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RPC INC

CIK:0000742278|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenues	$ 460,869	$ 420,809	$ 915,624	$ 753,686
COSTS AND EXPENSES:
Cost of revenues (exclusive of depreciation and amortization shown separately below)	345,718	317,746	701,303	561,641
Selling, general and administrative expenses	51,523	40,825	99,730	83,324
Acquisition related employment costs	7,291	6,554	14,583	6,554
Depreciation and amortization	42,982	42,347	85,836	77,970
Gain on disposition of assets, net	(1,416)	(2,199)	(3,219)	(3,725)
Operating income	14,771	15,536	17,391	27,922
Interest expense	(671)	(1,007)	(1,501)	(1,138)
Interest income	1,546	1,618	3,316	5,013
Other income, net	929	1,152	1,678	2,037
Income before income taxes	16,575	17,299	20,884	33,834
Income tax provision	4,500	7,151	7,954	11,656
Net income	$ 12,075	$ 10,148	$ 12,930	$ 22,178
Earnings per share
Basic (in dollars per share)	$ 0.05	$ 0.05	$ 0.06	$ 0.1
Diluted (in dollars per share)	$ 0.05	$ 0.05	$ 0.06	$ 0.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 12,930	$ 22,178
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,836	77,970
Stock-based compensation expense	7,682	6,124
Gain on disposition of assets, net	(3,219)	(3,725)
Deferred income tax benefit	(2,556)	(3,772)
Acquisition related employment costs	14,583	6,554
Other non-cash adjustments	119	(193)
(Increase) decrease in assets:
Accounts receivable	(50,996)	39,678
Income taxes receivable	2,891	3,027
Inventories	(6,948)	(2,317)
Prepaid expenses	2,762	2,524
Other current assets	(164)	(579)
Retirement plan assets		(823)
Other non-current assets	2,576	(1,213)
(Decrease) increase in liabilities:
Accounts payable	26,934	(21,350)
Income taxes payable	109	4,725
Unearned revenue	(13,233)	(45,376)
Accrued payroll and related expenses	(5,388)	1,644
Accrued insurance expenses	869	433
Accrued state, local and other taxes	2,523	2,494
Other accrued expenses	(1,964)	273
Retirement plan liabilities		(767)
Long-term accrued insurance expenses	1,684	1,412
Other long-term liabilities	(2,423)	4,022
Net cash provided by operating activities	74,607	92,943
INVESTING ACTIVITIES
Capital expenditures	(70,837)	(75,323)
Proceeds from sale of assets	7,421	9,496
Purchase of business, net of cash and debt assumed		(165,656)
Net cash used for investing activities	(63,416)	(231,483)
FINANCING ACTIVITIES
Payment of dividends	(17,729)	(17,478)
Repayment of debt	(20,000)	(4,502)
Cash paid for common stock purchased and retired	(3,452)	(2,868)
Cash paid for finance lease	(516)	(474)
Net cash used for financing activities	(41,697)	(25,322)
Net decrease in cash and cash equivalents	(30,506)	(163,862)
Cash and cash equivalents at beginning of period	209,974	325,975
Cash and cash equivalents at end of period	179,468	162,113
Supplemental cash flows disclosure:
Income tax payments, net	7,402	7,498
Interest paid	1,335	875
Supplemental disclosure of noncash investing activities:
Capital expenditures included in accounts payable	$ 7,693	$ 10,322

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 179,468	$ 209,974
Accounts receivable, net	378,538	327,668
Inventories	125,793	119,004
Income taxes receivable	3,411	6,302
Prepaid expenses	15,544	18,307
Other current assets	23,220	23,215
Total current assets	725,974	704,470
Property, plant and equipment, net	519,012	531,556
Operating lease right-of-use assets	19,466	24,094
Finance lease right-of-use assets	1,623	1,934
Goodwill	81,249	83,422
Other intangibles, net	93,764	97,499
Other assets	18,667	25,410
Total assets	1,459,755	1,468,385
LIABILITIES
Accounts payable	146,966	119,757
Accrued payroll and related expenses	33,188	38,636
Accrued insurance expenses	8,063	7,194
Accrued state, local and other taxes	6,066	3,543
Income taxes payable	896	787
Unearned revenue		13,233
Current portion of operating lease liabilities	5,759	7,606
Current portion of finance lease liabilities	941	977
Current portion of notes payable	10,000	20,000
Accrued expenses and other liabilities	5,434	5,419
Total current liabilities	217,313	217,152
Accrued insurance expenses	17,254	15,570
Notes payable	20,000	30,000
Operating lease liabilities	14,423	17,762
Finance lease liabilities	756	1,041
Other long-term liabilities	6,941	10,814
Deferred income taxes	74,319	76,875
Total liabilities	351,006	369,214
Commitments and contingencies (Note 13)
STOCKHOLDERS' EQUITY
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 349,000,000 shares authorized, 221,657,012 and 220,571,673 shares issued and outstanding in 2026 and 2025, respectively	22,166	22,057
Capital in excess of par value	0	0
Retained earnings	1,089,403	1,079,664
Accumulated other comprehensive loss	(2,820)	(2,550)
Total stockholders' equity	1,108,749	1,099,171
Total liabilities and stockholders' equity	$ 1,459,755	$ 1,468,385