$RES
RPC INC

2022 Q1 Form 10-Q Financial Statement

#000155837022006417 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $284.6M $182.6M
YoY Change 55.86% -25.09%
Cost Of Revenue $208.8M $146.2M
YoY Change 42.82% -19.63%
Gross Profit $75.79M $36.39M
YoY Change 108.28% -41.15%
Gross Profit Margin 26.63% 19.93%
Selling, General & Admin $36.24M $30.60M
YoY Change 18.45% -16.25%
% of Gross Profit 47.82% 84.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.34M $17.80M
YoY Change 8.67% -54.94%
% of Gross Profit 25.52% 48.92%
Operating Expenses $36.24M $30.60M
YoY Change 18.45% -16.25%
Operating Profit $23.04M -$10.52M
YoY Change -318.94% -95.19%
Interest Expense $178.0K $380.0K
YoY Change -53.16% 236.28%
% of Operating Profit 0.77%
Other Income/Expense, Net $504.0K $507.0K
YoY Change -0.59% -264.61%
Pretax Income $23.38M -$10.38M
YoY Change -325.29% -95.26%
Income Tax $8.297M -$714.0K
% Of Pretax Income 35.49%
Net Earnings $15.08M -$9.662M
YoY Change -256.06% -93.98%
Net Earnings / Revenue 5.3% -5.29%
Basic Earnings Per Share $0.07 -$0.05
Diluted Earnings Per Share $0.07 -$0.05
COMMON SHARES
Basic Shares Outstanding 213.3M 213.0M
Diluted Shares Outstanding 213.3M 213.0M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $73.19M $85.40M
YoY Change -14.3% 3.39%
Cash & Equivalents $73.19M $85.42M
Short-Term Investments
Other Short-Term Assets $2.430M $2.493M
YoY Change -2.53% -12.83%
Inventory $84.38M $80.17M
Prepaid Expenses $13.55M $8.027M
Receivables $285.5M $186.9M
Other Receivables $57.45M $82.60M
Total Short-Term Assets $517.2M $449.6M
YoY Change 15.03% -6.29%
LONG-TERM ASSETS
Property, Plant & Equipment $257.1M $257.3M
YoY Change -0.07% -12.85%
Goodwill $32.15M $32.15M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.02M $35.57M
YoY Change 6.87% 24.18%
Total Long-Term Assets $374.0M $350.4M
YoY Change 6.72% -9.99%
TOTAL ASSETS
Total Short-Term Assets $517.2M $449.6M
Total Long-Term Assets $374.0M $350.4M
Total Assets $891.2M $800.1M
YoY Change 11.39% -7.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.97M $60.65M
YoY Change 26.92% -14.1%
Accrued Expenses $38.58M $41.60M
YoY Change -7.25% -9.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.69M
YoY Change
Total Short-Term Liabilities $139.2M $103.5M
YoY Change 34.46% -12.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.621M $60.70M
YoY Change -87.44% 123777.55%
Total Long-Term Liabilities $7.621M $60.70M
YoY Change -87.44% 123777.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.2M $103.5M
Total Long-Term Liabilities $7.621M $60.70M
Total Liabilities $233.4M $176.9M
YoY Change 31.94% -10.61%
SHAREHOLDERS EQUITY
Retained Earnings $656.5M $619.0M
YoY Change 6.06% -8.01%
Common Stock $21.65M $21.57M
YoY Change 0.34% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $657.8M $623.2M
YoY Change
Total Liabilities & Shareholders Equity $891.2M $800.1M
YoY Change 11.39% -7.95%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $15.08M -$9.662M
YoY Change -256.06% -93.98%
Depreciation, Depletion And Amortization $19.34M $17.80M
YoY Change 8.67% -54.94%
Cash From Operating Activities $8.248M $9.264M
YoY Change -10.97% -83.11%
INVESTING ACTIVITIES
Capital Expenditures $19.08M $11.75M
YoY Change 62.42% -53.04%
Acquisitions
YoY Change
Other Investing Activities $3.825M $4.000M
YoY Change -4.38% 11.11%
Cash From Investing Activities -$15.26M -$7.782M
YoY Change 96.08% -63.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $910.0K $557.0K
YoY Change 63.38% -29.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.233M -557.0K
YoY Change 300.9% -29.67%
NET CHANGE
Cash From Operating Activities 8.248M 9.264M
Cash From Investing Activities -15.26M -7.782M
Cash From Financing Activities -2.233M -557.0K
Net Change In Cash -9.244M 925.0K
YoY Change -1099.35% -97.16%
FREE CASH FLOW
Cash From Operating Activities $8.248M $9.264M
Capital Expenditures $19.08M $11.75M
Free Cash Flow -$10.84M -$2.486M
YoY Change 335.88% -108.34%

Facts In Submission

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CY2022Q1 us-gaap Increase Decrease In Other Current Assets
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable
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CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2021Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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CY2022Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2021Q1 us-gaap Increase Decrease In Insurance Liabilities
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CY2022Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
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CY2022Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
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CY2022Q1 res Increase Decrease In Pension Plan Obligation
IncreaseDecreaseInPensionPlanObligation
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CY2021Q1 res Increase Decrease In Pension Plan Obligation
IncreaseDecreaseInPensionPlanObligation
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CY2022Q1 res Increase Decrease In Long Term Insurance Expenses
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CY2021Q1 res Increase Decrease In Long Term Insurance Expenses
IncreaseDecreaseInLongTermInsuranceExpenses
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CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2021Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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CY2021Q1 us-gaap Proceeds From Sale Of Productive Assets
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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182610000
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RevenueFromContractWithCustomerIncludingAssessedTax
284624000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
15079000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q1 us-gaap Distributed Earnings
DistributedEarnings
208000
CY2021Q1 us-gaap Distributed Earnings
DistributedEarnings
0
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14871000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9662000
CY2022Q1 res Weighted Average Number Of Shares Including Participating Securities Outstanding Diluted
WeightedAverageNumberOfSharesIncludingParticipatingSecuritiesOutstandingDiluted
216242000
CY2021Q1 res Weighted Average Number Of Shares Including Participating Securities Outstanding Diluted
WeightedAverageNumberOfSharesIncludingParticipatingSecuritiesOutstandingDiluted
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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2990000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2188635
CY2021Q1 us-gaap Assets
Assets
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1539000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1130000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1154000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
182610000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
284624000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
182610000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
23035000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-10521000
CY2022Q1 us-gaap Interest Expense
InterestExpense
178000
CY2021Q1 us-gaap Interest Expense
InterestExpense
380000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
15000
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
18000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
504000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
507000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23376000
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10376000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
19466000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19084000
CY2022Q1 us-gaap Assets
Assets
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CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
17773000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6765000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4815000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1131000
CY2021Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
946000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1708000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
53000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
2000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
9000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6190000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5717000
CY2022Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
83001000
CY2021Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
77709000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1380000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1274000
CY2022Q1 us-gaap Inventory Net
InventoryNet
84381000
CY2021Q4 us-gaap Inventory Net
InventoryNet
78983000
CY2022Q1 res Accumulated Other Comprehensive Income Loss Amortization Of Net Loss
AccumulatedOtherComprehensiveIncomeLossAmortizationOfNetLoss
195000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
311000
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20397000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-17706000
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
136000
CY2021Q1 res Accumulated Other Comprehensive Income Loss Amortization Of Net Loss
AccumulatedOtherComprehensiveIncomeLossAmortizationOfNetLoss
153000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
289000
CY2022Q1 res Defined Benefit Plan Unamortized Of Gain Loss On Settlement
DefinedBenefitPlanUnamortizedOfGainLossOnSettlement
23200000
CY2022Q4 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0
CY2020Q3 res Minimum Tangible Net Worth Covenant Level
MinimumTangibleNetWorthCovenantLevel
600000000
CY2020Q3 res Minimum Tangible Net Worth Covenant Level
MinimumTangibleNetWorthCovenantLevel
400000000
CY2020Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.375
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.355
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.069
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20708000
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
116000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-17417000

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