Approach Resources Inc (AREXQ) [Rocket]

Overview

Approach Resources Inc (AREXQ)

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Price:	$0.02			Metrics
OS:	93.6	M		-9	% ROE
Market cap:	$1.4	M		-2	% ROIC
Net debt:	$315	M		10.6	x Debt/EBITDA
EV:	$316	M

TTM Valuation
EBITDA	$29.6	M		10.7	x EV/EBITDA
EBIT	($24.6)	M
EPS	($0.52)

Recent News + Filings (All items)

Date Filed	Type	Description
01/06/2021	15-12B	Form 15-12B - Securities registration termination [Section 12(b)]:
12/31/2020	8-K	Termination of a Material Definitive Agreement, Bankruptcy or Receivership, Material Modifications to Rights of Security Holders
12/30/2020	S-8 POS	Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments:
12/30/2020	S-8 POS	Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments:
12/30/2020	S-8 POS	Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments:
12/30/2020	S-8 POS	Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments:
12/30/2020	S-8 POS	Form S-8 POS - Securities to be offered to employees in employee benefit plans, post-effective amendments:

Revenue Mix by Segment

Financial Summary (All financials)

In millions, except per share items	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11
Revenues	114.0	105.3	90.3	131.3	258.5	180.3	128.9	108.4
Revenue growth	8.2%	16.7%	-31.2%	-49.2%	43.4%	39.8%	18.9%	88.2%
Cost of goods sold	0.0	0.0	0.0	29.0	32.7	19.2	19.0	37.6
Gross profit	114.0	105.3	90.3	102.4	225.8	161.1	109.9	70.8
Gross margin	100.0%	100.0%	100.0%	77.9%	87.4%	89.4%	85.3%	65.3%
Selling, general and administrative							34.2
General and administrative	29.8	33.0	33.0	39.4	48.0	26.5	24.9	17.9
EBIT	1.2	-19.7	-44.9	-52.3	67.0	43.7	10.7	10.9
EBIT margin	1.1%	-18.7%	-49.7%	-39.8%	25.9%	24.3%	8.3%	10.0%
Pre-tax income	-24.3	-35.9	-76.7	-267.5	89.9	114.8	9.7	10.7
Income taxes	-4.3	76.4	-24.4	-93.4	33.7	42.5	3.3	3.5
Tax rate	17.9%		31.9%	34.9%	37.5%	37.0%	34.3%	32.5%
Net income	-19.9	-112.4	-52.2	-174.1	56.2	72.3	6.4	7.2
Net margin	-17.5%	-106.7%	-57.9%	-132.6%	21.7%	40.1%	5.0%	6.7%

Diluted EPS	($0.21)	($1.35)	($1.26)	($4.30)	$1.42	$1.85	$0.18	$0.25
Shares outstanding (diluted)	94.6	83.4	41.5	40.5	39.4	39.0	35.0	29.2

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.

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