production and development of oil and
gas properties throughout the United
States, including the Gulf of
Mexico, mid-continent, southwest, Appalachian and Rocky
Mountain regions, and in selected international markets. RPC's
investor website can be found at rpc.net.
Certain statements and information included in this press
release constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, including
all statements that look forward in time or express management's
beliefs, expectations or hopes. These statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of RPC to be materially
different from any future results, performance or achievements
expressed or implied in such forward-looking statements, including
statements regarding our plans to continue to adjust our cost
structure should the market continue to deteriorate, the statement
that RPC will take whatever steps are necessary to endure this
downturn and emerge as one of the survivors in our industry, and
our projected capital expenditures for 2020. Such risks include
changes in general global business and economic conditions,
including the decline in prices of oil and natural gas; the
combined impact of the OPEC disputes and the COVID-19 pandemic on
our operations; credit risks associated with collections of our
accounts receivable from customers experiencing challenging
business conditions; drilling activity and rig count; risks of
reduced availability or increased costs of both labor and raw
materials used in providing our services; the impact on our
operations if we are unable to comply with regulatory and
environmental laws; turmoil in the financial markets and the
potential difficulty to fund our capital needs; the potentially
high cost of capital required to fund our capital needs; the impact
of the level of unconventional exploration and production
activities may cease or change in nature so as to reduce demand for
our services; the actions of the OPEC cartel; the ultimate impact
of current and potential political unrest and armed conflict in the
oil production regions of the world, which could impact drilling
activity; adverse weather conditions in oil and gas producing
regions, including the Gulf of
Mexico; competition in the oil and gas industry; an
inability to implement price increases; risks of international
operations; and our reliance upon large customers. Additional
discussion of factors that could cause the actual results to differ
materially from management's projections, forecasts, estimates and
expectations is contained in RPC's Form 10-K filed with the
Securities and Exchange Commission for the year ended December 31, 2019.
For information about
RPC, Inc., please contact:
|
|
|
|
|
|
Ben M.
Palmer
|
|
|
|
Jim
Landers
|
Chief Financial
Officer
|
|
|
|
Vice President,
Corporate Finance
|
(404)
321-2140
|
|
|
|
(404)
321-2162
|
irdept@rpc.net
|
|
|
|
jlanders@rpc.net
|
RPC INCORPORATED
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands except
per share data)
|
|
|
|
Periods ended,
(Unaudited)
|
|
|
Three Months Ended
|
|
|
|
March 31,
2020
|
|
|
December 31,
2019
|
|
|
March 31,
2019
|
REVENUES
|
|
$
|
243,777
|
|
$
|
235,997
|
|
$
|
334,656
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
181,944
|
|
|
176,882
|
|
|
252,395
|
Selling, general and
administrative expenses
|
|
36,530
|
|
|
36,842
|
|
|
45,421
|
Impairment and other
charges
|
|
|
205,536
|
|
|
10,623
|
|
|
-
|
Depreciation and
amortization
|
|
|
39,293
|
|
|
40,322
|
|
|
42,505
|
Gain on disposition
of assets, net
|
|
|
(819)
|
|
|
(797)
|
|
|
(3,504)
|
Operating
loss
|
|
|
(218,707)
|
|
|
(27,875)
|
|
|
(2,161)
|
Interest
expense
|
|
|
(113)
|
|
|
(73)
|
|
|
(89)
|
Interest
income
|
|
|
334
|
|
|
330
|
|
|
800
|
Other (expense)
income, net
|
|
|
(308)
|
|
|
160
|
|
|
445
|
Loss before income
taxes
|
|
|
(218,794)
|
|
|
(27,458)
|
|
|
(1,005)
|
Income tax
benefit
|
|
|
(58,371)
|
|
|
(4,096)
|
|
|
(266)
|
NET
LOSS
|
|
$
|
(160,423)
|
|
$
|
(23,362)
|
|
$
|
(739)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOSS PER
SHARE
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.76)
|
|
$
|
(0.11)
|
|
$
|
0.00
|
Diluted
|
|
$
|
(0.76)
|
|
$
|
(0.11)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING
|
|
|
|
|
|
|
|
Basic
|
|
|
212,311
|
|
|
212,029
|
|
|
212,491
|
Diluted
|
|
|
212,311
|
|
|
212,029
|
|
|
212,491
|
RPC INCORPORATED
AND SUBSIDIARIES
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
At March 31,
(Unaudited)
|
|
(In
thousands)
|
|
|
2020
|
|
|
2019
|
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
82,646
|
|
$
|
113,014
|
Accounts receivable,
net
|
|
247,965
|
|
|
319,205
|
Inventories
|
|
97,267
|
|
|
124,464
|
Income taxes
receivable
|
|
35,000
|
|
|
8,613
|
Prepaid
expenses
|
|
8,701
|
|
|
9,343
|
Assets held for
sale
|
|
5,385
|
|
|
-
|
Other current
assets
|
|
2,860
|
|
|
3,213
|
Total current
assets
|
|
479,824
|
|
|
577,852
|
Property, plant and
equipment, net
|
|
295,262
|
|
|
537,289
|
Operating lease
right-of-use assets
|
|
33,250
|
|
|
45,854
|
Goodwill
|
|
32,150
|
|
|
32,150
|
Other
assets
|
|
28,646
|
|
|
33,347
|
Total
assets
|
$
|
869,132
|
|
$
|
1,226,492
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Accounts
payable
|
$
|
70,601
|
|
$
|
109,892
|
Accrued payroll and
related expenses
|
|
19,791
|
|
|
26,162
|
Accrued insurance
expenses
|
|
7,092
|
|
|
6,362
|
Accrued state, local
and other taxes
|
|
3,774
|
|
|
4,728
|
Income taxes
payable
|
|
1,791
|
|
|
3,519
|
Current portion of
operating lease liabilities
|
|
10,215
|
|
|
12,547
|
Other accrued
expenses
|
|
4,914
|
|
|
317
|
Total current
liabilities
|
|
118,178
|
|
|
163,527
|
Long-term accrued
insurance expenses
|
|
14,865
|
|
|
12,709
|
Long-term pension
liabilities
|
|
33,208
|
|
|
32,553
|
Long-term operating
lease liabilities
|
|
27,529
|
|
|
34,348
|
Other long-term
liabilities
|
|
49
|
|
|
2,506
|
Deferred income
taxes
|
|
4,068
|
|
|
52,986
|
Total
liabilities
|
|
197,897
|
|
|
298,629
|
Common
stock
|
|
21,526
|
|
|
21,514
|
Capital in excess of
par value
|
|
-
|
|
|
-
|
Retained
earnings
|
|
672,912
|
|
|
927,556
|
Accumulated other
comprehensive loss
|
|
(23,203)
|
|
|
(21,207)
|
Total
stockholders' equity
|
|
671,235
|
|
|
927,863
|
Total
liabilities and stockholders' equity
|
$
|
869,132
|
|
$
|
1,226,492
|
Appendix A
RPC, Inc. has used the non-GAAP financial measures of adjusted
net loss and adjusted loss per share, in today's earnings release
and anticipates using these non-GAAP financial measures in today's
earnings conference call. These measures should not be
considered in isolation or as a substitute for net loss, loss per
share, or other performance measures prepared in accordance with
GAAP.
Management believes that presenting the financial measures of
adjusted net loss and adjusted loss per share, enable us to compare
our operating performance consistently over various time periods
without regard to non-recurring items.
A non-GAAP financial measure is a numerical measure of financial
performance, financial position, or cash flows that either 1)
excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet or statement of cash
flows, or 2) includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of this non-GAAP measure with its
most comparable GAAP measures. This reconciliation also
appears on RPC, Inc.'s investor website, which can be found on the
Internet at rpc.net.
The Reconciliation of Net Loss to Adjusted Net Loss and the
Reconciliation of Loss Per Share to Adjusted Loss Per Share is
shown below:
Periods ended,
(Unaudited)
|
|
|
Three Months
Ended
|
(In
thousands)
|
|
|
March 31,
2020
|
|
|
December 31,
2019
|
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss to Adjusted Net Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
$
|
(160,423)
|
|
$
|
(23,362)
|
|
$
|
(739)
|
Add:
|
|
|
|
|
|
|
|
|
|
Discrete tax
adjustments
|
|
|
22,807
|
|
|
3,468
|
|
|
-
|
Impairment and other
charges, net of tax
|
|
128,642
|
|
|
5,957
|
|
|
-
|
Total Impact of Discrete tax adjustments
|
|
|
|
|
|
|
|
|
and Impairment and other charges
|
|
151,449
|
|
|
9,425
|
|
|
-
|
Adjusted Net
Loss
|
|
$
|
(8,974)
|
|
$
|
(13,937)
|
|
$
|
(739)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Loss Per Share to Adjusted Loss Per Share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss Per
Share
|
|
$
|
(0.76)
|
|
$
|
(0.11)
|
|
$
|
0.00
|
Total Impact of Discrete tax adjustments
|
|
|
|
|
|
|
|
|
and Impairment and other charges
|
$
|
0.71
|
|
$
|
0.04
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
Adjusted Loss Per Share
|
|
$
|
(0.04)
|
|
$
|
(0.07)
|
|
$
|
0.00
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding
|
|
212,311
|
|
|
212,029
|
|
|
212,491
|
Appendix B
RPC, Inc. has used the non-GAAP financial measure of adjusted
operating loss in today's earnings release, and anticipates using
this non-GAAP financial measure in today's earnings conference
call. This measure should not be considered in isolation or as a
substitute for operating loss, or other performance measures
prepared in accordance with GAAP.
Management believes that presenting the financial measure of
adjusted operating loss enables us to compare our operating
performance consistently over various time periods without regard
to non-recurring items.
A non-GAAP financial measure is a numerical measure of financial
performance, financial position, or cash flows that either 1)
excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet or statement of cash
flows, or 2) includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of this non-GAAP measure with its
most comparable GAAP measures. This reconciliation also
appears on RPC, Inc.'s investor website, which can be found on the
Internet at rpc.net.
The Reconciliation of Operating Loss to Adjusted Operating Loss,
the nearest performance measure prepared in accordance with GAAP,
is shown below:
Periods ended,
(Unaudited)
|
|
|
Three Months
Ended
|
(In
thousands)
|
|
|
March 31,
2020
|
|
|
December 31,
2019
|
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Operating Loss to Adjusted Operating Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss
|
|
$
|
(218,707)
|
|
$
|
(27,875)
|
|
$
|
(2,161)
|
Add:
|
|
|
|
|
|
|
|
|
|
Impairment and other
charges
|
|
|
205,536
|
|
|
10,623
|
|
|
-
|
Adjusted Operating
Loss
|
|
$
|
(13,171)
|
|
$
|
(17,252)
|
|
$
|
(2,161)
|
Appendix C
RPC has used the non-GAAP financial measures of earnings before
interest, taxes, depreciation and amortization (EBITDA) and
adjusted earnings before interest, taxes, depreciation and
amortization (adjusted EBITDA) in today's earnings release, and
anticipates using EBITDA and adjusted EBITDA in today's earnings
conference call. EBITDA and adjusted EBITDA should not be
considered in isolation or as a substitute for net loss or other
performance measures prepared in accordance with GAAP.
RPC uses EBITDA and adjusted EBITDA as a measure of operating
performance because it allows us to compare performance
consistently over various periods without regard to changes in our
capital structure or non-recurring items. We are also required to
use EBITDA to report compliance with financial covenants under our
revolving credit facility.
A non-GAAP financial measure is a numerical measure of financial
performance, financial position, or cash flows that either 1)
excludes amounts, or is subject to adjustments that have the effect
of excluding amounts, that are included in the most directly
comparable measure calculated and presented in accordance with GAAP
in the statement of operations, balance sheet or statement of cash
flows, or 2) includes amounts, or is subject to adjustments that
have the effect of including amounts, that are excluded from the
most directly comparable measure so calculated and presented. Set
forth below is a reconciliation of net loss to EBITDA and adjusted
EBITDA, the most comparable GAAP measures. This
reconciliation also appears on RPC's investor website, which can be
found on the Internet at rpc.net.
The Reconciliation of Net Loss to EBITDA and Adjusted EBITDA is
shown below:
Periods ended,
(Unaudited)
|
|
|
Three Months
Ended
|
(In
thousands)
|
|
|
March 31,
2020
|
|
|
December 31,
2019
|
|
|
March 31,
2019
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Loss to EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
Net
Loss
|
|
$
|
(160,423)
|
|
$
|
(23,362)
|
|
$
|
(739)
|
Add:
|
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
|
|
(58,371)
|
|
|
(4,096)
|
|
|
(266)
|
Interest expense
|
|
|
113
|
|
|
73
|
|
|
89
|
Depreciation and
amortization
|
|
|
39,293
|
|
|
40,322
|
|
|
42,505
|
Less:
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
334
|
|
|
330
|
|
|
800
|
EBITDA
|
|
$
|
(179,722)
|
|
$
|
12,607
|
|
$
|
40,790
|
Add:
|
|
|
|
|
|
|
|
|
|
Impairment and other
charges
|
|
|
205,536
|
|
|
10,623
|
|
|
-
|
Adjusted
EBITDA
|
|
$
|
25,814
|
|
$
|
23,230
|
|
$
|
40,790
|
1
Adjusted net loss and adjusted loss per share are financial
measures which do not conform to GAAP. Additional disclosure
regarding these non-GAAP financial measures and their
reconciliation to net loss and loss per share, the nearest GAAP
financial measures, are disclosed in Appendix A to this press
release.
|
2 Adjusted
operating loss is a financial measure which does not conform to
GAAP. Additional disclosure regarding this non-GAAP financial
measure and its reconciliation to operating loss, the nearest GAAP
financial measures, are disclosed in Appendix B to this press
release.
|
3 Adjusted
EBITDA and EBITDA are financial measures which do not conform to
GAAP. Additional disclosure regarding these non-GAAP financial
measures and their reconciliation to net loss, the nearest GAAP
financial measures, are disclosed in Appendix C to this press
release.
|
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content:http://www.prnewswire.com/news-releases/rpc-inc-reports-first-quarter-2020-financial-results-301053471.html
SOURCE RPC, Inc.