We believe free cash flow is an important financial measure for use in evaluating the Company's financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.
The following table is a reconciliation of consolidated operating cash flows to Free Cash Flow for the six months ended June 30, 2023 and 2022, in millions:
Six Months Ended
June 30, 2023
June 30, 2022
Net cash provided by operating activities
$
40.9
$
7.8
Purchase of property and equipment
(12.9)
(5.7)
Free cash Flow
$
28.0
$
2.1
EBITDA
$
42.0
$
27.6
Free cash flow conversion - Free cash flow as a percentage of EBITDA
67 %
8 %
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Ranger Energy Services Inc. published this content on 07 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 21:51:51 UTC.
Ranger Energy Services, Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States. The Company operates in three segments: High Specification Rigs, Wireline Services, and Processing Solutions and Ancillary Services. The High Specification Rigs provides high specification well service rigs and complementary equipment and services to facilitate operations throughout the lifecycle of a well. The Wireline Services. provides services necessary to bring and maintain a well on production and consists of its wireline completion, wireline production and pump down lines of business. The processing Solutions and Ancillary Services provides other services often utilized in conjunction with its High Specification Rigs and Wireline Services segments. These services include equipment rentals, plug and abandonment, logistics, snubbing and coil tubing, and processing solutions.
RANGER ENERGY SERVICES, INC. 
