$RES
RPC INC

2023 Q2 Form 10-Q Financial Statement

#000155837023007228 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $415.9M $476.7M
YoY Change 10.75% 67.47%
Cost Of Revenue $265.8M $305.3M
YoY Change 1.87% 46.17%
Gross Profit $150.1M $171.4M
YoY Change 30.96% 126.18%
Gross Profit Margin 36.09% 35.96%
Selling, General & Admin $43.60M $42.20M
YoY Change 21.53% 16.44%
% of Gross Profit 29.06% 24.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.44M $24.13M
YoY Change 28.85% 24.75%
% of Gross Profit 17.62% 14.08%
Operating Expenses $69.81M $42.20M
YoY Change 94.56% 16.44%
Operating Profit $80.27M $90.66M
YoY Change 32.86% 293.56%
Interest Expense $2.625M $72.00K
YoY Change 1082.43% -59.55%
% of Operating Profit 3.27% 0.08%
Other Income/Expense, Net $631.0K $761.0K
YoY Change 698.73% 50.99%
Pretax Income $85.63M $93.20M
YoY Change 41.76% 298.7%
Income Tax $20.61M $21.68M
% Of Pretax Income 24.07% 23.26%
Net Earnings $65.01M $71.52M
YoY Change 38.51% 374.33%
Net Earnings / Revenue 15.63% 15.0%
Basic Earnings Per Share $0.30 $0.33
Diluted Earnings Per Share $0.31 $0.33
COMMON SHARES
Basic Shares Outstanding 216.4M 217.5M
Diluted Shares Outstanding 213.4M 213.6M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.5M $177.9M
YoY Change 28.51% 143.07%
Cash & Equivalents $100.5M $177.9M
Short-Term Investments
Other Short-Term Assets $17.87M $2.914M
YoY Change 635.57% 19.92%
Inventory $104.2M $98.07M
Prepaid Expenses $14.43M $16.03M
Receivables $393.6M $400.4M
Other Receivables $132.1M $24.35M
Total Short-Term Assets $748.3M $719.6M
YoY Change 28.31% 39.14%
LONG-TERM ASSETS
Property, Plant & Equipment $415.3M $375.5M
YoY Change 54.1% 46.02%
Goodwill $32.15M $32.15M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.38M $31.79M
YoY Change -9.02% -16.37%
Total Long-Term Assets $479.9M $468.2M
YoY Change 25.66% 25.2%
TOTAL ASSETS
Total Short-Term Assets $748.3M $719.6M
Total Long-Term Assets $479.9M $468.2M
Total Assets $1.228B $1.188B
YoY Change 27.26% 33.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $88.01M $114.4M
YoY Change -13.88% 48.57%
Accrued Expenses $48.69M $42.49M
YoY Change 13.16% 10.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.1M $158.5M
YoY Change -20.86% 13.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $56.66M $5.267M
YoY Change 651.45% -30.89%
Total Long-Term Liabilities $56.66M $5.267M
YoY Change 651.45% -30.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.1M $158.5M
Total Long-Term Liabilities $56.66M $5.267M
Total Liabilities $240.8M $260.1M
YoY Change -6.82% 11.45%
SHAREHOLDERS EQUITY
Retained Earnings $968.0M $909.3M
YoY Change 37.28% 38.51%
Common Stock $21.64M $21.64M
YoY Change -0.12% -0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $987.4M $927.7M
YoY Change
Total Liabilities & Shareholders Equity $1.228B $1.188B
YoY Change 27.26% 33.29%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $65.01M $71.52M
YoY Change 38.51% 374.33%
Depreciation, Depletion And Amortization $26.44M $24.13M
YoY Change 28.85% 24.75%
Cash From Operating Activities $45.04M $132.5M
YoY Change 30.14% 1506.73%
INVESTING ACTIVITIES
Capital Expenditures $39.19M $65.30M
YoY Change -224.43% 242.17%
Acquisitions
YoY Change
Other Investing Activities -$74.58M $4.285M
YoY Change -2344.33% 12.03%
Cash From Investing Activities -$113.8M -$61.02M
YoY Change 303.84% 299.86%
FINANCING ACTIVITIES
Cash Dividend Paid $8.679M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.637M -20.03M
YoY Change 521.37% 796.91%
NET CHANGE
Cash From Operating Activities 45.04M 132.5M
Cash From Investing Activities -113.8M -61.02M
Cash From Financing Activities -8.637M -20.03M
Net Change In Cash -77.37M 51.48M
YoY Change -1633.88% -656.9%
FREE CASH FLOW
Cash From Operating Activities $45.04M $132.5M
Capital Expenditures $39.19M $65.30M
Free Cash Flow $5.847M $67.22M
YoY Change -91.15% -720.37%

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CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3389000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-168000
CY2023Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
14000
CY2022Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
326000
CY2023Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-13193000
CY2022Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
6529000
CY2023Q1 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
865000
CY2022Q1 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
-4749000
CY2023Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
1691000
CY2022Q1 us-gaap Increase Decrease In Property And Other Taxes Payable
IncreaseDecreaseInPropertyAndOtherTaxesPayable
1091000
CY2023Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-1074000
CY2022Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-1746000
CY2023Q1 res Increase Decrease In Pension Plan Obligation
IncreaseDecreaseInPensionPlanObligation
-4723000
CY2022Q1 res Increase Decrease In Pension Plan Obligation
IncreaseDecreaseInPensionPlanObligation
-2548000
CY2023Q1 res Increase Decrease In Long Term Insurance Expenses
IncreaseDecreaseInLongTermInsuranceExpenses
2018000
CY2022Q1 res Increase Decrease In Long Term Insurance Expenses
IncreaseDecreaseInLongTermInsuranceExpenses
-1142000
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
945000
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
1790000
CY2023Q1 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
13379000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
132523000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8248000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65300000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
4285000
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
3825000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-61015000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-15259000
CY2023Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
8679000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11349000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
910000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1323000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20028000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2233000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
51480000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-9244000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
126424000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82433000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177904000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
73189000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
922000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-333000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
41000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
43000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
11866000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7020000
CY2023Q1 res Accumulated Other Comprehensive Income Loss Amortization Of Net Loss
AccumulatedOtherComprehensiveIncomeLossAmortizationOfNetLoss
169000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
71524000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
15079000
CY2023Q1 res Adjustments For Earnings Attributable To Participating Securities
AdjustmentsForEarningsAttributableToParticipatingSecurities
1136000
CY2022Q1 res Adjustments For Earnings Attributable To Participating Securities
AdjustmentsForEarningsAttributableToParticipatingSecurities
208000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
70388000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
14871000
CY2023Q1 res Weighted Average Number Of Shares Including Participating Securities Outstanding Diluted
WeightedAverageNumberOfSharesIncludingParticipatingSecuritiesOutstandingDiluted
217152000
CY2022Q1 res Weighted Average Number Of Shares Including Participating Securities Outstanding Diluted
WeightedAverageNumberOfSharesIncludingParticipatingSecuritiesOutstandingDiluted
216242000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
3503000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
2990000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
213649000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
213252000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16662000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-3277000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20708000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
476668000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
284624000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
476668000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
284624000
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
476668000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
284624000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
90657000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
23035000
CY2023Q1 us-gaap Interest Expense
InterestExpense
72000
CY2022Q1 us-gaap Interest Expense
InterestExpense
178000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1855000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
15000
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
761000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
504000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
93201000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23376000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
24125000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
65300000
CY2023Q1 us-gaap Assets
Assets
1187830000
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
891168000
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
116000
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
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7078000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6765000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1074000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1131000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2232000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1708000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
2000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
5920000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6190000
CY2023Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
96478000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
95384000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1595000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1723000
CY2023Q1 us-gaap Inventory Net
InventoryNet
98073000
CY2022Q4 us-gaap Inventory Net
InventoryNet
97107000
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20397000
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-935000
CY2023Q1 res Number Of Financial Covenants
NumberOfFinancialCovenants
3
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.233
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.355
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-19939000
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
4049000
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1388367
CY2023Q1 res Stock Repurchase Program Average Price Per Share
StockRepurchaseProgramAveragePricePerShare
8.17
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11348887
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
157720
CY2022Q1 res Stock Repurchase Program Average Price Per Share
StockRepurchaseProgramAveragePricePerShare
5.77
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
909912

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