RPC INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 28, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 16. Form 10-K Summary
Not Applicable
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| RPC, Inc. | |
| /s/ | Ben M. Palmer |
| Ben M. Palmer | |
| President and Chief Executive Officer | |
| (Principal Executive Officer) | |
| February 28, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Name | Title | Date | ||
|---|---|---|---|---|
| | | | ||
| | | |||
| /s/ Ben M. Palmer | | | ||
| Ben M. Palmer | | President and Chief Executive Officer(Principal Executive Officer) | | February 28, 2024 |
| | | | ||
| | | |||
| /s/ Michael L. Schmit | | | ||
| Michael L. Schmit | | Vice President, Chief Financial Officer and CorporateSecretary (Principal Financial and Accounting Officer) | | February 28, 2024 |
The Directors of RPC (listed below) executed a power of attorney, appointing Ben M. Palmer their attorney-in-fact, empowering him to sign this report on their behalf.
| Richard A. Hubbell, Director | Gary W. Rollins, Director |
|---|---|
| Jerry W. Nix, Director | Patrick J. Gunning, Director |
| Susan R. Bell, Director | John F. Wilson, Director |
| Pamela R. Rollins, Director | Amy R. Kreisler, Director |
| Timothy C. Rollins, Director | |
| /s/ | Ben M. Palmer |
|---|---|
| Ben M. Palmer | |
| Director and as Attorney-in-fact | |
| February 28, 2024 | |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS, REPORTS AND SCHEDULE
The following documents are filed as part of this report.
| FINANCIAL STATEMENTS AND REPORTS | PAGE |
|---|---|
| Management’s Report on Internal Control Over Financial Reporting | 29 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248) on Internal Control Over Financial Reporting | 30 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID Number 248) on Consolidated Financial Statements | 31 |
| Consolidated Balance Sheets as of December 31, 2023, and 2022 | 33 |
| Consolidated Statements of Operations for each of the three years ended December 31, 2023 | 34 |
| Consolidated Statements of Comprehensive Income (Loss) for each of the three years ended December 31, 2023 | 35 |
| Consolidated Statements of Stockholders’ Equity for each of the three years ended December 31, 2023 | 36 |
| Consolidated Statements of Cash Flows for each of the three years ended December 31, 2023 | 37 |
| Notes to Consolidated Financial Statements | 38 |
| | |
| SCHEDULE | |
| Schedule II — Valuation and Qualifying Accounts | 68 |
Schedules not listed above have been omitted because they are not applicable, or the required information is included in the consolidated financial statements or notes thereto.
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
| · · · · · · · · · · · · | ||||||||
|---|---|---|---|---|---|---|---|---|
| | For the years ended | |||||||
| · · December 31, 2023, 2022 and 2021 | ||||||||
| | | Balance at | | Charged to | | | | Balance |
| | | Beginning | | Costs and | | Net (Deductions) | | at End of |
| (in thousands) | | of Period | | Expenses | | Recoveries | | Period |
| Year ended December 31, 2023 | | | | | | | | |
| Credit loss allowance for accounts receivable | | $7,078 | | $2,656 | | $(2,625) | (1) | $7,109 |
| Deferred tax asset valuation allowance | | $990 | | $601 | | $— | (2) | $1,591 |
| Reserve for obsolete or slow-moving inventory | | $15,374 | | $3,063 | | $(2,512) | (3) | $15,925 |
| Year ended December 31, 2022 | | | | | | |||
| Credit loss allowance for accounts receivable | | $6,765 | | $2,029 | | $(1,716) | (1) | $7,078 |
| Deferred tax asset valuation allowance | | $865 | | $— | | $125 | (2) | $990 |
| Reserve for obsolete or slow-moving inventory | | $13,236 | | $4,080 | | $(1,942) | (3) | $15,374 |
| Year ended December 31, 2021 | | | | | | |||
| Credit loss allowance for accounts receivable | | $4,815 | | $4,019 | | $(2,069) | (1) | $6,765 |
| Deferred tax asset valuation allowance | | $490 | | $— | | $375 | (2) | $865 |
| Reserve for obsolete or slow-moving inventory | | $13,829 | | $5,016 | | $(5,609) | (3) | $13,236 |
| (1) | Net (deductions) recoveries in the credit loss allowance principally reflect the write-off of previously reserved accounts net of recoveries. |
| (2) | The valuation allowance for deferred tax assets is increased or decreased each year to reflect the state and foreign net operating losses and capital losses that management believes will not be utilized before they expire. |
| (3) | Net (deductions) recoveries in the reserve for obsolete or slow-moving inventory principally reflect the write-off and/ or disposal of previously reserved inventory. |
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