Ranger Energy Services: Non-GAAP reconciliations – 1Q2022 – Net debt and adjusted net debt

Net debt and adjusted net debt

We believe that net debt and adjusted net debt are useful performance measures of liquidity and financial health and provide an indication of our leverage. We define net debt as short-term and long-term debt, finance leases, other financing obligations, offset by cash and cash equivalents. We define adjusted net debt as net debt less a finance lease, analogous to the calculation of certain financial covenants. All payables and other obligations show the main outstanding balances at the respective periods.

The following tables present a reconciliation of consolidated debt and cash and cash equivalents with net debt and adjusted net debt as at March 31, 2022 and December 31, 2021:

March 31, 2022

December 31, 2021

To change

Debts and other obligations

(in millions)

Credit facility

$

44.8

$

27.0

$

17.8

Eclipse M&E Loan

12.0

12.5

(0.5)

Eclipse B Term Loan

10.7

12.4

(1.7)

Secure promissory note

8.3

10.4

(2.1)

Installment purchases

0.9

1.0

(0.1)

Other financing liabilities

12.6

12.7

(0.1)

Finance lease obligations

7.0

8.5

(1.5)

Less:

Cash and cash equivalents

3.8

0.6

3.2

Net debt

92.5

83.9

8.6

Less: finance lease

12.6

12.7

(0.1)

Adjusted net debt

$

79.9

$

71.2

$

8.7

Disclaimer

Ranger Energy Services Inc. published this content on August 01, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 01, 2022 11:54:08 AM UTC.

Ann J. Cox