Natural Gas Services Group, Inc. (“NGS” or the
“Company”) (NYSE:NGS), a leading provider of natural gas
compression equipment, technology and services to the energy
industry, today announced financial results for the three months
ended March 31, 2024.
First Quarter
2024 Highlights
- Rental revenue
of $33.7 million, an increase of 48% when compared to the first
quarter of 2023 and 7% when compared to the fourth quarter of
2023.
- Net income of
$5.1 million, or $0.41 per basic share, as compared to a net income
of $0.4 million, or $0.03 per basic share in the first quarter of
2023 and net income of $1.7 million, or $0.14 per basic share in
the fourth quarter of 2023.
- Adjusted EBITDA
of $16.9 million, compared to $7.8 million in the first quarter of
2023 and $16.3 million in the fourth quarter of 2023. Please see
Non-GAAP Financial Measures - Adjusted EBITDA, below.
“The first quarter of 2024 continued our string
of strong results,” said Justin Jacobs, Chief Executive Officer.
“Our first quarter rental revenue of $33.7 million, rental adjusted
margin of $20.6 million, and rental adjusted gross margin
percentage of 61.1% are sequential increases over the historic
performance of the fourth quarter of 2023. We believe this
continued strong performance offers further validation of our high
horsepower strategy for new units, while also driving the increase
in our outlook for 2024 adjusted EBITDA. Our overall industry
outlook, particularly for compression related to crude oil
production, remains positive, and we believe we can capitalize on
additional growth opportunities while maintaining a prudent level
of leverage. I want to thank the entire NGS team for another great
quarter of results."
Revenue: Total revenue for the
three months ended March 31, 2024 increased 38.6% to $36.9
million from $26.6 million for the three months ended March 31,
2023. This increase was due primarily to an increase in rental
revenues. Rental revenue increased 48.5% to $33.7 million in the
first quarter of 2024 from $22.7 million in the first quarter of
2023 due to the addition of higher horsepower packages and pricing
improvements. As of March 31, 2024, we had 1,245 rented units
(444,220 horsepower) compared to 1,245 rented units (335,314
horsepower) as of March 31, 2023, reflecting a 32.5% increase in
total utilized horsepower. Sequentially, total revenue increased to
$36.9 million in the first quarter of 2024 compared to $36.2
million in the fourth quarter of 2023 due to a 7% increase in
rental revenues.
Gross Margins: Total gross
margins, including depreciation increased to $14.2 million for the
three months ended March 31, 2024, compared to $5.1 million
for the same period in 2023 and $13.3 million for the three months
ended December 31, 2023. Total adjusted gross margin,
exclusive of depreciation, for the three months ended
March 31, 2024, increased to $21.1 million compared to $11.1
million for the three months ended March 31, 2023 and $20.3 million
for the fourth quarter of 2023. These increases are primarily
attributable to increased rental revenues and a continuation of our
relatively high rental adjusted gross margin.
Operating Income: Operating
income for the three months ended March 31, 2024 was $9.3
million compared to operating income of $0.4 million for the three
months ended March 31, 2023 and operating income of $4.4 million
during the fourth quarter of 2023.
Net Income: Net income for the
three months ended March 31, 2024, was $5.1 million, or $0.41
per basic share compared to a net income of $0.4 million or $0.03
per basic share for the three months ended March 31, 2023. The
increase in net income during the first quarter of 2024 was mainly
due to increased rental revenue and rental gross margin.
Sequentially, net income was $1.7 million or $0.14 per basic share
during the fourth quarter of 2023. This sequential improvement of
$3.4 million was primarily due to higher rental revenue and
impairment costs related to inventory that were recorded in the
fourth quarter of 2023.
Adjusted EBITDA: Adjusted
EBITDA increased 116.8% to $16.9 million for the three months ended
March 31, 2024, from $7.8 million for the same period in 2023.
This increase was primarily attributable to higher rental revenue
and rental adjusted gross margin. Sequentially, adjusted EBITDA
increased 3.6% to $16.9 million for the three months ended
March 31, 2024, compared to adjusted EBITDA of $16.3 million
for the three months ended December 31, 2023.
Cash flows: At March 31,
2024, cash and cash equivalents were approximately $5.2 million,
while working capital was $54.4 million. For the three months of
2024, cash flows from operating activities were $5.6 million, while
cash flows used in investing activities was $10.9 million. Cash
flow used in investing activities included $10.9 million in capital
expenditures.
Debt: Outstanding debt on our
revolving credit facility as of March 31, 2024 was $172
million. Our leverage ratio at March 31, 2024 was 2.57 and our
fixed charge coverage ratio was 3.41. The company is in compliance
with all terms, conditions and covenants of the credit
agreement.
2024 Updated Outlook
NGS’s full year 2024 Outlook is as follows:
| |
FY 2024 Outlook |
| Adjusted
EBITDA |
$61 million - $67 million |
| New Unit Capital
Expenditures |
$40 million - $50 million |
| Maintenance Capital
Expenditures |
$8 million - $11 million |
| Target Return on Invested
Capital |
At least 20% |
Our current outlook for 2024 Fiscal Year
adjusted EBITDA is a range of $61 million to $67 million, an
increase from our previously announced outlook of $58 million to
$65 million. We have maintained our outlook range for 2024 new unit
capital expenditures of $40 million to $50 million for now, as we
continue to review our capital plan. Consistent with the previous
outlook, approximately $15 million of the new unit capital
expenditures relates to holdover from the 2023 new unit plan. We
have also added outlook related to maintenance capital expenditures
to aid investors in their understanding of our cash flows. Our
target return on invested capital remains unchanged.
Selected data:
The tables below show, the three months ended March 31, 2024
and 2023, revenues and percentage of total revenues, along with our
gross margin and adjusted gross margin (exclusive of depreciation
and amortization), as well as, related percentages of revenue for
each of our product lines. Adjusted gross margin is the difference
between revenue and cost of sales, exclusive of depreciation.
|
|
Revenue |
| |
Three months ended |
| |
March 31, 2024 |
|
March 31, 2023 |
|
|
($ in 000) |
|
% of rev |
|
($ in 000) |
|
% of rev |
| Rental |
$ |
33,734 |
|
91 |
% |
|
$ |
22,723 |
|
86 |
% |
| Sales |
|
2,503 |
|
7 |
% |
|
|
2,992 |
|
11 |
% |
| Aftermarket services |
|
670 |
|
2 |
% |
|
|
905 |
|
3 |
% |
| Total |
$ |
36,907 |
|
|
|
$ |
26,620 |
|
|
|
|
Revenue |
| |
Three months ended |
| |
March 31, 2024 |
|
December 31, 2023 |
|
|
($ in 000) |
|
% of rev |
|
($ in 000) |
|
% of rev |
| Rental |
$ |
33,734 |
|
91 |
% |
|
$ |
31,626 |
|
87 |
% |
| Sales |
|
2,503 |
|
7 |
% |
|
|
2,921 |
|
8 |
% |
| Aftermarket services |
|
670 |
|
2 |
% |
|
|
1,674 |
|
5 |
% |
| Total |
$ |
36,907 |
|
|
|
$ |
36,221 |
|
|
| |
Gross Margin |
| |
Three months ended March 31, |
| |
|
2024 |
|
|
|
2023 |
|
| |
($ in 000) |
|
% margin |
|
($ in 000) |
|
% margin |
| Rental |
$ |
13,761 |
|
41 |
% |
|
$ |
5,137 |
|
|
23 |
% |
| Sales |
|
253 |
|
10 |
% |
|
|
(312 |
) |
|
(10) % |
| Aftermarket services |
|
163 |
|
24 |
% |
|
|
289 |
|
|
32 |
% |
| Total |
$ |
14,177 |
|
38 |
% |
|
$ |
5,114 |
|
|
19 |
% |
| |
|
|
|
|
|
|
|
| |
Gross Margin |
| |
Three months ended |
| |
March 31, 2024 |
|
December 31, 2023 |
| |
($ in 000) |
|
% margin |
|
($ in 000) |
|
% margin |
| Rental |
$ |
13,761 |
|
41 |
% |
|
$ |
12,368 |
|
39 |
% |
| Sales |
|
253 |
|
10 |
% |
|
|
553 |
|
19 |
% |
| Aftermarket services |
|
163 |
|
24 |
% |
|
|
419 |
|
25 |
% |
| Total |
$ |
14,177 |
|
38 |
% |
|
$ |
13,340 |
|
37 |
% |
| |
|
|
|
|
|
|
|
| |
Adjusted Gross Margin (1) |
| |
Three months ended March 31, |
| |
|
2024 |
|
|
|
2023 |
|
| |
( $ in 000) |
|
% margin |
|
( $ in 000) |
|
% margin |
| Rental |
$ |
20,620 |
|
61 |
% |
|
$ |
11,078 |
|
|
49 |
% |
| Sales |
|
323 |
|
13 |
% |
|
|
(245 |
) |
|
(8) % |
| Aftermarket services |
|
170 |
|
25 |
% |
|
|
296 |
|
|
33 |
% |
| Total |
$ |
21,113 |
|
57 |
% |
|
$ |
11,129 |
|
|
42 |
% |
| |
Adjusted Gross Margin (1) |
| |
Three months ended |
| |
March 31, 2024 |
|
December 31, 2023 |
| |
( $ in 000) |
|
% margin |
|
( $ in 000) |
|
% margin |
| Rental |
$ |
20,620 |
|
61 |
% |
|
$ |
19,199 |
|
61 |
% |
| Sales |
|
323 |
|
13 |
% |
|
|
620 |
|
21 |
% |
| Aftermarket services |
|
170 |
|
25 |
% |
|
|
440 |
|
26 |
% |
| Total |
$ |
21,113 |
|
57 |
% |
|
$ |
20,259 |
|
56 |
% |
(1) For a reconciliation of adjusted gross
margin to its most directly comparable financial measure calculated
and presented in accordance with GAAP, please read “Non-GAAP
Financial Measures - Adjusted Gross Margin” below.
Non-GAAP Financial Measure - Adjusted
Gross Margin: “Adjusted Gross Margin” is defined as total
revenue less cost of sales (excluding depreciation expense).
Adjusted gross margin is included as a supplemental disclosure
because it is a primary measure used by management as it represents
the results of revenue and cost of sales (excluding depreciation
expense), which are key operating components. Adjusted gross margin
differs from gross margin in that gross margin includes
depreciation expense. We believe adjusted gross margin is important
because it focuses on the current operating performance of our
operations and excludes the impact of the prior historical costs of
the assets acquired or constructed that are utilized in those
operations. Depreciation expense reflects the systematic allocation
of historical property and equipment values over the estimated
useful lives.
Adjusted gross margin has certain material
limitations associated with its use as compared to gross margin.
Depreciation expense is a necessary element of our costs and our
ability to generate revenue. Management uses this non-GAAP measure
as a supplemental measure to other GAAP results to provide a more
complete understanding of the Company's performance. As an
indicator of operating performance, adjusted gross margin should
not be considered an alternative to, or more meaningful than, gross
margin as determined in accordance with GAAP. Adjusted Gross margin
may not be comparable to a similarly titled measure of another
Company because other entities may not calculate adjusted gross
margin in the same manner.
The following table calculates gross margin, the
most directly comparable GAAP financial measure, and reconciles it
to adjusted gross margin:
| |
Three months ended March 31, |
| |
|
2024 |
|
|
|
2023 |
|
| |
(in thousands) |
| Total revenue |
$ |
36,907 |
|
|
$ |
26,620 |
|
| Costs of revenue, exclusive of
depreciation |
|
(15,794 |
) |
|
|
(15,491 |
) |
| Depreciation allocable to
costs of revenue |
|
(6,936 |
) |
|
|
(6,014 |
) |
| Gross margin |
|
14,177 |
|
|
|
5,115 |
|
| Depreciation allocable to
costs of revenue |
|
6,936 |
|
|
|
6,014 |
|
| Adjusted Gross Margin |
$ |
21,113 |
|
|
$ |
11,129 |
|
| |
Three months ended |
| |
March 31, 2024 |
|
December 31, 2023 |
| |
(in thousands) |
| Total revenue |
$ |
36,907 |
|
|
$ |
36,221 |
|
| Costs of revenue, exclusive of
depreciation |
|
(15,794 |
) |
|
|
(15,962 |
) |
| Depreciation allocable to
costs of revenue |
|
(6,936 |
) |
|
|
(6,919 |
) |
| Gross margin |
|
14,177 |
|
|
|
13,340 |
|
| Depreciation allocable to
costs of revenue |
|
6,936 |
|
|
|
6,919 |
|
| Adjusted Gross Margin |
$ |
21,113 |
|
|
$ |
20,259 |
|
Non-GAAP Financial Measures - Adjusted
EBITDA: “Adjusted EBITDA” reflects net income or loss
before interest, taxes, depreciation and amortization, non-cash
stock compensation expense, severance expenses, impairment
expenses, increases in inventory allowance and retirement of rental
equipment. Adjusted EBITDA is a measure used by management,
analysts and investors as an indicator of operating cash flow since
it excludes the impact of movements in working capital items,
non-cash charges and financing costs. Therefore, Adjusted EBITDA
gives the investor information as to the cash generated from the
operations of a business. However, Adjusted EBITDA is not a measure
of financial performance under accounting principles GAAP, and
should not be considered a substitute for other financial measures
of performance. Adjusted EBITDA as calculated by NGS may not be
comparable to Adjusted EBITDA as calculated and reported by other
companies. The most comparable GAAP measure to Adjusted EBITDA is
net income (loss).
The following table reconciles our net income,
the most directly comparable GAAP financial measure, to Adjusted
EBITDA:
| |
Three months ended March 31, |
| |
|
2024 |
|
|
2023 |
| |
(in thousands) |
| Net income |
$ |
5,098 |
|
$ |
370 |
|
Interest expense |
|
2,935 |
|
|
— |
|
Income tax expense (benefit) |
|
1,479 |
|
|
150 |
|
Depreciation and amortization |
|
7,087 |
|
|
6,165 |
|
Non-cash stock compensation expense |
|
274 |
|
|
487 |
|
Severance expenses |
|
— |
|
|
612 |
|
Retirement of rental equipment |
|
5 |
|
|
— |
| Adjusted EBITDA |
$ |
16,878 |
|
$ |
7,784 |
| |
Three months ended |
| |
March 31, 2024 |
|
December 31, 2023 |
| |
(in thousands) |
| Net income |
$ |
5,098 |
|
$ |
1,702 |
|
Interest expense |
|
2,935 |
|
|
2,297 |
|
Income tax expense (benefit) |
|
1,479 |
|
|
431 |
|
Depreciation and amortization |
|
7,087 |
|
|
7,160 |
|
Non-cash stock compensation expense |
|
274 |
|
|
228 |
|
Inventory allowance |
|
— |
|
|
3,965 |
|
Retirement of rental equipment |
|
5 |
|
|
505 |
| Adjusted EBITDA |
$ |
16,878 |
|
$ |
16,288 |
Conference Call Details: The
Company will host a conference call to review first-quarter
financial results on Thursday, May 16, 2024 at 8:30 a.m. (EST),
7:30 a.m. (CST). To join the conference call, kindly access the
Investor Relations section of our website at www.ngsgi.com or dial
in at (800) 550-9745 and enter conference ID 167298 at least five
minutes prior to the scheduled start time. Please note that using
the provided dial-in number is necessary for participation in the
Q&A section of the call. A recording of the conference will be
made available on our Company's website following its conclusion.
Thank you for your interest in our Company's updates.
About Natural Gas Services Group, Inc.
(NGS): NGS is a leading provider of natural gas
compression equipment, technology and services to the energy
industry. The Company manufactures, fabricates, rents, sells and
maintains natural gas compressors for oil and natural gas
production and plant facilities. NGS is headquartered in Midland,
Texas, with a fabrication facility located in Tulsa, Oklahoma, a
rebuild shop located in Midland, Texas, and service facilities
located in major oil and natural gas producing basins in the U.S.
Additional information can be found at www.ngsgi.com.
Forward-Looking Statements
Certain statements herein (and oral statements
made regarding the subjects of this release) constitute
“forward-looking statements” within the meaning of the federal
securities laws. Words such as “may,” “might,” “should,” “believe,”
“expect,” “anticipate,” “estimate,” “continue,” “predict,”
“forecast,” “project,” “plan,” “intend” or similar expressions, or
statements regarding intent, belief, or current expectations, are
forward-looking statements. These forward-looking statements are
based upon current estimates and assumptions.
These forward–looking statements rely on a
number of assumptions concerning future events and are subject to a
number of uncertainties and factors that could cause actual results
to differ materially from such statements, many of which are
outside the control of the Company. Forward–looking information
includes, but is not limited to statements regarding: guidance or
estimates related to EBITDA growth, projected capital expenditures;
returns on invested capital, fundamentals of the compression
industry and related oil and gas industry, valuations, compressor
demand assumptions and overall industry outlook, and the ability of
the Company to capitalize on any potential opportunities.
While the Company believes that the assumptions
concerning future events are reasonable, investors are cautioned
that there are inherent difficulties in predicting certain
important factors that could impact the future performance or
results of its business. Some of these factors that could cause
results to differ materially from those indicated by such
forward-looking statements include, but are not limited to: (i)
achieving increased utilization of assets, including rental fleet
utilization and unlocking other non-cash balance sheet assets; (ii)
failure of projected organic growth due to adverse changes in the
oil and gas industry, including depressed oil and gas prices,
oppressive environmental regulations and competition; (iii)
inability to finance capital expenditures; (iv) adverse changes in
customer, employee or supplier relationships; (v) adverse regional
and national economic and financial market conditions, including in
our key operating areas; (vi) impacts of world events, including
pandemics; the financial condition of the Company’s customers and
failure of significant customers to perform their contractual
obligations; (vii) the Company’s ability to economically develop
and deploy new technologies and services, including technology to
comply with health and environmental laws and regulations; and
(viii) failure to achieve accretive financial results in connection
with any acquisitions the Company may make.
In addition, these forward-looking statements
are subject to other various risks and uncertainties, including
without limitation those set forth in the Company’s filings with
the Securities and Exchange Commission, including the Company's
Annual Report on Form 10-K for the year ended December 31, 2023.
Thus, actual results could be materially different. The Company
expressly disclaims any obligation to update or alter statements
whether as a result of new information, future events or otherwise,
except as required by law.
|
For More Information, Contact: |
Anna Delgado, Investor Relations |
| |
(432) 262-2700ir@ngsgi.com |
| |
www.ngsgi.com |
|
NATURAL GAS SERVICES GROUP,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except par value)(unaudited) |
| |
|
|
|
| |
March 31, 2024 |
|
December 31, 2023 |
|
ASSETS |
|
|
|
| Current
Assets: |
|
|
|
|
Cash and cash equivalents |
$ |
5,239 |
|
|
$ |
2,746 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts
of $933 and $823, respectively |
|
42,341 |
|
|
|
39,186 |
|
|
Inventory, net of allowance for obsolescence of $2,836 |
|
18,811 |
|
|
|
21,639 |
|
|
Federal income tax receivable |
|
11,512 |
|
|
|
11,538 |
|
|
Prepaid expenses and other |
|
938 |
|
|
|
1,162 |
|
|
Total current assets |
|
78,841 |
|
|
|
76,271 |
|
| Long-term inventory, net of
allowance for obsolescence of $1,168 |
|
879 |
|
|
|
701 |
|
| Rental equipment, net of
accumulated depreciation of $197,780 and $191,745,
respectively |
|
377,999 |
|
|
|
373,649 |
|
| Property and equipment, net of
accumulated depreciation of $18,061 and $17,649, respectively |
|
20,071 |
|
|
|
20,550 |
|
| Intangibles, net of
accumulated amortization of $2,415 and $2,384, respectively |
|
744 |
|
|
|
775 |
|
| Other assets |
|
7,642 |
|
|
|
6,783 |
|
|
Total assets |
$ |
486,176 |
|
|
$ |
478,729 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
| Current
Liabilities: |
|
|
|
|
Accounts payable |
$ |
12,431 |
|
|
$ |
17,628 |
|
|
Accrued liabilities |
|
11,995 |
|
|
|
15,085 |
|
|
Total current liabilities |
|
24,426 |
|
|
|
32,713 |
|
| Long-term debt |
|
172,000 |
|
|
|
164,000 |
|
| Deferred income tax
liability |
|
43,092 |
|
|
|
41,636 |
|
| Other long-term liabilities |
|
5,392 |
|
|
|
4,486 |
|
|
Total liabilities |
|
244,910 |
|
|
|
242,835 |
|
| Commitments and
contingencies |
|
|
|
| Stockholders’
Equity: |
|
|
|
| Preferred stock, 5,000 shares
authorized, no shares issued or outstanding |
|
— |
|
|
|
— |
|
| Common stock, 30,000 shares
authorized, par value $0.01; 13,694 and 13,688 shares issued,
respectively |
|
137 |
|
|
|
137 |
|
|
Additional paid-in capital |
|
116,754 |
|
|
|
116,480 |
|
| Retained earnings |
|
139,379 |
|
|
|
134,281 |
|
| Treasury shares, at cost,
1,310 shares |
|
(15,004 |
) |
|
|
(15,004 |
) |
|
Total stockholders' equity |
|
241,266 |
|
|
|
235,894 |
|
|
Total liabilities and stockholders' equity |
$ |
486,176 |
|
|
$ |
478,729 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
|
| |
|
|
| |
Three months ended |
|
| |
March 31, |
|
| |
|
2024 |
|
|
|
2023 |
|
|
| Revenue: |
|
|
|
|
| Rental income |
$ |
33,734 |
|
|
$ |
22,723 |
|
|
| Sales |
|
2,503 |
|
|
|
2,992 |
|
|
| Aftermarket services |
|
670 |
|
|
|
905 |
|
|
|
Total revenue |
|
36,907 |
|
|
|
26,620 |
|
|
| Operating costs and
expenses: |
|
|
|
|
| Cost of rentals, exclusive of
depreciation stated separately below |
|
13,114 |
|
|
|
11,645 |
|
|
| Cost of sales, exclusive of
depreciation stated separately below |
|
2,180 |
|
|
|
3,237 |
|
|
| Cost of aftermarket services,
exclusive of depreciation stated separately below |
|
500 |
|
|
|
609 |
|
|
| Selling, general and
administrative expenses |
|
4,702 |
|
|
|
4,562 |
|
|
| Depreciation and
amortization |
|
7,087 |
|
|
|
6,165 |
|
|
| Retirement of rental
equipment |
|
5 |
|
|
|
— |
|
|
|
Total operating costs and expenses |
|
27,588 |
|
|
|
26,218 |
|
|
| Operating
income |
|
9,319 |
|
|
|
402 |
|
|
| Other income
(expense): |
|
|
|
|
| Interest expense |
|
(2,935 |
) |
|
|
— |
|
|
| Other income, net |
|
193 |
|
|
|
118 |
|
|
|
Total other income (expense), net |
|
(2,742 |
) |
|
|
118 |
|
|
| Income before
provision for income taxes |
|
6,577 |
|
|
|
520 |
|
|
| Income tax benefit
(expense) |
|
(1,479 |
) |
|
|
(150 |
) |
|
| Net income
(loss) |
$ |
5,098 |
|
|
$ |
370 |
|
|
| Earnings (loss) per
share: |
|
|
|
|
|
Basic |
$ |
0.41 |
|
|
$ |
0.03 |
|
|
|
Diluted |
$ |
0.41 |
|
|
$ |
0.03 |
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
|
12,380 |
|
|
|
12,213 |
|
|
|
Diluted |
|
12,465 |
|
|
|
12,354 |
|
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
| |
Three months ended |
| |
March 31, |
| |
|
2024 |
|
|
|
2023 |
|
| CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
| Net income |
$ |
5,098 |
|
|
$ |
370 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
7,087 |
|
|
|
6,165 |
|
|
Amortization of debt issuance costs |
|
150 |
|
|
|
52 |
|
|
Deferred income tax expense |
|
1,456 |
|
|
|
148 |
|
|
Stock-based compensation |
|
274 |
|
|
|
487 |
|
|
Bad debt allowance |
|
110 |
|
|
|
48 |
|
|
Gain on sale of assets |
|
— |
|
|
|
(25 |
) |
|
Retirement of rental equipment |
|
5 |
|
|
|
— |
|
|
Loss (gain) on company owned life insurance |
|
(184 |
) |
|
|
(18 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts receivables |
|
(3,265 |
) |
|
|
(351 |
) |
|
Inventory |
|
2,650 |
|
|
|
(986 |
) |
|
Prepaid expenses and prepaid income taxes |
|
250 |
|
|
|
497 |
|
|
Accounts payable and accrued liabilities |
|
(7,962 |
) |
|
|
11,574 |
|
|
Deferred income |
|
(418 |
) |
|
|
77 |
|
|
Other |
|
358 |
|
|
|
184 |
|
| NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
5,609 |
|
|
|
18,222 |
|
| CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
Purchase of rental equipment, property and other equipment |
|
(10,932 |
) |
|
|
(47,792 |
) |
|
Purchase of company owned life insurance |
|
(9 |
) |
|
|
(50 |
) |
| NET CASH USED IN
INVESTING ACTIVITIES |
|
(10,941 |
) |
|
|
(47,842 |
) |
| CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
Proceeds from loan |
|
8,000 |
|
|
|
36,011 |
|
|
Payments of other long-term liabilities, net |
|
(175 |
) |
|
|
(36 |
) |
|
Payments of debt issuance cost |
|
— |
|
|
|
(2,131 |
) |
|
Taxes paid related to net share settlement of equity awards |
|
— |
|
|
|
(184 |
) |
| NET CASH PROVIDED BY
FINANCING ACTIVITIES |
|
7,825 |
|
|
|
33,660 |
|
| NET CHANGE IN CASH AND
CASH EQUIVALENTS |
|
2,493 |
|
|
|
4,040 |
|
| CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD |
|
2,746 |
|
|
|
3,372 |
|
| CASH AND CASH EQUIVALENTS
AT END OF PERIOD |
$ |
5,239 |
|
|
$ |
7,412 |
|
| SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION: |
|
|
|
|
Interest paid |
$ |
6,220 |
|
|
$ |
855 |
|
| NON-CASH
TRANSACTIONS |
|
|
|
|
Transfer of rental equipment components to inventory |
$ |
— |
|
|
$ |
708 |
|
|
Right of use asset acquired through a finance lease |
$ |
532 |
|
|
$ |
— |
|
Investor Relations
IR@ngsgi.com
432-262-2700
Natural Gas Services (NYSE:NGS)
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