Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Ranger Energy Services, Inc. | |
Entity Central Index Key | 1,699,039 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,929,430 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 6,866,154 |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 2,000,000 | $ 5,300,000 |
Accounts receivable, net | 49,700,000 | 32,100,000 |
Unbilled revenues | 4,200,000 | 6,000,000 |
Prepaid expenses and other current assets | 7,100,000 | 5,700,000 |
Assets held for sale | 600,000 | 600,000 |
Total current assets | 63,600,000 | 49,700,000 |
Property, plant and equipment, net | 230,700,000 | 189,200,000 |
Goodwill | 0 | 9,000,000 |
Intangible assets, net | 10,200,000 | 10,800,000 |
Other assets | 500,000 | 1,000,000 |
Total assets | 305,000,000 | 259,700,000 |
Current liabilities | ||
Accounts payable | 30,200,000 | 32,000,000 |
Accrued expenses | 27,100,000 | 11,600,000 |
Capital lease obligations, current portion | 3,900,000 | 8,000,000 |
Long-term debt, current portion | 11,300,000 | 1,300,000 |
Other current liabilities | 3,000,000 | 0 |
Total current liabilities | 75,500,000 | 52,900,000 |
Capital lease obligations | 6,500,000 | 1,500,000 |
Long-term debt | 32,800,000 | 5,800,000 |
Other long-term liabilities | 500,000 | 3,800,000 |
Total liabilities | 115,300,000 | 64,000,000 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity | ||
Preferred stock, $0.01 per share; 50,000,000 shares authorized, no shares issued or outstanding as of September 30, 2018 and December 31, 2017 | 0 | 0 |
Accumulated deficit | (11,000,000) | (6,600,000) |
Additional paid-in capital | 111,200,000 | 110,100,000 |
Total stockholders' equity | 100,400,000 | 103,700,000 |
Non-controlling interest | 89,300,000 | 92,000,000 |
Total stockholders' equity | 189,700,000 | 195,700,000 |
Total liabilities and stockholders' equity | 305,000,000 | 259,700,000 |
Class A Common Stock | ||
Stockholders' equity | ||
Common stock | 100,000 | 100,000 |
Class B Common Stock | ||
Stockholders' equity | ||
Common stock | $ 100,000 | $ 100,000 |
UNAUDITED INTERIM CONDENSED C_2
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 8,941,374 | 8,413,178 |
Common stock, shares outstanding (in shares) | 8,941,374 | 8,413,178 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 6,866,154 | 6,866,154 |
Common stock, shares outstanding (in shares) | 6,866,154 | 6,866,154 |
UNAUDITED INTERIM CONDENSED C_3
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | ||||
Total revenues | $ 82.1 | $ 41.1 | $ 217.8 | $ 103.8 |
Cost of services (exclusive of depreciation and amortization shown separately): | ||||
Total cost of services | 63.6 | 33.9 | 172.8 | 83.3 |
General and administrative | 6.6 | 7.9 | 20.8 | 24 |
Depreciation and amortization | 7.5 | 4.1 | 20.6 | 11.7 |
Impairment of goodwill | 0 | 0 | 9 | 0 |
Total operating expenses | 77.7 | 45.9 | 223.2 | 119 |
Operating income (loss) | 4.4 | (4.8) | (5.4) | (15.2) |
Other expenses | ||||
Interest expense, net | (0.9) | (4.3) | (1.8) | (5.9) |
Total other expenses | (0.9) | (4.3) | (1.8) | (5.9) |
Income (loss) before income tax expense | 3.5 | (9.1) | (7.2) | (21.1) |
Tax expense (benefit) | 0.5 | (0.4) | (0.3) | (0.4) |
Net income (loss) | 4 | (9.5) | (7.5) | (21.5) |
Less: Net loss attributable to the Predecessor | 0 | (3.2) | 0 | (15.2) |
Less: Net income (loss) attributable to non-controlling interests | 1.9 | (2.8) | (3.2) | (2.8) |
Net income (loss) attributable to Ranger Energy Services, Inc. | $ 2.1 | $ (3.5) | $ (4.3) | $ (3.5) |
Earnings (loss) per common share | ||||
Basic (in dollars per share) | $ 0.24 | $ (0.42) | $ (0.48) | $ (0.42) |
Diluted (in dollars per share) | $ 0.23 | $ (0.42) | $ (0.48) | $ (0.42) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 8,910,260 | 8,413,178 | 8,897,319 | 8,413,178 |
Diluted (in shares) | 9,156,872 | 8,413,178 | 8,897,319 | 8,413,178 |
Well Services | ||||
Revenues | ||||
Total revenues | $ 78.1 | $ 39 | $ 206.9 | $ 97.9 |
Cost of services (exclusive of depreciation and amortization shown separately): | ||||
Total cost of services | 61.8 | 33.1 | 167.7 | 81.1 |
Processing Solutions | ||||
Revenues | ||||
Total revenues | 4 | 2.1 | 10.9 | 5.9 |
Cost of services (exclusive of depreciation and amortization shown separately): | ||||
Total cost of services | $ 1.8 | $ 0.8 | $ 5.1 | $ 2.2 |
UNAUDITED INTERIM CONDENSED C_4
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net loss | $ (7.5) | $ (21.5) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 20.6 | 11.7 |
Issuance of Class A and Class B Common Stock for settlement of interest on related party debt | 0 | 5.2 |
Bad debt expense | 0.2 | 0.2 |
Impairment of goodwill | 9 | 0 |
Equity based compensation amortization | 1.6 | 0.9 |
Gain on sale of property, plant and equipment | (0.2) | 0 |
Changes in operating assets and liabilities, net of effect of acquisitions | ||
Accounts receivable | (17.7) | (5.1) |
Unbilled revenue | 1.7 | (1.8) |
Prepaid expenses and other current assets | (1.3) | (4.9) |
Other assets | 0.4 | (0.7) |
Accounts payable | 8.4 | 1.5 |
Accounts payable - related party | 0 | (2.4) |
Accrued expenses | 10.7 | 9.4 |
Other long-term liabilities | (1) | (0.1) |
Net cash provided by (used in) operating activities | 24.9 | (7.6) |
Cash Flows from Investing Activities | ||
Purchase of property, plant and equipment | (56.1) | (16.4) |
Proceeds from sale of property, plant and equipment | 4 | 0 |
Acquisition, net of cash received | (4) | (47.7) |
Net cash used in investing activities | (56.1) | (64.1) |
Cash Flows from Financing Activities | ||
Borrowings under line of credit agreement, net of deferred costs | 41.8 | 0 |
Borrowings on long-term debt, net of deferred costs | 21.3 | 0 |
Proceeds from the Offering, net of underwriters' expense of $4.2 million | 0 | 80.8 |
Borrowings on related party debt | 0 | 21 |
Payments on line of credit agreement and long-term debt | (25.6) | (12) |
Principal payments on capital lease obligations | (9.6) | (0.8) |
Payments incurred for the Offering | 0 | (3.9) |
Contributions from parent | 0 | 4 |
Net cash provided by financing activities | 27.9 | 89.1 |
Increase (decrease) in Cash and Cash equivalents | (3.3) | 17.4 |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 5.3 | 3.2 |
Cash, Cash Equivalents and Restricted Cash, End of Year | 2 | 20.6 |
Supplemental Cash Flow Information | ||
Interest paid | (1.3) | (0.5) |
Supplemental Disclosure of Non-cash Investing and Financing Activity | ||
Non-cash capital expenditures | 5.3 | (15.6) |
Non-cash additions to fixed assets through capital lease financing | (10.4) | (9) |
Issuance of Class A and Class B Common Stock for payment of related party debt | 0 | (21) |
Issuance of Class A Common Stock for acquisition | 0 | (5) |
Seller's Notes for payment of acquisition | $ 0 | $ (7) |
UNAUDITED INTERIM CONDENSED C_5
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Statement of Cash Flows [Abstract] | |
Payments for underwriting expense | $ 4.2 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | Note 1 — Organization and Business Operations Organization Ranger Energy Services, LLC (“Ranger Services”) was, through Ranger Energy Holdings, LLC (“Ranger Holdings”), formed by CSL Capital Management, LLC (“CSL”) in June 2014 as a provider of high‑spec well service rigs and associated services. Torrent Energy Services, LLC (“Torrent Services” and together with Ranger Services, the “Predecessor Companies”) was, through Torrent Energy Holdings, LLC (“Torrent Holdings”), acquired by CSL in September 2014 as a provider of proprietary, modular equipment for the processing of natural gas. In June 2016, CSL indirectly acquired substantially all of the assets of Magna Energy Services, LLC (“Magna”), a provider of well services and wireline services, which it contributed to Ranger Services in September 2016. In October 2016, Ranger Services acquired substantially all of the assets of Bayou Workover Services, LLC (“Bayou”), an owner and operator of high‑spec well service rigs. These unaudited interim condensed consolidated financial statements included in this quarterly report present (i) prior to August 16, 2017 , the historical financial information of Ranger Services, Torrent Services, Magna and Bayou (collectively, the “Predecessor”), and (ii) subsequent to August 16, 2017 , the historical information of Ranger Energy Services, Inc. (“Ranger” or the “Company”). Ranger was incorporated as a Delaware corporation in February 2017. In conjunction with Ranger’s initial public offering (the “Offering”) of Class A common stock, par value $0.01 per share (“Class A Common Stock”), which closed on August 16, 2017 and the corporate reorganization described below, Ranger is a holding company, the sole material assets of which consist of membership interests in RNGR Energy Services, LLC a Delaware limited liability company (“Ranger LLC”). Ranger LLC owns all of the outstanding equity interests in Ranger Services and Torrent Services, the subsidiaries through which it operates its assets. Through consummation of the corporate reorganization, Ranger LLC is the sole managing member of Ranger Services and Torrent Services, and is responsible for all operational, management and administrative decisions relating to Ranger Services and Torrent Services’ business and consolidates the financial results of Ranger Services and Torrent Services and their subsidiaries. Reorganization On August 10, 2017 , Ranger Services, entered into a Master Reorganization Agreement (the “Master Reorganization Agreement”) with, among others, Ranger LLC, Ranger Holdings, Ranger Energy Holdings II, LLC, a Delaware limited liability company (“Ranger Holdings II”), Torrent Holdings and Torrent Energy Holdings II, LLC, a Delaware limited liability company (“Torrent Holdings II”) and, together with Ranger Holdings, Ranger Holdings II and Torrent Holdings (the “Existing Owners”). Subject to the terms and conditions set forth in the Master Reorganization Agreement, the parties thereto effected a series of restructuring transactions in connection with the Offering of Class A Common Stock, as a result of which: (i) Ranger Holdings II and Torrent Holdings II contributed certain of the equity interests in the Predecessor Companies to the Company in exchange for an aggregate of 1,683,386 shares of Class A Common Stock and the Company contributed such equity interests to Ranger LLC in exchange for 1,638,386 units in Ranger LLC (“Ranger Units”). Additionally, an aggregate of $3.0 million will be paid by the Company to CSL Energy Holdings I, LLC, a Delaware limited liability company and CSL Energy Holdings II, LLC, a Delaware limited liability company, on or prior to the 18 -month anniversary of the consummation of the Offering in, at the Company’s option, cash, shares of Class A Common Stock (with such shares to be valued based on the greater of the price of the Class A Common Stock in the Offering and a 30 -day volume-weighted average price) or a combination thereof; (ii) Ranger Holdings and Torrent Holdings contributed the remaining membership interests in the Predecessor Companies to Ranger LLC in exchange for 5,621,491 units in Ranger Units and 5,621,491 shares of the Company’s Class B common stock, par value $0.01 per share (“Class B Common Stock” and together with the Class A Common Stock, “Common Stock”), which the Company initially issued and contributed to Ranger LLC; (iii) the Company contributed all of the net proceeds received by it in the Offering to Ranger LLC in exchange for 5,862,069 Ranger Units; (iv) Ranger LLC distributed to each of Ranger Holdings and Torrent Holdings one share of Class B Common Stock received pursuant to (ii) above for each Ranger Unit such Existing Owner held; and (v) as consideration for the termination of certain loan agreements, the Company issued 567,895 shares of Class A Common Stock (in connection with which Ranger LLC issued 567,895 Ranger Units to the Company) and Ranger LLC issued an aggregate of 1,244,663 Ranger Units (and distributed a corresponding number of shares of Class B Common Stock) to the lenders thereof. The foregoing transactions were undertaken in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof. As a result of these transactions, Ranger LLC became a subsidiary of the Company and the Predecessor Companies became wholly owned subsidiaries of Ranger LLC. Initial Public Offering On August 16, 2017 , the Company completed the Offering of 5,862,069 shares of our Class A Common Stock. The gross proceeds of the Offering to the Company, based on a public offering price of $14.50 per share, were $85.0 million , which resulted in net proceeds to the Company of $77.0 million , after deducting $4.2 million of underwriting discounts and commissions and $3.9 million of costs related to the Offering. These net proceeds were used to pay off the remainder of its long term debt of $10.4 million , fund $45.2 million for the cash portion of the ESCO Acquisition (as defined herein) and pay $0.7 million for cash bonuses to certain employees. The remaining $20.7 million of net proceeds were used to fund capital expenditures and general business expenses. Business The Company is one of the largest providers of high‑spec well service rigs and complimentary services in the United States, with a focus on technically demanding unconventional horizontal well completion and production operations. The Company’s high‑spec well service rigs facilitate operations throughout the lifecycle of a well, including (i) well completion support, such as milling out composite plugs used during hydraulic fracturing; (ii) workover, including retrieval and replacement of existing production tubing; (iii) well maintenance, including replacement of downhole artificial lift components; and (iv) decommissioning, such as plugging and abandonment operations. The Company also provides rental equipment, including well control packages, hydraulic catwalks and other equipment that are often deployed with its well service rigs. In addition to its core well service rig operations, the Company offers a suite of complementary services, including wireline, snubbing, well testing, fluid management and well service-related equipment rentals. In addition, the Company owns and operates a fleet of proprietary, modular natural gas processing equipment that processes rich natural gas streams at the wellhead or central gathering points. The Company has operations in most of the active oil and natural gas basins in the United States, including the Permian Basin, the Denver‑Julesburg Basin, the Bakken Shale, the Eagle Ford Shale, the Haynesville Shale, the Gulf Coast and the South Central Oklahoma Oil Province (“SCOOP”) and Sooner Trend Anadarko Basin Canadian and Kingfisher counties (“STACK”) plays. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 — Summary of Significant Accounting Policies Basis of Presentation The consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements and the unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the Securities and Exchange Commission’s (the “SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly certain notes and other information have been condensed or omitted. The unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the results of operations for the interim periods. These interim financial statements, should be read in conjunction with the consolidated financial statements and related notes for the years ended December 31, 2017 and 2016 , included in the Annual Report filed on Form 10-K for the year ended December 31, 2017 (the “Annual Report”). Interim results for the periods presented may not be indicative of results that will be realized for future periods. Financial statements for periods prior to the Offering on August 16, 2017 , represent the combined consolidated financial statements of the Predecessor. Financial statements for periods subsequent to the Offering reflect the consolidated financial statements of the Company. Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 2 — Summary of Significant Accounting Policies of the Annual Report. There have been no changes in such policies or the application of such policies during the three and nine months ended September 30, 2018 except as discussed in Note 3 — Revenue from Contracts with Customers . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: • Depreciation and amortization of property, plant and equipment and intangible assets; • Impairment of property, plant and equipment, goodwill and intangible assets; • Allowance for doubtful accounts; • Fair value of assets acquired and liabilities assumed in an acquisition; and • Equity‑based compensation. Emerging Growth Company status The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). The Company will remain an emerging growth company until the earlier of (1) the last day of its fiscal year (a) following the fifth anniversary of the completion of the Offering, (b) in which its total annual gross revenue is at least $1.07 billion , or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the Company’s common stock that is held by non-affiliates exceeds $700.0 million as of the last business day of its most recently completed second fiscal quarter, and (2) the date on which the Company has issued more than $1.0 billion in non-convertible debt securities during the prior three -year period. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. The Company has irrevocably opted out of the extended transition period and, as a result, the Company will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑2, Leases, amending the current accounting for leases. Under the new provisions, all lessees will report a right‑of‑use asset and a liability for the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. All other leases will fall into one of two categories: (i) a financing lease or (ii) an operating lease. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. For sale leaseback transactions, a sale will only be recognized if the criteria in the new revenue recognition standard are met. ASU 2016‑2 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period, using a modified retrospective approach. The Company will apply the new lease standard as of January 1, 2019 and recognize a cumulative-effect adjustment to retained earnings. We have identified all leases that will have an impact on our condensed consolidated financial statements and related disclosures. The Company is evaluating the effect of this ASU, including any newly issued guidance, on the condensed consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses. The amendments in ASU 2016‑13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. In addition, ASU 2016‑13 amends the accounting for credit losses on available‑for‑sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after December 15, 2019, however early application is permitted for reporting periods beginning after December 15, 2018. The Company does not expect this to have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016‑15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. ASU 2016‑15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. ASU 2016‑15 is effective for annual and interim periods beginning after December 15, 2017. The Company adopted the new guidance on the effective date of January 1, 2018 and noted no material impact on the consolidated financial statements of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. ASU 2016-18 requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and end of period total amounts presented on the statement of cash flows. The Company adopted the new guidance on the effective date of January 1, 2018 and noted no material impact on the consolidated financial statements of cash flows. In January 2017, the FASB issued ASU 2017‑4, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017‑4 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The ASU is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company adopted this guidance for its current annual and interim goodwill impairment testing as of January 1, 2018. The ASU impacted how the Company tests goodwill for impairment, as it eliminates the second step of the goodwill impairment test, thus effectively calculating impairment loss based on the difference between the carrying value and estimated fair value of the reporting units. With the exception of the updated standards above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company's condensed consolidated financial statements. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue From Contracts With Customers | Note 3 — Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaborative arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when it transfers control of the promised goods or services to its customer, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. If control transfers to the customer over time, an entity selects a method to measure progress that is consistent with the objective of depicting its performance. The provisions of ASC 606 were applied to contracts not completed at January 1, 2018. There was no impact upon adoption of ASC 606. As a result, no disclosure of the impact for each financial statement line items is applicable. In determining the appropriate amount of revenue to be recognized as the Company fulfills the obligations under its contracts with customers, the following steps must be performed at contract inception: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company conducts its business through two segments: Well Services and Processing Solutions. The Well Services segment consists primarily of maintenance, workover, completion and plugging and abandonment services. The Processing Solutions segment consists primarily of equipment rentals and services related to operations, maintenance and mobilization. The services of each segment are based on mutually agreed upon pricing with the customer prior to the services being performed, and given the nature of the services, do not include any warranty and right of return. Pricing for these services are by the hour or by the day, when services are performed and are based on the nature of the specific job, with consideration for the extent of equipment, labor, and consumables needed for the job. Accordingly, the hourly and daily pricing is considered to be variable consideration. Pricing for equipment rentals is based on fixed monthly service fees. For more information on the Company's segments, see Note 17 — Segment Reporting . We satisfy our performance obligation over time as the services are performed. The Company believes the output method is a reasonable measure of progress for the satisfaction of our performance obligations, which are satisfied over time, as it provides a faithful depiction of (1) our performance toward complete satisfaction of the performance obligation under the contract and (2) the value transferred to the customer of the services performed under the contract. The Company has elected the right to invoice practical expedient for recognizing revenue. The Company invoices customers upon completion of the specified services and collection generally occurs within the payment terms agreed with customers. Accordingly, there is no financing component to our arrangements with customers. Taxes assessed on well services and processing solutions revenue transactions are presented on a net basis included within the consolidated statements of operations and therefore are excluded from revenues. Disaggregated Revenue The following table summarizes our disaggregated revenues for the three and nine months ended September 30, 2018 and 2017 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Well Services revenue Workover rigs revenue $ 40.8 $ 31.6 $ 119.7 $ 77.1 Other Well Services revenue 37.3 7.4 87.2 20.8 Total Well Services revenue 78.1 39.0 206.9 97.9 Processing Solutions revenue 4.0 2.1 10.9 5.9 Total Revenue $ 82.1 $ 41.1 $ 217.8 $ 103.8 Contract Balances Contract assets representing the Company’s rights to consideration for work completed but not billed amounted to $4.2 million as of September 30, 2018 and $6.0 million as of December 31, 2017 . Substantially all of the unbilled trade receivables as of December 31, 2017 were invoiced during the nine months ended September 30, 2018 . The Company does not have any contract liabilities included in the consolidated balance sheet as of September 30, 2018 and December 31, 2017 . |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 — Acquisitions ESCO Acquisition On August 16, 2017 , Ranger LLC acquired 49 high-spec well service rigs, certain ancillary equipment and certain of its liabilities (the “ESCO Acquisition”). In connection with the closing of the Offering on August 16, 2017 , the Company closed on the ESCO Acquisition for total consideration of $59.7 million , consisting of $47.7 million in cash, $7.0 million in secured seller notes and $5.0 million in shares of Ranger’s Class A Common Stock based on the Offering price of $14.50 per share. The ESCO Acquisition assets were primarily engaged in the completion, repair and workover of oil and gas wells for its customers. The ESCO Acquisition is being accounted for as a business combination. Goodwill was recorded in conjunction with the ESCO Acquisition as the total purchase consideration exceeded the approximated fair value of assets acquired and liabilities assumed. The following information below represents the purchase price allocation related to the ESCO Acquisition (in millions): Purchase price Cash $ 47.7 Seller's notes 7.0 Equity issued 5.0 Total purchase price $ 59.7 Purchase price allocation Accounts receivable $ 6.6 Property, plant and equipment 45.9 Intangible assets 2.2 Other assets 0.3 Total assets acquired 55.0 Accounts payable (0.5 ) Accrued expenses (2.2 ) Total liabilities assumed (2.7 ) Goodwill 7.4 Allocated purchase price $ 59.7 The following is supplemental pro-forma revenue, operating loss, and net loss had the ESCO Acquisition occurred as of January 1, 2017. (in millions): Nine Months Ended September 30, 2018 2017 Supplemental Pro Forma: Revenue $ 217.8 $ 126.5 Operating Loss (5.4 ) (17.2 ) Net Loss $ (7.5 ) $ (23.7 ) The supplemental pro forma revenue, operating loss and net loss are presented for informational purposes only and may not necessarily reflect the future results of operations of the Company or what the results of operations would have been had the Company owned and operated the ESCO Acquisition assets since January 1, 2017. The Company reported revenue during the three and nine months ended September 30, 2018 that included $9.9 million and $26.9 million , respectively, generated from the assets acquired in connection with the ESCO Acquisition. MVCI Acquisition On January 31, 2018, the Company closed on the acquisition of MVCI Energy Services (“MVCI Acquisition”) for a total consideration of $4.0 million in cash. The MVCI Acquisition assets were primarily engaged in well testing services for its customers. The MVCI Acquisition is being accounted for as a business combination. The Company evaluated its purchase allocation and has reported $4.0 million on its consolidated balance sheets as property, plant and equipment. The pro forma results of operations for the MVCI Acquisition is not presented because the pro forma effects, individually and in the aggregate, are not material to the Company’s consolidated results of operations. |
Assets Held For Sale
Assets Held For Sale | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held For Sale | Note 5 — Assets Held for Sale The Company has decided to market and sell non‑core rental fleet assets. The units consist of wedge units, which are classified as held for sale, as they are specifically identified and management has a plan for their sale, in their present condition, within the next year. The wedge units are recorded on the consolidated financial statement with a balance of $0.6 million as of September 30, 2018 and are classified as held for sale. The available for sale assets are recorded at the units’ carrying amount, which approximates fair value less costs to sell, and are no longer depreciated. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 6 — Property, Plant and Equipment, Net Property, plant and equipment include the following (in millions): Estimated Useful Life (years) September 30, 2018 December 31, 2017 Machinery and equipment 5 - 30 $ 3.7 $ 3.7 Vehicles 3 - 5 9.8 2.6 Mechanical refrigeration units 30 19.0 17.1 Natural Gas Liquid ("NGL") storage tanks 15 4.6 4.3 Workover rigs and complimentary equipment 5 - 20 220.1 174.9 Other property, plant and equipment 3 - 30 17.6 12.0 Property, plant and equipment 274.8 214.6 Less: accumulated depreciation (44.1 ) (25.4 ) Property, plant and equipment, net $ 230.7 $ 189.2 Depreciation expense was $20.0 million and $11.3 million for the nine months ended September 30, 2018 and 2017 , respectively. Depreciation expense was $7.4 million and $3.9 million for the three months ended September 30, 2018 and 2017 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 — Goodwill and Intangible Assets Goodwill was $9.0 million as of December 31, 2017 . During the nine months ended September 30, 2018 , the Company identified a triggering event as it relates to goodwill as a result of a sustained decrease in stock price of the Company. As a result, the Company performed a quantitative impairment test which yielded an impairment charge and recorded an impairment of goodwill of $9.0 million . As of September 30, 2018 there is no goodwill on the Company's consolidated balance sheet. During the nine months ended September 30, 2018 , the Company had nonrecurring fair value measurements related to the impairment of goodwill. The fair values were determined through the use of a blended market and income approach, which represent Level 3 measurements within the fair value hierarchy. Definite lived intangible assets are comprised of the following (in millions): Estimated September 30, 2018 December 31, 2017 Tradenames 3 $ 0.1 $ 0.1 Customer relationships 10-18 11.4 11.4 Less: accumulated amortization (1.3 ) (0.7 ) Intangible assets, net $ 10.2 $ 10.8 Amortization expense was $0.6 million and $0.4 million for the nine months ended September 30, 2018 and 2017 , respectively. Amortization expense was $0.1 million and $0.2 million for the three months ended September 30, 2018 and 2017 , respectively. Amortization expense for the future periods is expected to be as follows (in millions): Twelve months ending September 30, Amount 2019 $ 0.8 2020 0.7 2021 0.7 2022 0.7 2023 0.7 Thereafter 6.6 $ 10.2 Due to the triggering event and goodwill impairment charged during the nine months ended September 30, 2018 , the Company assessed whether the long-lived assets, which consist of property, plant and equipment and intangible assets, were impaired by comparing the carrying value of its long-lived assets to the estimated future undiscounted cash flows of their reporting units and concluded they were not impaired. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Expenses | Note 8 — Accrued Expenses Accrued expenses include the following (in millions): September 30, 2018 December 31, 2017 Accrued payables $ 11.9 $ 4.8 Accrued payroll 10.3 2.9 Accrued taxes 3.5 1.4 Accrued insurance 1.4 2.5 Accrued expenses $ 27.1 $ 11.6 |
Capital Leases
Capital Leases | 9 Months Ended |
Sep. 30, 2018 | |
Leases, Capital [Abstract] | |
Capital Leases | Note 9 — Capital Leases The Company leases certain assets under capital leases which expire at various dates through 2021. The assets and liabilities under capital leases are recorded at the lower of present value of the minimum lease payments or the fair value of the assets. The assets are amortized over the shorter of the estimated useful lives or over the lease term. Amortization expense of assets under capital leases was $2.5 million and $1.2 million for the nine months ended September 30, 2018 and 2017 , respectively. Amortization expense of assets under capital leases was $1.4 million and $0.4 million for the three months ended September 30, 2018 and 2017 , respectively. Aggregate future minimum lease payments under capital leases are as follows (in millions): As of September 30, Total 2018 $ 1.1 2019 4.3 2020 3.9 2021 1.4 Thereafter 0.4 Total future minimum lease payments 11.1 Less: amount representing interest (0.7 ) Present value of future minimum lease payments 10.4 Less: current portion of capital lease obligations (3.9 ) Total capital lease obligations, less current portion $ 6.5 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 — Debt The aggregate carrying amounts, net of issuance costs, of the Company's debt consists of the following (in millions): September 30, 2018 December 31, 2017 Long-term debt $ 20.4 $ — Credit Facility 17.9 0.1 Other debt 5.8 7.0 Total debt 44.1 7.1 Current portion of long-term debt (11.3 ) (1.3 ) Long term-debt $ 32.8 $ 5.8 In connection with the Offering and the ESCO Acquisition the Company issued $7.0 million of seller’s notes as partial consideration for the ESCO Acquisition. These notes include a note for $1.2 million , which was paid in August 2018 and a note for $5.8 million due in February 2019. Both of these notes bear interest at 5.0% payable quarterly until their respective maturity dates. On August 16, 2017 , in connection with the Offering, Ranger entered into a $50.0 million senior revolving credit facility (the “Credit Facility”) by and among certain of Ranger’s subsidiaries, as borrowers, each of the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent (the “Administrative Agent”). The Credit Facility is subject to a borrowing base that is calculated based upon a percentage of the value of the Company's eligible accounts receivable less certain reserves. The Credit Facility permits extensions of credit up to the lesser of $50.0 million and a borrowing base that is determined by calculating the amount equal to the sum of (i) 85% of the Eligible Accounts (as defined in the Credit Facility), less the amount, if any, of the Dilution Reserve (as defined in the Credit Facility), minus (ii) the aggregate amount of Reserves (as defined in the Credit Facility), if any, established by the Administrative Agent from time to time pursuant to the Credit Facility. The borrowing base is calculated on a monthly basis pursuant to a borrowing base certificate delivered by the Company to the Administrative Agent. Borrowings under the Credit Facility bear interest, at the Company's election, at either the (a) one-, two-, three- or six-month LIBOR or (b) the greatest of (i) the federal funds rate plus ½%, (ii) the one-month LIBOR plus 1% and (iii) the Administrative Agent’s prime rate (the “Base Rate”), in each case plus an applicable margin, and interest shall be payable monthly in arrears. The applicable margin for LIBOR loans ranges from 1.50% to 2.00% and the applicable margin for Base Rate loans ranges from 0.50% to 1.00% , in each case, depending on the Company's average excess availability under the Credit Facility. The applicable margin for LIBOR loans is 1.50% and the applicable margin for Base Rate loans are 0.50% as of September 30, 2018 . During the continuance of a bankruptcy event of default, automatically and during the continuance of any other default, upon the Administrative Agent’s or the required lenders’ election, all outstanding amounts under the Credit Facility bears interest at 2.00% plus the otherwise applicable interest rate. The Credit Facility is scheduled to mature on August 16, 2022. In addition, the Credit Facility restricts the Company’s ability to make distributions on, or redeem or repurchase, its equity interests, except for certain distributions, including distributions of cash so long as, both at the time of the distribution and after giving effect to the distribution, no default exists under the Credit Facility and either (a) excess availability at all times during the preceding 90 consecutive days, on a pro forma basis and after giving effect to such distribution, is not less than the greater of (1) 22.5% of the lesser of (A) the maximum revolver amount and (B) the then-effective borrowing base and (2) $10.0 million or (b) if the fixed charge coverage ratio is at least 1.0 x on a pro forma basis, excess availability at all times during the preceding 90 consecutive days, on a pro forma basis and after giving effect to such distribution, is not less than the greater of (1) 17.5% of the lesser of (A) the maximum revolver amount and (B) the then-effective borrowing base and (2) $7.0 million . If the foregoing threshold under clause (b) is met, the Company may not make such distributions (but may make certain other distributions, including under clause (a) above) prior to the earlier of the date that is (a) 12 months from closing or (b) the date that the Company’s fixed charge coverage ratio is at least 1.0 x for two consecutive quarters. The Credit Facility generally permits the Company to make distributions required under the Tax Receivable Agreement (‘‘TRA’’), but a ‘‘Change of Control’’ under the TRA constitutes an event of default under the Credit Facility, and the Credit Facility does not permit the Company to make payments under the TRA upon acceleration of its obligations thereunder unless no event of default exists or would result therefrom and the Company has been in compliance with the fixed charge coverage ratio for the most recent 12-month period on a pro forma basis. The Credit Facility also requires the Company to maintain a fixed charge coverage ratio of at least 1.0 x if the Company’s liquidity is less than $10.0 million until the Company’s liquidity is at least $10.0 million for 30 consecutive days. The Company is not to be subject to a fixed charge coverage ratio if it has no drawings under the Credit Facility and has at least $20.0 million of qualified cash. The Credit Facility contains events of default customary for facilities of this nature, including, but not limited, to: • events of default resulting from the Company’s failure or the failure of any guarantors to comply with covenants and financial ratios; • the occurrence of a change of control; • the institution of insolvency or similar proceedings against the Company or any guarantor; and • the occurrence of a default under any other material indebtedness the Company or any guarantor may have. Upon the occurrence and during the continuation of an event of default, subject to the terms and conditions of the Credit Facility, the lenders are able to declare any outstanding principal of the Credit Facility debt, together with accrued and unpaid interest, to be immediately due and payable and exercise other remedies. As of September 30, 2018 , the Company has borrowed $18.5 million under the Credit Facility. The Company has a borrowing capacity of approximately $40.2 million under the Credit Facility, with approximately $21.7 million available as of September 30, 2018 . The Company was in compliance with the Credit Facility covenants as of September 30, 2018 . The Company capitalized fees of $0.7 million associated with the Credit Facility, which are included in the unaudited interim condensed consolidated balance sheets as a discount to the Credit Facility, and will be amortized through maturity. Unamortized debt issuance costs as of September 30, 2018 approximated $0.6 million . On June 22, 2018, the Company entered into a Master Financing and Security Agreement ("Financing Agreement") with Encina Equipment Finance SPV, LLC (the “Lender”). The amount available to be provided by the Lender to the Company under the Financing Agreement was contemplated to be not less than $35.0 million , and not to exceed $40.0 million . The first financing was required to be in an amount up to $22.0 million , which was used by the Company to acquire certain capital equipment. Subsequent financings could be made, as agreed by the Company and Lender. Amounts outstanding under the Financing Agreement are payable ratably over 48 months through the maturity of July 2022. Borrowings under the Financing Agreement bear interest at a rate per annum equal to the sum of 8.0% plus the London Interbank Offered Rate ("LIBOR"), which was 2.2% as of September 30, 2018 . The Financing Agreement requires that the Company maintain leverage ratios of 5.00 to 1.00 as of September 30, 2018, 3.50 to 1.00 as of December 31, 2018 and 2.50 to 1.00 for periods thereafter. The Company was in compliance with the covenants under the Financing Agreement as of September 30, 2018 . As of September 30, 2018 , the principal balance outstanding was $21.1 million under the Financing Agreement and future payments are as follows (in millions): Twelve months ending September 30, Total 2019 $ 5.5 2020 5.5 2021 5.5 2022 4.6 Total 21.1 The Company capitalized fees of $0.7 million associated with the Financing Agreement, which are included on the unaudited interim condensed consolidated balance sheets as a discount to the long term debt, and will be amortized through maturity. Unamortized debt issuance costs as of September 30, 2018 approximated $0.7 million . |
Risk Concentrations
Risk Concentrations | 9 Months Ended |
Sep. 30, 2018 | |
Risk Concentrations | |
Risk Concentrations | Note 11 — Risk Concentrations Customer Concentrations For the nine months ended September 30, 2018 , one customer, EOG Resources, accounted for approximately 22% of the Company’s total Well Services segment revenues. For the three months ended September 30, 2018 , two customers, EOG Resources and Centennial Resource Development, Inc., accounted for approximately 20% and 11% of the Company’s total Well Services segment revenues, respectively. At September 30, 2018 , approximately 27% of the accounts receivable balance was due from these customers. For the nine months ended September 30, 2017 , two customers, EOG Resources and PDC Energy, accounted for approximately 13% and 19% , of the Company’s total Well Services segment revenues, respectively. For the three months ended September 30, 2017 , two customers, EOG Resources and PDC Energy, accounted for approximately 12% and 12% , of the Company’s total Well Services segment revenues, respectively. At September 30, 2017 , approximately 22% of the accounts receivable balance was due from these customers. |
Equity Based Compensation and P
Equity Based Compensation and Profit Interest Awards | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Equity Based Compensation and Profit Interest Awards | Note 12 — Equity Based Compensation and Profit Interest Awards Long-term Incentive Plan On August 10, 2017, the board of directors adopted the Ranger Energy Services, Inc. 2017 Long-term Incentive Plan (“LTIP”) for the employees, consultants and the directors of the Company and its affiliates who perform services for the Company. The LTIP provides for potential grants of: (i) incentive stock options qualified as such under U.S. federal income tax laws; (ii) nonstatutory stock options that do not qualify as incentive stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock units; (vi) bonus stock; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash awards and (xi) substitute awards. Subject to adjustment in accordance with the terms of the LTIP, 1,250,000 shares of Class A Common Stock have been reserved for issuance pursuant to awards under the LTIP. Class A Common Stock withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP will be administered by the board of directors or an alternative committee appointed by the board of directors. As of September 30, 2018 there have been 563,002 restricted shares granted under the LTIP. Time Based Restricted Stock During the nine months ended September 30, 2018 there were 553,002 restricted shares issued with a total grant date fair value of $4.6 million . Stock-based compensation expense recorded for restricted shares for the nine months ended September 30, 2018 , was $0.9 million . There was approximately $3.3 million of unrecognized compensation expense related to outstanding restricted shares as of September 30, 2018 , which is expected to be recognized over a weighted average period of 2.7 years . The following table summarizes the changes in the restricted shares outstanding for the nine months ended September 30, 2018 : Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Vesting Period Unvested at December 31, 2017 10,000 $ 9.43 2.4 years Granted 553,002 8.27 2.4 years Forfeited (34,806 ) Vested (31,779 ) Unvested at September 30, 2018 496,417 $ 8.29 2.6 years Market Based Performance Restricted Stock Units During the nine months ended September 30, 2018 , the Company granted 39,715 target shares of market based performance restricted stock units at a grant date fair value of $8.59 per share to certain employees. The market based performance restricted stock units cliff vest on December 31, 2020. The performance criteria applicable to such awards is relative total shareholder return, which measures the Company's total shareholder return as compared to the total shareholder return of the peer group identified by the board of directors. As of September 30, 2018 , there was $0.3 million of unrecognized compensation cost related to shares of market based performance restricted stock units which is expected to be recognized over a weighted average period of 2.3 years . During the nine months ended September 30, 2018 , the Company granted 39,715 target shares of market based performance restricted stock units at a grant date fair value of $4.38 per share to certain employees. The market based performance restricted stock units cliff vest on December 31, 2020. The performance criteria applicable to such awards is absolute total shareholder return, which measures the Company's total shareholder return as compared to the value of the Company's Class A Common Stock at the time of the Offering of $14.50 . As of September 30, 2018 , there was $0.1 million of unrecognized compensation cost related to shares of market based performance restricted stock units which is expected to be recognized over a weighted average period of 2.3 years . During the nine months ended September 30, 2018 and 2017 , the Company recognized compensation expense of $0.5 million and $0.8 million, respectively, related to the Class C and Class D units issued by Ranger Holdings and Torrent Holdings. The total unrecognized compensation cost related to unvested awards at September 30, 2018 is $0.4 million and is expected to be recognized over the next 1.8 years. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 — Income Taxes The Company is a corporation and is subject to U.S. federal income tax. The tax implications of the Offering and the Company’s concurrent corporate reorganization, and the tax impact of the Company’s status as a taxable corporation subject to U.S. federal income tax have been reflected in the accompanying condensed consolidated financial statements. The effective U.S. federal income tax rate applicable to the Company for the nine months ended September 30, 2018 and 2017 was 3.6% and 0.0% , respectively. Total income tax expense for the three and nine months ended September 30, 2018 differed from amounts computed by applying the U.S. federal statutory tax rate of 21% due primarily to state taxes and changes in the valuation allowance recorded against deferred tax assets. The Company is subject to the Texas Margin Tax that requires tax payments at a maximum statutory effective rate of 0.75% on the taxable margin of each taxable entity that does business in Texas. As a result of the Offering and subsequent reorganization, the Company recorded a deferred tax asset; however, a full valuation allowance has been recorded to reduce the Company’s net deferred tax assets to an amount that is more likely than not to be realized and is based upon the uncertainty of the realization of certain federal and state deferred tax assets related to net operating loss carryforwards and other tax attributes. |
Non-Controlling Interests
Non-Controlling Interests | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 14 — Non-Controlling Interests The Company has ownership interests in Ranger LLC, which is consolidated within the Company’s financial statements but is not wholly owned by the Company. During the nine months ended September 30, 2018 , the Company reports a non-controlling interest representing the Ranger Units. Changes in the Company’s ownership interest in Ranger LLC while it retains its controlling interest are accounted for as equity transactions. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | Note 15 — Earnings (Loss) per Share Earnings (loss) per share is based on the amount of net income or loss allocated to the shareholders and the weighted average number of shares outstanding during the period for each class of Common Stock. Earnings (losses) related to periods prior to the reorganization and the Offering are attributable to the Predecessor. The Company’s calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2018 and 2017 are as follows (dollars in millions, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) (numerator): Basic: Net income (loss) attributable to Ranger Energy Services, Inc. $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Less: Undistributed earnings allocable to Class B Common Stock — — — — Net income (loss) attributable to Class A Common Stock $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Diluted: Net income (loss) attributable to Ranger Energy Services, Inc. $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Less: Undistributed earnings allocable to Class B Common Stock — — — — Net income (loss) attributable to Class A Common Stock $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Weighted average shares (denominator): Weighted average number of shares - basic 8,910,260 8,413,178 8,897,319 8,413,178 Weighted average number of shares - diluted 9,156,872 8,413,178 8,897,319 8,413,178 Basic income (loss) per share $ 0.24 $ (0.42 ) $ (0.48 ) $ (0.42 ) Diluted income (loss) per share $ 0.23 $ (0.42 ) $ (0.48 ) $ (0.42 ) For the periods presented above, the Company excluded 6.9 million shares of Common Stock issuable upon conversion of the Company’s Class B Common Stock in calculating diluted loss per share, as the effect was anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16 — Commitment and Contingencies Legal Matters From time to time, the Company is involved in various legal matters arising in the normal course of business. The Company does not believe that the ultimate resolution of these currently pending matters will have a material adverse effect on its condensed consolidated financial position or results of operations. Employee Severance During 2017, the Company terminated the employment of one of its officers. As a result, the former officer became entitled to severance payments of $0.7 million . In addition, the Company severed other officers and employees during the nine months ended September 30, 2018 . As of September 30, 2018 , the Company has $0.5 million of severance liability recorded in the accompanying condensed consolidated financial statements within accrued expenses. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Segment Reporting | Note 17 — Segment Reporting The Company’s operations are all located in the United States and organized into two reportable segments: Well Services and Processing Solutions. The Company’s reportable segments comprise the structure used by its Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance during the years presented in the accompanying condensed consolidated financial statements. The Company’s CODM evaluates the segments’ operating performance based on multiple measures including Adjusted Earnings before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), rig hours and rig utilization. The following is a description of the segments: Well Services. The Company’s well service rigs facilitate operations throughout the lifecycle of a well, including (i) well completion support; (ii) workover; (iii) well maintenance and (iv) decommissioning. The Company provides these advanced well services to exploration & production (“E&P”) companies, particularly to those operating in unconventional oil and natural gas reservoirs and requiring technically and operationally advanced services. The Company’s well service rigs are designed to support growing U.S. horizontal well demands. In addition to its core well service rig operations, the Company offers a suite of complementary services, including wireline, snubbing, fluid management and well service-related equipment rentals. Processing Solutions. The Company provides a range of proprietary, modular equipment for the processing of rich natural gas streams at the wellhead or central gathering points in basins where drilling and completion activity has outpaced the development of permanent processing infrastructure. Other. The Company incurs costs, indicated as Other, that are not allocable to either of the operating segments, and includes mostly corporate general and administrative expenses as well as depreciation of office furniture and fixtures and other corporate assets. Prior to the Offering and subsequent reorganization, the Well Services and Processing Solutions segments were run as separate companies, therefore there were no such costs or assets. Segment information as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 is as follows (in millions): Other Well Services Processing Solutions Total Three months ended September 30, 2018 Revenues $ — $ 78.1 $ 4.0 $ 82.1 Cost of services $ — $ 61.8 $ 1.8 $ 63.6 Depreciation and amortization $ 0.2 $ 6.8 $ 0.5 $ 7.5 Impairment of goodwill $ — $ — $ — $ — Operating income (loss) $ (4.8 ) $ 9.5 $ (0.3 ) $ 4.4 Interest expense, net $ (0.9 ) $ — $ — $ (0.9 ) Net income (loss) $ (8.2 ) $ 11.0 $ 1.2 $ 4.0 Capital expenditures $ — $ 20.0 $ 2.0 $ 22.0 Nine months ended September 30, 2018 Revenues $ — $ 206.9 $ 10.9 $ 217.8 Cost of services $ — $ 167.7 $ 5.1 $ 172.8 Depreciation and amortization $ 0.6 $ 18.9 $ 1.1 $ 20.6 Impairment of goodwill $ — $ 9.0 $ — $ 9.0 Operating income (loss) $ (19.2 ) $ 11.1 $ 2.7 $ (5.4 ) Interest expense, net $ (1.8 ) $ — $ — $ (1.8 ) Net income (loss) $ (21.3 ) $ 11.1 $ 2.7 $ (7.5 ) Capital expenditures $ 0.5 $ 50.5 $ 5.1 $ 56.1 As of September 30, 2018 Property, plant and equipment, net $ 6.4 $ 192.5 $ 31.8 $ 230.7 Total assets $ 6.4 $ 262.6 $ 36.0 $ 305.0 Other Well Services Processing Solutions Total Three months ended September 30, 2017 Revenues $ — $ 39.0 $ 2.1 $ 41.1 Cost of services $ — $ 33.1 $ 0.8 $ 33.9 Depreciation and amortization $ — $ 3.8 $ 0.3 $ 4.1 Operating income (loss) $ — $ (5.2 ) $ 0.4 $ (4.8 ) Interest expense, net $ — $ (4.3 ) $ — $ (4.3 ) Net income (loss) $ — $ (9.9 ) $ 0.4 $ (9.5 ) Capital expenditures $ — $ 8.2 $ 1.1 $ 9.3 Nine Months Ended September 30, 2017 Revenues $ — $ 97.9 $ 5.9 $ 103.8 Cost of services $ — $ 81.1 $ 2.2 $ 83.3 Depreciation and amortization $ — $ 10.9 $ 0.8 $ 11.7 Operating income (loss) $ — $ (16.0 ) $ 0.8 $ (15.2 ) Interest expense, net $ — $ (5.8 ) $ (0.1 ) $ (5.9 ) Net income (loss) $ — $ (22.3 ) $ 0.8 $ (21.5 ) Capital expenditures $ — $ 15.2 $ 1.2 $ 16.4 As of December 31, 2017 Property, plant and equipment, net $ 6.4 $ 157.4 $ 25.4 $ 189.2 Total assets $ 6.4 $ 225.1 $ 28.2 $ 259.7 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 — Subsequent Events In October 2018, we borrowed an additional $9.9 million , net of expenses, under our Financing Agreement. We anticipate utilizing the net proceeds to acquire certain capital equipment. In October 2018, we provided notice to ESCO Leasing, LLC that we are seeking to be indemnified for breach of the contract. We exercised our right to stop payments of the remaining principal balance of $5.8 million on the Seller's Notes, and any unpaid interest. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated balance sheet as of December 31, 2017 has been derived from audited financial statements and the unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the Securities and Exchange Commission’s (the “SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly certain notes and other information have been condensed or omitted. The unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of the results of operations for the interim periods. These interim financial statements, should be read in conjunction with the consolidated financial statements and related notes for the years ended December 31, 2017 and 2016 , included in the Annual Report filed on Form 10-K for the year ended December 31, 2017 (the “Annual Report”). Interim results for the periods presented may not be indicative of results that will be realized for future periods. Financial statements for periods prior to the Offering on August 16, 2017 , represent the combined consolidated financial statements of the Predecessor. Financial statements for periods subsequent to the Offering reflect the consolidated financial statements of the Company. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management uses historical and other pertinent information to determine these estimates. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: • Depreciation and amortization of property, plant and equipment and intangible assets; • Impairment of property, plant and equipment, goodwill and intangible assets; • Allowance for doubtful accounts; • Fair value of assets acquired and liabilities assumed in an acquisition; and • Equity‑based compensation. |
New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016‑2, Leases, amending the current accounting for leases. Under the new provisions, all lessees will report a right‑of‑use asset and a liability for the obligation to make payments for all leases with the exception of those leases with a term of 12 months or less. All other leases will fall into one of two categories: (i) a financing lease or (ii) an operating lease. Lessor accounting remains substantially unchanged with the exception that no leases entered into after the effective date will be classified as leveraged leases. For sale leaseback transactions, a sale will only be recognized if the criteria in the new revenue recognition standard are met. ASU 2016‑2 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period, using a modified retrospective approach. The Company will apply the new lease standard as of January 1, 2019 and recognize a cumulative-effect adjustment to retained earnings. We have identified all leases that will have an impact on our condensed consolidated financial statements and related disclosures. The Company is evaluating the effect of this ASU, including any newly issued guidance, on the condensed consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments—Credit Losses. The amendments in ASU 2016‑13 require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. In addition, ASU 2016‑13 amends the accounting for credit losses on available‑for‑sale debt securities and purchased financial assets with credit deterioration. The amendment is effective for public entities for annual reporting periods beginning after December 15, 2019, however early application is permitted for reporting periods beginning after December 15, 2018. The Company does not expect this to have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016‑15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. ASU 2016‑15 reduces diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance addresses specific cash flow issues for which current GAAP is either unclear or does not include specific guidance. ASU 2016‑15 is effective for annual and interim periods beginning after December 15, 2017. The Company adopted the new guidance on the effective date of January 1, 2018 and noted no material impact on the consolidated financial statements of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. ASU 2016-18 requires restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning and end of period total amounts presented on the statement of cash flows. The Company adopted the new guidance on the effective date of January 1, 2018 and noted no material impact on the consolidated financial statements of cash flows. In January 2017, the FASB issued ASU 2017‑4, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017‑4 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The ASU is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company adopted this guidance for its current annual and interim goodwill impairment testing as of January 1, 2018. The ASU impacted how the Company tests goodwill for impairment, as it eliminates the second step of the goodwill impairment test, thus effectively calculating impairment loss based on the difference between the carrying value and estimated fair value of the reporting units. With the exception of the updated standards above, there have been no new accounting pronouncements not yet effective that have significance, or potential significance, to the Company's condensed consolidated financial statements. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenues | The following table summarizes our disaggregated revenues for the three and nine months ended September 30, 2018 and 2017 (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Well Services revenue Workover rigs revenue $ 40.8 $ 31.6 $ 119.7 $ 77.1 Other Well Services revenue 37.3 7.4 87.2 20.8 Total Well Services revenue 78.1 39.0 206.9 97.9 Processing Solutions revenue 4.0 2.1 10.9 5.9 Total Revenue $ 82.1 $ 41.1 $ 217.8 $ 103.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Summary of purchase price and purchase price allocation | The following information below represents the purchase price allocation related to the ESCO Acquisition (in millions): Purchase price Cash $ 47.7 Seller's notes 7.0 Equity issued 5.0 Total purchase price $ 59.7 Purchase price allocation Accounts receivable $ 6.6 Property, plant and equipment 45.9 Intangible assets 2.2 Other assets 0.3 Total assets acquired 55.0 Accounts payable (0.5 ) Accrued expenses (2.2 ) Total liabilities assumed (2.7 ) Goodwill 7.4 Allocated purchase price $ 59.7 |
Schedule of pro forma information | The following is supplemental pro-forma revenue, operating loss, and net loss had the ESCO Acquisition occurred as of January 1, 2017. (in millions): Nine Months Ended September 30, 2018 2017 Supplemental Pro Forma: Revenue $ 217.8 $ 126.5 Operating Loss (5.4 ) (17.2 ) Net Loss $ (7.5 ) $ (23.7 ) |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Property, plant and equipment include the following (in millions): Estimated Useful Life (years) September 30, 2018 December 31, 2017 Machinery and equipment 5 - 30 $ 3.7 $ 3.7 Vehicles 3 - 5 9.8 2.6 Mechanical refrigeration units 30 19.0 17.1 Natural Gas Liquid ("NGL") storage tanks 15 4.6 4.3 Workover rigs and complimentary equipment 5 - 20 220.1 174.9 Other property, plant and equipment 3 - 30 17.6 12.0 Property, plant and equipment 274.8 214.6 Less: accumulated depreciation (44.1 ) (25.4 ) Property, plant and equipment, net $ 230.7 $ 189.2 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of definite lived intangible assets | Definite lived intangible assets are comprised of the following (in millions): Estimated September 30, 2018 December 31, 2017 Tradenames 3 $ 0.1 $ 0.1 Customer relationships 10-18 11.4 11.4 Less: accumulated amortization (1.3 ) (0.7 ) Intangible assets, net $ 10.2 $ 10.8 |
Schedule of aggregated amortization expense for future periods | Amortization expense for the future periods is expected to be as follows (in millions): Twelve months ending September 30, Amount 2019 $ 0.8 2020 0.7 2021 0.7 2022 0.7 2023 0.7 Thereafter 6.6 $ 10.2 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of accrued expenses | Accrued expenses include the following (in millions): September 30, 2018 December 31, 2017 Accrued payables $ 11.9 $ 4.8 Accrued payroll 10.3 2.9 Accrued taxes 3.5 1.4 Accrued insurance 1.4 2.5 Accrued expenses $ 27.1 $ 11.6 |
Capital Leases (Tables)
Capital Leases (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Leases, Capital [Abstract] | |
Schedule of aggregate future minimum lease payments under capital leases | Aggregate future minimum lease payments under capital leases are as follows (in millions): As of September 30, Total 2018 $ 1.1 2019 4.3 2020 3.9 2021 1.4 Thereafter 0.4 Total future minimum lease payments 11.1 Less: amount representing interest (0.7 ) Present value of future minimum lease payments 10.4 Less: current portion of capital lease obligations (3.9 ) Total capital lease obligations, less current portion $ 6.5 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The aggregate carrying amounts, net of issuance costs, of the Company's debt consists of the following (in millions): September 30, 2018 December 31, 2017 Long-term debt $ 20.4 $ — Credit Facility 17.9 0.1 Other debt 5.8 7.0 Total debt 44.1 7.1 Current portion of long-term debt (11.3 ) (1.3 ) Long term-debt $ 32.8 $ 5.8 |
Schedule of future payments | As of September 30, 2018 , the principal balance outstanding was $21.1 million under the Financing Agreement and future payments are as follows (in millions): Twelve months ending September 30, Total 2019 $ 5.5 2020 5.5 2021 5.5 2022 4.6 Total 21.1 |
Equity Based Compensation and_2
Equity Based Compensation and Profit Interest Awards (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Summary of changes in the restricted shares outstanding | The following table summarizes the changes in the restricted shares outstanding for the nine months ended September 30, 2018 : Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Vesting Period Unvested at December 31, 2017 10,000 $ 9.43 2.4 years Granted 553,002 8.27 2.4 years Forfeited (34,806 ) Vested (31,779 ) Unvested at September 30, 2018 496,417 $ 8.29 2.6 years |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted loss per share | The Company’s calculation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2018 and 2017 are as follows (dollars in millions, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) (numerator): Basic: Net income (loss) attributable to Ranger Energy Services, Inc. $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Less: Undistributed earnings allocable to Class B Common Stock — — — — Net income (loss) attributable to Class A Common Stock $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Diluted: Net income (loss) attributable to Ranger Energy Services, Inc. $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Less: Undistributed earnings allocable to Class B Common Stock — — — — Net income (loss) attributable to Class A Common Stock $ 2.1 $ (3.5 ) $ (4.3 ) $ (3.5 ) Weighted average shares (denominator): Weighted average number of shares - basic 8,910,260 8,413,178 8,897,319 8,413,178 Weighted average number of shares - diluted 9,156,872 8,413,178 8,897,319 8,413,178 Basic income (loss) per share $ 0.24 $ (0.42 ) $ (0.48 ) $ (0.42 ) Diluted income (loss) per share $ 0.23 $ (0.42 ) $ (0.48 ) $ (0.42 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of segment information | Segment information as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 is as follows (in millions): Other Well Services Processing Solutions Total Three months ended September 30, 2018 Revenues $ — $ 78.1 $ 4.0 $ 82.1 Cost of services $ — $ 61.8 $ 1.8 $ 63.6 Depreciation and amortization $ 0.2 $ 6.8 $ 0.5 $ 7.5 Impairment of goodwill $ — $ — $ — $ — Operating income (loss) $ (4.8 ) $ 9.5 $ (0.3 ) $ 4.4 Interest expense, net $ (0.9 ) $ — $ — $ (0.9 ) Net income (loss) $ (8.2 ) $ 11.0 $ 1.2 $ 4.0 Capital expenditures $ — $ 20.0 $ 2.0 $ 22.0 Nine months ended September 30, 2018 Revenues $ — $ 206.9 $ 10.9 $ 217.8 Cost of services $ — $ 167.7 $ 5.1 $ 172.8 Depreciation and amortization $ 0.6 $ 18.9 $ 1.1 $ 20.6 Impairment of goodwill $ — $ 9.0 $ — $ 9.0 Operating income (loss) $ (19.2 ) $ 11.1 $ 2.7 $ (5.4 ) Interest expense, net $ (1.8 ) $ — $ — $ (1.8 ) Net income (loss) $ (21.3 ) $ 11.1 $ 2.7 $ (7.5 ) Capital expenditures $ 0.5 $ 50.5 $ 5.1 $ 56.1 As of September 30, 2018 Property, plant and equipment, net $ 6.4 $ 192.5 $ 31.8 $ 230.7 Total assets $ 6.4 $ 262.6 $ 36.0 $ 305.0 Other Well Services Processing Solutions Total Three months ended September 30, 2017 Revenues $ — $ 39.0 $ 2.1 $ 41.1 Cost of services $ — $ 33.1 $ 0.8 $ 33.9 Depreciation and amortization $ — $ 3.8 $ 0.3 $ 4.1 Operating income (loss) $ — $ (5.2 ) $ 0.4 $ (4.8 ) Interest expense, net $ — $ (4.3 ) $ — $ (4.3 ) Net income (loss) $ — $ (9.9 ) $ 0.4 $ (9.5 ) Capital expenditures $ — $ 8.2 $ 1.1 $ 9.3 Nine Months Ended September 30, 2017 Revenues $ — $ 97.9 $ 5.9 $ 103.8 Cost of services $ — $ 81.1 $ 2.2 $ 83.3 Depreciation and amortization $ — $ 10.9 $ 0.8 $ 11.7 Operating income (loss) $ — $ (16.0 ) $ 0.8 $ (15.2 ) Interest expense, net $ — $ (5.8 ) $ (0.1 ) $ (5.9 ) Net income (loss) $ — $ (22.3 ) $ 0.8 $ (21.5 ) Capital expenditures $ — $ 15.2 $ 1.2 $ 16.4 As of December 31, 2017 Property, plant and equipment, net $ 6.4 $ 157.4 $ 25.4 $ 189.2 Total assets $ 6.4 $ 225.1 $ 28.2 $ 259.7 |
Organization and Business Ope_2
Organization and Business Operations - Organization (Details) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 | Aug. 16, 2017 |
Class A Common Stock | |||
Organization and Business Operations | |||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Organization and Business Ope_3
Organization and Business Operations - Reorganization (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 10, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Aug. 16, 2017 |
Master Reorganization Agreement | CSL Energy Holdings I, LLC and CSL Energy Holdings II, LLC | ||||
Reorganization | ||||
Payment made to CSL Holdings I and CSL Holdings II in exchange for equity interests contributed to the Company | $ 3 | |||
Time period from consummation of the Offering in which payment is to be made to CSL Holdings I and CSL Holdings II | 18 months | |||
Master Reorganization Agreement | Ranger Units | Ranger LLC | ||||
Reorganization | ||||
Number of Ranger Units received in exchange for the contribution of equity interests (in shares) | 1,638,386 | |||
Number of Ranger Units received in exchange for the contribution of the net proceeds received from the Offering to Ranger LLC (in shares) | 5,862,069 | |||
Master Reorganization Agreement | Ranger LLC | Ranger Units | ||||
Reorganization | ||||
Number of units issued in connection with the termination of certain loan agreements (in shares) | 567,895 | |||
Number of units issued to lenders in connection with the termination of certain loan agreements (in shares) | 1,244,663 | |||
Master Reorganization Agreement | Ranger LLC | Ranger Units | Ranger Holdings and Torrent Holdings | ||||
Reorganization | ||||
Number of units issued in exchange for membership interests contributed (in shares) | 5,621,491 | |||
Class A Common Stock | ||||
Reorganization | ||||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Class A Common Stock | Master Reorganization Agreement | ||||
Reorganization | ||||
Number of shares issued as consideration for the termination of certain loan agreements (in shares) | 567,895 | |||
Class A Common Stock | Master Reorganization Agreement | Ranger Holdings II and Torrent Holdings II | ||||
Reorganization | ||||
Number of shares issued in exchange for equity interests contributed (in shares) | 1,683,386 | |||
Class B Common Stock | ||||
Reorganization | ||||
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Class B Common Stock | Master Reorganization Agreement | Ranger Holdings and Torrent Holdings | ||||
Reorganization | ||||
Number of shares issued in exchange for equity interests contributed (in shares) | 5,621,491 | |||
Common stock par value (in dollars per share) | $ 0.01 | |||
Class B Common Stock | Master Reorganization Agreement | Ranger LLC | Ranger Units | Ranger Holdings and Torrent Holdings | ||||
Reorganization | ||||
Number of shares distributed for each unit held (in shares) | 1 |
Organization and Business Ope_4
Organization and Business Operations - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 16, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Initial Public Offering | |||
Proceeds from the Offering, net of underwriters' expense of $4.2 million | $ 0 | $ 80.8 | |
Repayments of long-term debt | $ 10.4 | $ 25.6 | $ 12 |
Payment of cash bonuses to certain employees | 0.7 | ||
ESCO | |||
Initial Public Offering | |||
Cash consideration | 45.2 | ||
IPO | |||
Initial Public Offering | |||
Proceeds from the Offering, net of underwriters' expense of $4.2 million | $ 20.7 | ||
Class A Common Stock | ESCO | |||
Initial Public Offering | |||
Share price (in dollars per share) | $ 14.50 | ||
Class A Common Stock | IPO | |||
Initial Public Offering | |||
Stock issued (in shares) | 5,862,069 | ||
Share price (in dollars per share) | $ 14.50 | ||
Gross proceeds from initial public offering | $ 85 | ||
Proceeds from the Offering, net of underwriters' expense of $4.2 million | 77 | ||
Underwriting discounts and commissions | 4.2 | ||
Net proceeds from the initial public offering, after repayment of debt, funding of acquisition and other costs | $ 3.9 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Revenue from Contract with Customer [Abstract] | |
Number of reportable segments | 2 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue From Contracts With Customers | ||||
Total Revenue | $ 82.1 | $ 41.1 | $ 217.8 | $ 103.8 |
Well Services revenue | ||||
Revenue From Contracts With Customers | ||||
Total Revenue | 78.1 | 39 | 206.9 | 97.9 |
Well Services revenue | Workover rigs revenue | ||||
Revenue From Contracts With Customers | ||||
Total Revenue | 40.8 | 31.6 | 119.7 | 77.1 |
Well Services revenue | Other Well Services revenue | ||||
Revenue From Contracts With Customers | ||||
Total Revenue | 37.3 | 7.4 | 87.2 | 20.8 |
Processing Solutions revenue | ||||
Revenue From Contracts With Customers | ||||
Total Revenue | $ 4 | $ 2.1 | $ 10.9 | $ 5.9 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 4,200,000 | $ 6,000,000 |
Contract liabilities | $ 0 | $ 0 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions | Jan. 31, 2018USD ($) | Aug. 16, 2017USD ($)service_rig$ / shares | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) |
ESCO | ||||
Acquisitions | ||||
Number of well service rigs | service_rig | 49 | |||
Total consideration | $ 59.7 | |||
Total consideration, cash | 47.7 | |||
Total consideration, secured seller notes | 7 | |||
Total consideration, shares of common stock issued | 5 | |||
Revenue of acquiree | $ 9.9 | $ 26.9 | ||
Property, plant and equipment | 45.9 | |||
ESCO | Class A Common Stock | ||||
Acquisitions | ||||
Total consideration, shares of common stock issued | $ 5 | |||
Share price (in dollars per share) | $ / shares | $ 14.50 | |||
MVCI Energy Services | ||||
Acquisitions | ||||
Total consideration | $ 4 | |||
Property, plant and equipment | $ 4 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Allocation and Pro-forma Information (Details) - USD ($) | Aug. 16, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Purchase price allocation | ||||
Goodwill | $ 0 | $ 9,000,000 | ||
ESCO | ||||
Purchase price | ||||
Cash | $ 47,700,000 | |||
Seller's notes | 7,000,000 | |||
Equity issued | 5,000,000 | |||
Total purchase price | 59,700,000 | |||
Purchase price allocation | ||||
Accounts receivable | 6,600,000 | |||
Property, plant and equipment | 45,900,000 | |||
Intangible assets | 2,200,000 | |||
Other assets | 300,000 | |||
Total assets acquired | 55,000,000 | |||
Accounts payable | (500,000) | |||
Accrued expenses | (2,200,000) | |||
Total liabilities assumed | (2,700,000) | |||
Goodwill | 7,400,000 | |||
Allocated purchase price | $ 59,700,000 | |||
Supplemental Pro Forma: | ||||
Revenue | 217,800,000 | $ 126,500,000 | ||
Operating Loss | (5,400,000) | (17,200,000) | ||
Net Loss | $ (7,500,000) | $ (23,700,000) |
Assets Held For Sale (Details)
Assets Held For Sale (Details) $ in Millions | Sep. 30, 2018USD ($) |
Wedge Units | |
Assets Held For Sale | |
Assets held for sale | $ 0.6 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment, Net | |||||
Property, plant and equipment | $ 274.8 | $ 274.8 | $ 214.6 | ||
Less: accumulated depreciation | (44.1) | (44.1) | (25.4) | ||
Property, plant and equipment, net | 230.7 | 230.7 | 189.2 | ||
Depreciation expense | 7.4 | $ 3.9 | 20 | $ 11.3 | |
Machinery and equipment | |||||
Property, Plant and Equipment, Net | |||||
Property, plant and equipment | 3.7 | 3.7 | 3.7 | ||
Vehicles | |||||
Property, Plant and Equipment, Net | |||||
Property, plant and equipment | 9.8 | $ 9.8 | 2.6 | ||
Mechanical refrigeration units | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 30 years | ||||
Property, plant and equipment | 19 | $ 19 | 17.1 | ||
Natural Gas Liquid (NGL) storage tanks | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 15 years | ||||
Property, plant and equipment | 4.6 | $ 4.6 | 4.3 | ||
Workover rigs and complimentary equipment | |||||
Property, Plant and Equipment, Net | |||||
Property, plant and equipment | 220.1 | 220.1 | 174.9 | ||
Other property, plant and equipment | |||||
Property, Plant and Equipment, Net | |||||
Property, plant and equipment | $ 17.6 | $ 17.6 | $ 12 | ||
Minimum | Machinery and equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 5 years | ||||
Minimum | Vehicles | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 3 years | ||||
Minimum | Workover rigs and complimentary equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 5 years | ||||
Minimum | Other property, plant and equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 3 years | ||||
Maximum | Machinery and equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 30 years | ||||
Maximum | Vehicles | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 5 years | ||||
Maximum | Workover rigs and complimentary equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 20 years | ||||
Maximum | Other property, plant and equipment | |||||
Property, Plant and Equipment, Net | |||||
Estimated Useful Life (years) | 30 years |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 0 | $ 0 | $ 9,000,000 | ||
Goodwill impairment | 0 | $ 0 | 9,000,000 | $ 0 | |
Amortization expense | $ 100,000 | $ 200,000 | $ 600,000 | $ 400,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangibles (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Intangible assets | ||
Less: accumulated amortization | $ (1.3) | $ (0.7) |
Intangible assets, net | $ 10.2 | $ 10.8 |
Tradenames | ||
Intangible assets | ||
Estimated Useful Life (years) | 3 years | 3 years |
Intangible assets, gross | $ 0.1 | $ 0.1 |
Customer relationships | ||
Intangible assets | ||
Intangible assets, gross | $ 11.4 | $ 11.4 |
Minimum | Customer relationships | ||
Intangible assets | ||
Estimated Useful Life (years) | 10 years | 10 years |
Maximum | Customer relationships | ||
Intangible assets | ||
Estimated Useful Life (years) | 18 years | 18 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 0.8 | |
2,020 | 0.7 | |
2,021 | 0.7 | |
2,022 | 0.7 | |
2,023 | 0.7 | |
Thereafter | 6.6 | |
Intangible assets, net | $ 10.2 | $ 10.8 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payables | $ 11.9 | $ 4.8 |
Accrued payroll | 10.3 | 2.9 |
Accrued taxes | 3.5 | 1.4 |
Accrued insurance | 1.4 | 2.5 |
Accrued expenses | $ 27.1 | $ 11.6 |
Capital Leases (Details)
Capital Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Leases, Capital [Abstract] | |||||
Amortization of assets under capital leases | $ 1.4 | $ 0.4 | $ 2.5 | $ 1.2 | |
Aggregate future minimum lease payments under capital leases | |||||
2,018 | 1.1 | 1.1 | |||
2,019 | 4.3 | 4.3 | |||
2,020 | 3.9 | 3.9 | |||
2,021 | 1.4 | 1.4 | |||
Thereafter | 0.4 | 0.4 | |||
Total future minimum lease payments | 11.1 | 11.1 | |||
Less: amount representing interest | (0.7) | (0.7) | |||
Present value of future minimum lease payments | 10.4 | 10.4 | |||
Less: current portion of capital lease obligations | (3.9) | (3.9) | $ (8) | ||
Total capital lease obligations, less current portion | $ 6.5 | $ 6.5 | $ 1.5 |
Debt - Summary of Debt Outstand
Debt - Summary of Debt Outstanding (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total debt | $ 44.1 | $ 7.1 |
Current portion of long-term debt | (11.3) | (1.3) |
Long term-debt | 32.8 | 5.8 |
Financing Agreement | ||
Debt Instrument [Line Items] | ||
Total debt | 20.4 | 0 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 17.9 | 0.1 |
Other debt | Seller's Notes | ||
Debt Instrument [Line Items] | ||
Total debt | $ 5.8 | $ 7 |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jun. 22, 2018USD ($) | Aug. 16, 2017USD ($)quarter | Sep. 30, 2018USD ($) |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 600,000 | ||
Credit facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowings | $ 40,200,000 | ||
Current borrowing capacity | 18,500,000 | ||
Remaining borrowing | 21,700,000 | ||
Seller's Notes | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 7,000,000 | ||
Interest rate (as a percent) | 5.00% | ||
Seller's Note Due August 2018 | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 1,200,000 | ||
Seller's Note Due February 2019 | |||
Debt Instrument [Line Items] | |||
Face amount of debt | 5,800,000 | ||
Senior Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Maximum borrowings | $ 50,000,000 | ||
Percentage of eligible accounts receivable used in determining the borrowing base | 85.00% | ||
Interest rate margin in event of default (as a percent) | 2.00% | ||
Fixed charge coverage ratio requirement | 1 | ||
Liquidity requirement that is used in determining whether the Company has to maintain a certain fixed charge coverage ratio | $ 10,000,000 | ||
Time period in which the Company must maintain a certain level of liquidity | 30 days | ||
Amount of qualified cash the Company must have in determining whether the Company is subject to a fixed charge coverage ratio requirement | $ 20,000,000 | ||
Unamortized debt issuance costs | $ 700,000 | ||
Senior Revolving Credit Facility | Credit Facility Restrictions, clause (a) | |||
Debt Instrument [Line Items] | |||
Measurement period of time used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | 90 days | ||
Percentage used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | 22.50% | ||
Amount used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | $ 10,000,000 | ||
Senior Revolving Credit Facility | Credit Facility Restrictions, clause (b) | |||
Debt Instrument [Line Items] | |||
Measurement period of time used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | 90 days | ||
Percentage used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | 17.50% | ||
Amount used in the calculation of excess availability in determining any restrictions on the Company's ability to make distributions | $ 7,000,000 | ||
Fixed charge ratio used in the calculation in determining any restrictions on the Company's ability to make distributions | 1 | ||
Period of time from closing in determining when distributions can be made, if the threshold under clause (b) is met | 12 months | ||
Fixed charge coverage ratio used in determining when distributions can be made, if the threshold under clause (b) is met | 1 | ||
Number of quarters the fixed charge coverage ratio is required to be maintained | quarter | 2 | ||
Financing Agreement | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 8.00% | ||
Maximum borrowings | $ 40,000,000 | ||
Unamortized debt issuance costs | 700,000 | ||
Financing Agreement amount (up to) | $ 22,000,000 | $ 21,100,000 | |
Debt instrument, term | 48 months | ||
Financing Agreement | Minimum | |||
Debt Instrument [Line Items] | |||
Maximum borrowings | $ 35,000,000 | ||
Financing Agreement | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 2.20% | ||
Base Rate Loans | Senior Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 0.50% | ||
Base Rate Loans | Senior Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 0.50% | ||
Base Rate Loans | Senior Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 1.00% | ||
Base Rate Loans | Senior Revolving Credit Facility | Federal Funds Rate | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 0.50% | ||
Base Rate Loans | Senior Revolving Credit Facility | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 1.00% | ||
LIBOR Rate Loans | Senior Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 1.50% | ||
LIBOR Rate Loans | Senior Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 1.50% | ||
LIBOR Rate Loans | Senior Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as a percent) | 2.00% | ||
Debt Instrument Covenant Period One | Financing Agreement | |||
Debt Instrument [Line Items] | |||
Required leverage ratio | 500.00% | ||
Debt Instrument Covenant Period Two | Financing Agreement | |||
Debt Instrument [Line Items] | |||
Required leverage ratio | 350.00% | ||
Debt Instrument Covenant Period Three | Financing Agreement | |||
Debt Instrument [Line Items] | |||
Required leverage ratio | 250.00% |
Debt - Schedule of Future Payme
Debt - Schedule of Future Payments (Details) - Financing Agreement - USD ($) $ in Millions | Sep. 30, 2018 | Jun. 22, 2018 |
Debt Instrument [Line Items] | ||
2,019 | $ 5.5 | |
2,020 | 5.5 | |
2,021 | 5.5 | |
2,022 | 4.6 | |
Total | $ 21.1 | $ 22 |
Risk Concentrations (Details)
Risk Concentrations (Details) - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | EOG Resources | ||||
Customer Concentrations | ||||
Concentration risk (as a percent) | 20.00% | 12.00% | 22.00% | 13.00% |
Revenue | Centennial Resource Development | ||||
Customer Concentrations | ||||
Concentration risk (as a percent) | 11.00% | |||
Revenue | PDC Energy | ||||
Customer Concentrations | ||||
Concentration risk (as a percent) | 12.00% | 19.00% | ||
Accounts Receivable | ||||
Customer Concentrations | ||||
Concentration risk (as a percent) | 27.00% | 22.00% |
Equity Based Compensation and_3
Equity Based Compensation and Profit Interest Awards - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Aug. 16, 2017 | Aug. 10, 2017 | |
Equity Based Compensation and Profit Interest Awards | ||||
Unrecognized expense | $ 0.4 | |||
Unrecognized compensation cost, period for recognition | 1 year 9 months | |||
Time based restricted stock | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Restricted shares issued (in shares) | 553,002 | |||
Total value of grant | $ 4.6 | |||
Stock-based compensation expense | 0.9 | |||
Unrecognized expense | $ 3.3 | |||
Unrecognized compensation cost, period for recognition | 2 years 8 months | |||
Number of target shares granted to employees (in dollars per share) | $ 8.27 | |||
Weighted average period (in years) | 2 years 7 months | 2 years 5 months | ||
Total shareholder return of the peer group identified by the Board of Directors | Market based performance restricted stock units | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Restricted shares issued (in shares) | 39,715 | |||
Unrecognized expense | $ 0.3 | |||
Number of target shares granted to employees (in dollars per share) | $ 8.59 | |||
Weighted average period (in years) | 2 years 4 months | |||
Value of the Class A common stock at the time of the IPO | Market based performance restricted stock units | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Restricted shares issued (in shares) | 39,715 | |||
Unrecognized expense | $ 0.1 | |||
Number of target shares granted to employees (in dollars per share) | $ 4.38 | |||
Weighted average period (in years) | 2 years 4 months | |||
Value of the Class A common stock at the time of the IPO | Class A Common Stock | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Share price (in dollars per share) | $ 14.50 | |||
Ranger Holdings and Torrent Holdings | Class C And D Units | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Compensation expense | $ 0.5 | $ 0.8 | ||
LTIP | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Awards granted (in shares) | 563,002 | |||
LTIP | Class A Common Stock | ||||
Equity Based Compensation and Profit Interest Awards | ||||
Common shares reserved for issuance (shares) | 1,250,000 |
Equity Based Compensation and_4
Equity Based Compensation and Profit Interest Awards - Summary of Changes in Restricted Shares Outstanding (Details) - Time based restricted stock - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Shares | ||
Unvested at the beginning (in shares) | 10,000 | |
Granted (in shares) | 553,002 | |
Forfeited (in shares) | (34,806) | |
Vested (in shares) | (31,779) | |
Unvested at the end (in shares) | 496,417 | |
Weighted Average Grant Date Fair Value | ||
Unvested at the beginning (in dollars per share) | $ 9.43 | |
Granted (in dollars per share) | 8.27 | |
Unvested at the end (in dollars per share) | $ 8.29 | |
Weighted Average Remaining Vesting Period | ||
Unvested (in years) | 2 years 7 months | 2 years 5 months |
Granted (in years) | 2 years 5 months |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective federal income tax rate (as a percent) | 3.60% | 0.00% |
U.S. federal statutory tax rate (as a percent) | 21.00% | |
Texas Margin Tax, maximum statutory effective rate | 0.75% |
Earnings (Loss) per Share (Deta
Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Basic: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | $ 2.1 | $ (3.5) | $ (4.3) | $ (3.5) |
Diluted: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | $ 2.1 | $ (3.5) | $ (4.3) | $ (3.5) |
Weighted average shares (denominator): | ||||
Weighted average number of shares - basic (in shares) | 8,910,260 | 8,413,178 | 8,897,319 | 8,413,178 |
Weighted average number of shares - diluted (in shares) | 9,156,872 | 8,413,178 | 8,897,319 | 8,413,178 |
Basic income (loss) per share (in dollars per share) | $ 0.24 | $ (0.42) | $ (0.48) | $ (0.42) |
Diluted income (loss) per share (in dollars per share) | $ 0.23 | $ (0.42) | $ (0.48) | $ (0.42) |
Antidilutive securities (in shares) | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 |
Less: Undistributed earnings allocable to Class B Common Stock | ||||
Basic: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | 0 | 0 | 0 | 0 |
Net income (loss) attributable to Class A Common Stock | ||||
Basic: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | 2.1 | (3.5) | (4.3) | (3.5) |
Diluted: | ||||
Net income (loss) attributable to Ranger Energy Services, Inc. | $ 2.1 | $ (3.5) | $ (4.3) | $ (3.5) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)employee | Sep. 30, 2018USD ($) | |
Employee Severance | ||
Liability related to severance payments | $ 0.5 | |
Officer | ||
Employee Severance | ||
Number of employees terminated | employee | 1 | |
Severance payments | $ 0.7 |
Segment Reporting (Details)
Segment Reporting (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting | |||||
Number of reportable segments | segment | 2 | ||||
Revenues | $ 82.1 | $ 41.1 | $ 217.8 | $ 103.8 | |
Cost of services | 63.6 | 33.9 | 172.8 | 83.3 | |
Depreciation and amortization | 7.5 | 4.1 | 20.6 | 11.7 | |
Impairment of goodwill | 0 | 0 | 9 | 0 | |
Operating income (loss) | 4.4 | (4.8) | (5.4) | (15.2) | |
Interest expense, net | (0.9) | (4.3) | (1.8) | (5.9) | |
Net income (loss) | 4 | (9.5) | (7.5) | (21.5) | |
Capital expenditures | 22 | 9.3 | 56.1 | 16.4 | |
Property, plant and equipment, net | 230.7 | 230.7 | $ 189.2 | ||
Total assets | 305 | 305 | 259.7 | ||
Well Services | |||||
Segment Reporting | |||||
Revenues | 78.1 | 39 | 206.9 | 97.9 | |
Cost of services | 61.8 | 33.1 | 167.7 | 81.1 | |
Processing Solutions | |||||
Segment Reporting | |||||
Revenues | 4 | 2.1 | 10.9 | 5.9 | |
Cost of services | 1.8 | 0.8 | 5.1 | 2.2 | |
Other | |||||
Segment Reporting | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of services | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0.2 | 0 | 0.6 | 0 | |
Impairment of goodwill | 0 | 0 | |||
Operating income (loss) | (4.8) | 0 | (19.2) | 0 | |
Interest expense, net | (0.9) | 0 | (1.8) | 0 | |
Net income (loss) | (8.2) | 0 | (21.3) | 0 | |
Capital expenditures | 0 | 0 | 0.5 | 0 | |
Property, plant and equipment, net | 6.4 | 6.4 | 6.4 | ||
Total assets | 6.4 | 6.4 | 6.4 | ||
Operating Segments | Well Services | |||||
Segment Reporting | |||||
Revenues | 78.1 | 39 | 206.9 | 97.9 | |
Cost of services | 61.8 | 33.1 | 167.7 | 81.1 | |
Depreciation and amortization | 6.8 | 3.8 | 18.9 | 10.9 | |
Impairment of goodwill | 0 | 9 | |||
Operating income (loss) | 9.5 | (5.2) | 11.1 | (16) | |
Interest expense, net | 0 | (4.3) | 0 | (5.8) | |
Net income (loss) | 11 | (9.9) | 11.1 | (22.3) | |
Capital expenditures | 20 | 8.2 | 50.5 | 15.2 | |
Property, plant and equipment, net | 192.5 | 192.5 | 157.4 | ||
Total assets | 262.6 | 262.6 | 225.1 | ||
Operating Segments | Processing Solutions | |||||
Segment Reporting | |||||
Revenues | 4 | 2.1 | 10.9 | 5.9 | |
Cost of services | 1.8 | 0.8 | 5.1 | 2.2 | |
Depreciation and amortization | 0.5 | 0.3 | 1.1 | 0.8 | |
Impairment of goodwill | 0 | 0 | |||
Operating income (loss) | (0.3) | 0.4 | 2.7 | 0.8 | |
Interest expense, net | 0 | 0 | 0 | (0.1) | |
Net income (loss) | 1.2 | 0.4 | 2.7 | 0.8 | |
Capital expenditures | 2 | $ 1.1 | 5.1 | $ 1.2 | |
Property, plant and equipment, net | 31.8 | 31.8 | 25.4 | ||
Total assets | $ 36 | $ 36 | $ 28.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Aug. 16, 2017 | |
Subsequent Event [Line Items] | ||||
Borrowings under line of credit | $ 41.8 | $ 0 | ||
Financing Agreement | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Borrowings under line of credit | $ 9.9 | |||
Seller's Note Due February 2019 | ||||
Subsequent Event [Line Items] | ||||
Face amount of debt | $ 5.8 |