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- **Strategic AWS Acquisition**: $90.5M deal enhances Permian Basin scale, with 25% rig count increase and $100M+ 2026 EBITDA target.
- **ECHO Rigs Gaining Traction**: Two rigs nearing deployment, with potential to displace competitors' rigs.
- **Q3 2025 Results**: $128.9M revenue (-16% YoY), 13% EBITDA margin, and $1.2M net income.
- **Financial Discipline**: 0.5x leverage, $15.6M YTD buybacks, and $19.1M capex for growth initiatives.

**【Management Opening Remarks】**
- Ranger Energy Services announced the acquisition of American Well Services (AWS), a Permian Basin-focused provider with 39 high-spec rigs and complementary services like tubing rentals and chemical sales. The $90.5 million deal includes $60.5 million cash and 2 million shares, with a $5 million earnout tied to $36 million EBITDA. The transaction is immediately accretive with 45% cost synergies and 0.5x leverage.

**【CEO Commentary】**
- **AWS Acquisition**: Strengthens Ranger's Permian Basin presence, adding 25% rig count and pull-through revenue opportunities. AWS's 550-employee team complements Ranger's operational excellence, with integration expected by Q3 2026. The ECHO hybrid electric rig program, featuring two deployed rigs, is nearing live operations with strong customer interest.
- **Q3 2025 Financials**: Revenue of $128.9 million (-16% YoY) driven by completion activity decline. High-spec rigs contributed $80.9 million (19.4% margin), while wireline services faced challenges with $17.2 million revenue and $400k EBITDA. 2026 EBITDA target exceeds $100 million, supported by AWS and ECHO adoption.

**【CFO Commentary】**
- **AWS Financials**: Purchase price of $90.5 million includes $60.5 million cash and 2 million shares. Pro forma 2026 EBITDA expected at $100 million+ with minimal dilution. Q3 2025 net income of $1.2 million reflects 13% EBITDA margin. Share buybacks ($8.3 million Q3, $15.6 million YTD) and capital allocation focus on growth and returns.
- **Balance Sheet**: $116.7 million liquidity, $8 million free cash flow Q3, and 0.5x leverage. Capital expenditures of $19.1 million YTD include ECHO rig deployment.

**【Q&A Highlights】**
- **AWS Footprint**: 100% Permian Basin operations with 45% unique service lines (e.g., coiled tubing, P&A) and 55% customer overlap with Ranger. Analysts inquire about ECHO rig adoption, AWS customer base, and 2026 ECHO deployment (CEO hints over/under 11 rigs).

Ranger Energy Services, Inc. (RNGR) Q3 2025 Earnings Call Transcript

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