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Rpc Inc (RES) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Rpc Inc

CIK: 742278 Ticker: RES

 

Exhibit 99

 

 

RPC, Inc. Reports Fourth Quarter 2021 Financial Results

 

ATLANTA, January 26, 2022 - RPC, Inc. (NYSE: RES) today announced its unaudited results for the fourth quarter and year ended December 31, 2021. 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 December 31, 2021, RPC generated revenues of $268.3 million, an increase of 80.5 percent compared to $148.6 million in the fourth quarter of 2020 due to higher customer activity levels resulting in higher utilization of our existing equipment and pricing improvements. Operating profit for the fourth quarter of 2021 was $20.1 million compared to an operating loss of $21.6 million in the fourth quarter of the prior year. Adjusted operating loss for the fourth quarter of 2020 was $11.3 million.1 Net income for the fourth quarter of 2021 was $12.3 million, or $0.06 diluted earnings per share, compared to a net loss of $10.2 million, or $0.05 loss per share in the fourth quarter of the prior year. The adjusted net loss in the fourth quarter of 2020 was $6.8 million, or $0.03 adjusted loss per share.2 Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of 2021 was $39.4 million, compared to negative $2.5 million in the same period of the prior year.3 Adjusted EBITDA for the fourth quarter of 2020 was $7.8 million.3

 

Cost of revenues during the fourth quarter of 2021 was $200.6 million, or 74.8 percent of revenues, compared to $117.9 million, or 79.3 percent of revenues during the fourth quarter of 2020. Cost of revenues increased primarily due to increases in expenses consistent with higher activity levels, such as materials and supplies expenses, maintenance and repairs expenses, employment costs and fuel costs. In addition, these costs increased due to higher market prices for materials and supplies, fuel and other raw materials. Cost of revenues as a percentage of revenues decreased due to the leverage of higher revenues over direct employment costs and improved pricing for RPC’s services.

 

Selling, general and administrative expenses increased to $32.1 million in the fourth quarter of 2021 from $26.0 million in the fourth quarter of 2020 due to increases in employment related costs. Selling, general and administrative expenses decreased from 17.5 percent of revenues in the fourth quarter of 2020 to 12.0 percent of revenues in the fourth quarter of 2021 due to leverage of higher revenues over costs that are relatively fixed during the short term.

 

Depreciation and amortization was $18.9 million in the fourth quarter of 2021 compared to $18.0 million in the fourth quarter of the prior year.

 

1 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 measure, is disclosed in Appendix A to this press release.

2 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.

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 income or net loss, the nearest GAAP financial measures, are disclosed in Appendix C to this press release.

 


The following information was filed by Rpc Inc (RES) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rpc Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Accounts Receivable, Net (Details)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Business Segment And Entity Wide Disclosures
Business Segment And Entity Wide Disclosures (Details)
Business Segment And Entity Wide Disclosures (Tables)
Business Segment And Entity Wide Disclosures - Geographic (Details)
Business Segment And Entity Wide Disclosures - Segment (Details)
Commitments And Contingencies
Current Expected Credit Losses
Current Expected Credit Losses (Details)
Current Expected Credit Losses (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - 401(K) (Details)
Employee Benefit Plans - Amounts Recognized In Consolidated Balance Sheets (Details)
Employee Benefit Plans - Changes In Non-Vested Restricted Shares (Details)
Employee Benefit Plans - Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans - Fair Value Non-Vested Restricted Shares (Details)
Employee Benefit Plans - Funded Status Of Retirement Income Plan And Amounts Recognized In Consolidated Balance Sheets (Details)
Employee Benefit Plans - Future Benefits Payable For Retirement Income Plan Over Next Ten Years (Details)
Employee Benefit Plans - Plan Assets Using Fair Value Hierarchy (Details)
Employee Benefit Plans - Plan Weighted Average Asset Allocation By Asset Category Along With Target Allocation For 2022 (Details)
Employee Benefit Plans - Pre-Tax Amounts Recognized In Comprehensive Loss (Details)
Employee Benefit Plans - Serp (Details)
Employee Benefit Plans - Stock Incentive Plans (Details)
Employee Benefit Plans - Stock Options And Restricted Stock (Details)
Employee Benefit Plans - Weighted Average Assumptions Used To Determine Projected Benefit Obligation And Net Benefit Cost (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
Fair Value Disclosures - Financial Instruments Measured At Fair Value On Non-Recurring Basis (Details)
Fair Value Disclosures - Financial Instruments Measured At Fair Value On Recurring Basis (Details)
Impairment And Other Charges
Impairment And Other Charges (Details)
Impairment And Other Charges (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Summary Of Components Of Provision (Benefit) For Income Taxes (Details)
Income Taxes - Summary Of Reconciliation Between Federal Statutory Rate And Effective Tax Rate (Details)
Income Taxes - Summary Of Significant Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Unrecognized (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases - Assets And Liabilities (Details)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Other Information (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Credit Facility (Details)
Long-Term Debt - Interest Incurred (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Depreciation (Details)
Related Party Transactions
Related Party Transactions - Marine (Details)
Related Party Transactions - Other (Details)
Revenues
Revenues (Tables)
Revenues - Contract Balances (Details)
Revenues - Disaggregation Of Revenues (Details)
Revenues - Payment Terms (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Accounts Receivable (Details)
Significant Accounting Policies - Advertising (Details)
Significant Accounting Policies - Common Stock (Details)
Significant Accounting Policies - Concentration Of Credit Risk (Details)
Significant Accounting Policies - Earnings Per Share (Details)
Significant Accounting Policies - Goodwill (Details)
Significant Accounting Policies - Investments (Details)
Significant Accounting Policies - Preferred Stock (Details)
Significant Accounting Policies - Property, Plant And Equipment (Details)
Ticker: RES
CIK: 742278
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-002344
Submitted to the SEC: Mon Feb 28 2022 3:56:45 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Oil And Gas Field Services

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