Ranger Energy Services Inc
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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FY2023 · Filed Mar 5, 2024
RNGR$11.25-9.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Cash Flows from Operating Activities | ||
| Net income | $23.8 | $15.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 39.9 | 44.4 |
| Equity based compensation | 4.8 | 3.8 |
| Gain on disposal of property and equipment | (1.8) | (0.7) |
| Impairment of fixed assets | 0.4 | 1.3 |
| Gain on bargain purchase, net of tax | — | (3.6) |
| Deferred income tax expense | 6.6 | 0.4 |
| Loss on debt retirement | 2.4 | — |
| Other expense, net | 2.3 | 1.1 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | 5.3 | (10.7) |
| Contract assets | 9.2 | (13.9) |
| Inventory | (0.9) | (3.4) |
| Prepaid expenses and other current assets | (0.4) | (0.8) |
| Other assets | 2.1 | (1.9) |
| Accounts payable | 6.6 | 2.8 |
| Accrued expenses | (7.2) | 5.8 |
| Other current liabilities | 0.3 | 1.1 |
| Other long-term liabilities | (2.6) | 3.7 |
| Net cash provided by operating activities | 90.8 | 44.5 |
| Cash Flows from Investing Activities | ||
| Purchase of property and equipment | (36.5) | (13.8) |
| Proceeds from disposal of property and equipment | 6.8 | 24.3 |
| Purchase of businesses, net of cash received | — | 0.8 |
| Net cash provided by (used in) investing activities | (29.7) | 11.3 |
| Cash Flows from Financing Activities | ||
| Borrowings under Revolving Credit Facility | 325.2 | 582.8 |
| Principal payments on Revolving Credit Facility | (327.7) | (608.4) |
| Principal payments on Eclipse M&E Term Loan Facility | (10.4) | (2.1) |
| Principal payments under Eclipse Term Loan B Facility | — | (12.4) |
| Deferred financing costs | (0.7) | — |
| Principal payments on Secured Promissory Note | (6.2) | (4.1) |
| Payments on Other Installment Purchases | (0.4) | (0.5) |
| Principal payments on financing lease obligations | (5.4) | (4.5) |
| Principal payments on other financing liabilities | (0.8) | (2.3) |
| Shares withheld on equity transactions | (1.0) | (1.2) |
| Dividends paid to Class A Common Stock stockholders | (2.4) | — |
| Repurchase of Class A Common Stock | (19.3) | — |
| Net cash used in financing activities | (49.1) | (52.7) |
| Increase in Cash and Cash equivalents | 12.0 | 3.1 |
| Cash and Cash Equivalents, Beginning of Year | 3.7 | 0.6 |
| Cash and Cash Equivalents, End of Year | $15.7 | $3.7 |
| Supplemental Cash Flow Information | ||
| Interest paid | $1.4 | $1.2 |
| Supplemental Disclosure of Non-cash Investing and Financing Activities | ||
| Capital expenditures included in accounts payable and accrued liabilities | $(0.5) | $0.2 |
| Additions to fixed assets through installment purchases and financing leases | $(10.0) | $(5.5) |
| Additions to fixed assets through asset trades | $(1.1) | $— |
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