Natural Gas Services Group, Inc. (NYSE:NGS) (the "Company" or
"NGS"), a leading provider of gas compression equipment and
services to the energy industry, announces it's upcoming Earnings
Call and its financial results for the three months and
full year ended December 31, 2022. The Earnings call will be
hosted on Monday, April 3, 2023 at 9:00 a.m. (CST), 10:00 a.m.
(EST).
To participate in the call,
participants should access the webcast on
www.ngsgi.com under the Investor Relations section. To connect
telephonically, call (800) 715-9871 using conference ID 5410343
approximately five minutes prior to the start of the call.
Following the conclusion of the conference call, a recording of the
call will be available on the Company’s website.
Financial results contained herein reflect the
consolidated financial statements included in the Company's Form
10-K that was filed on March 31, 2023.
Natural Gas Services Group,
Inc. Reports Year End and Fourth Quarter 2022
Earnings
2022
Highlights
- 2022 rental
revenue was $74.5 million, an increase of 17.0% when compared
to 2021 rental revenue of $63.6 million.
- GAAP net loss
for the year ended December 31, 2022 was $0.6 million or
$(0.05) per basic and diluted share, an improvement of $8.6 million
or $0.65 per basic and diluted share, primarily due to increased
revenue and improved rental gross margin.
- Adjusted EBITDA
for the year ended December 31, 2022 was $29.2 million
compared to 2021 Adjusted EBITDA of $18.7 million. Please see
Non-GAAP Financial Measures - Adjusted EBITDA, below.
- Rental fleet
utilization increased on both a horsepower (74.8% at year-end 2022
vs. 71.2% at year-end 2021) and unit basis (65.3% at year-end 2022
vs. 62.0% at year-end 2021).
“In all comparative periods, 2022 was a
successful year. Compared to the prior year, we saw appreciable
gains in revenue, adjusted gross margin and EBITDA, while we
continued to expand our position as a leader in the large
horsepower natural gas rental compression market,” said Stephen C.
Taylor interim President and Chief Executive Officer. “The entire
NGS team has contributed to our recent achievements and the goals
in 2023 are to continue our profitable growth, expand our customer
base and use our scale to become a more efficient operator, both in
the field and at the corporate level. For the first time in several
years, we deployed a judicious amount of leverage to further our
long-term growth plan, which we are successfully executing.”
Financial and Operating Details for the Three and Twelve
Months Ended December 31, 2022
Revenue: Total revenue
increased by 17.1% to $84.8 million for the year ended
December 31, 2022 compared to $72.4 million for year ended in
December 31, 2021. This increase was primarily due to a 17.0%
increase in rental revenue to $74.5 million from $63.6 million
during the same periods. In addition, sales revenues increased by
24.6% to $8.6 million in 2022 compared to $6.9 million in 2021.
Total revenue increased 25.0% to $22.5 million for the three months
ended December 31, 2022 from $18.0 million for the three
months ended December 31, 2021. This increase was primarily related
to a $4.1 million increase in rental revenue driven by rental rate
increases, oil surcharges and new-set activity. Total revenue
increased 2.3% to $22.5 million for the three months ended
December 31, 2022 from $22.0 million for the three months
ended September 30, 2022. This increase was primarily related to
rental rate increases in the fourth quarter of 2022.
Operating Income (Loss): The
Company posted operating income for the year ended
December 31, 2022 of $0.4 million, compared to an operating
loss of $12.4 million for the year ended December 31, 2021. This
improvement in operating loss is primarily due to an increase in
gross margin of $12.6 million driven by increased revenues as well
as reduced charges related to retirements of units in our rental
fleet. These improvements were partially offset by increased costs
of rentals of $1.1 million due to increased concentrations of high
horsepower units in our active fleet. We annually review our rental
fleet to determine which units are no longer of the type,
configuration, make or model that our customers are demanding or
that are not cost efficient to refurbish, maintain and/or operate.
As a result of this review, we determined 124 units should be
retired from our rental fleet. The operating loss for the three
months ended December 31, 2022 was $0.3 million compared to
$8.2 million for the three months ended December 31, 2021. The
improvement in the fourth quarter operating loss was primarily
driven by a $4.1 million increase in rental revenues, a $2.3
million reduction in costs of rentals and a $2.9 million reduction
in non-cash retirement of rental equipment charges. Sequentially,
total operating loss for the three months ended December 31,
2022 was flat at $0.3 million.
Gross Margin:
Total gross margin increased to $14.9 million for the year ended
December 31, 2022 from $2.3 million for the year ended
December 31, 2021. Total adjusted gross margin, exclusive of
depreciation, for the year ended December 31, 2022, increased
$11.4 million to $38.5 million from $27.1 million for the same
period ended December 31, 2021. Total gross margin increased $6.8
million to $4.9 million for the three months ended
December 31, 2022 from $(1.9) million for the three months
ended December 31, 2021. Total adjusted gross margin, exclusive of
depreciation, for the three months ended December 31, 2022,
increased $6.4 million to $10.7 million from $4.3 million for the
three months ended December 31, 2021. Sequentially, total gross
margin increased to $4.9 million for the three months ended
December 31, 2022 from $3.9 million for the three months ended
September 30, 2022. Total adjusted gross margin increased $0.9
million to $10.7 million from $9.8 million for the three months
ended September 30, 2022. All of these increases are primarily
attributable to increased rental revenues in excess of increased
costs of rentals. Please see discussions of Non-GAAP Financial
Measures - Adjusted Gross Margin, below.
Net Loss: The Company reported
a net loss of $0.6 million for the year ended December 31,
2022 compared to net loss of $9.2 million for the year ended
December 31, 2021. The improvement in 2022 annual net loss, when
compared to the full year 2021 results, is primarily due to our
reduced operating loss, as discussed above, partially offset by an
increase in income tax expense of $3.1 million when comparing the
2022 income tax expense of $0.5 million to an income tax benefit of
$2.6 million for the year ended December 31, 2021. For the three
months ended December 31, 2022, the Company reported a net
loss of $0.8 million compared to a net loss of $5.6 million for the
three months ended December 31, 2021. The improvement in net loss
was primarily attributable to a reduction in operating loss, as
discussed above. Sequentially, the Company's net loss increased
$0.7 million primarily due to lower compressor sales activity.
Earnings per share: For the
year ended December 31, 2022, the Company reported loss per
basic and diluted share of $0.05, compared to loss per basic and
diluted share of $0.70 for the year ended December 31, 2021. For
the three months ended December 31, 2022, the Company reported
net loss per basic and diluted share of $0.06 compared to a net
loss per basic and diluted share of $0.43 for the three months
ended December 31, 2021 and $0.01 for the three months ended
September 30, 2022.
Adjusted EBITDA: Adjusted
EBITDA increased $10.4 million to $29.2 million for the year ended
December 31, 2022 compared to $18.7 million for the year ended
December 31, 2021. This increase was primarily attributed to
increased rental adjusted gross margin. Adjusted EBITDA increased
to $7.8 million for the three months ended December 31, 2022,
as compared to $2.3 million for the three months ended December 31,
2021 due to an increase in rental adjusted gross margin.
Sequentially, Adjusted EBITDA increased to $7.8 million from $7.7
million for the three months ended September 30, 2022. Please see
discussion of Non-GAAP Financial Measures - Adjusted EBITDA,
below.
Cash flow: At December 31,
2022, cash and cash equivalents were approximately $3.4 million,
while working capital was $23.7 million with $25.0 million of
outstanding bank borrowings. Cash flow from operating activities
was $27.8 million for the year ended December 31, 2022, while
cash flow used in investing activities (consisting of our capital
expenditures) was $65.1 million during 2022. Cash flow provided by
financing activities was $17.7 million for the year ended
December 31, 2022 which included $25.0 million of net
borrowings under our revolving credit facility partially offset by
$6.7 million of common stock repurchases.
Selected data: The tables below
show, for the three months and year ended December 31, 2022 and
2021 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 and
amortization.
|
Revenue |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
20,561 |
|
91 |
% |
|
$ |
16,475 |
|
91 |
% |
|
$ |
74,465 |
|
88 |
% |
|
$ |
63,624 |
|
88 |
% |
Sales |
|
1,297 |
|
6 |
% |
|
|
1,126 |
|
6 |
% |
|
|
8,568 |
|
10 |
% |
|
|
6,882 |
|
10 |
% |
Service & Maintenance |
|
662 |
|
3 |
% |
|
|
428 |
|
3 |
% |
|
|
1,792 |
|
2 |
% |
|
|
1,914 |
|
2 |
% |
Total |
$ |
22,520 |
|
|
|
$ |
18,029 |
|
|
|
$ |
84,825 |
|
|
|
$ |
72,420 |
|
|
|
Gross Margin |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
5,488 |
|
|
27 |
% |
|
$ |
(1,241 |
) |
|
(8) % |
|
$ |
13,472 |
|
18 |
% |
|
$ |
2,563 |
|
|
4 |
% |
Sales |
|
(909 |
) |
|
(70) % |
|
|
(817 |
) |
|
(73) % |
|
|
643 |
|
8 |
% |
|
|
(1,228 |
) |
|
(18) % |
Service & Maintenance |
|
288 |
|
|
44 |
% |
|
|
145 |
|
|
34 |
% |
|
|
802 |
|
45 |
% |
|
|
967 |
|
|
51 |
% |
Total |
$ |
4,867 |
|
|
22 |
% |
|
$ |
(1,913 |
) |
|
(11) % |
|
$ |
14,917 |
|
18 |
% |
|
$ |
2,302 |
|
|
3 |
% |
|
Adjusted Gross Margin (1) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Rental |
$ |
11,271 |
|
|
55 |
% |
|
$ |
4,902 |
|
|
30 |
% |
|
$ |
36,715 |
|
49 |
% |
|
$ |
26,986 |
|
|
42 |
% |
Sales |
|
(842 |
) |
|
(65) % |
|
|
(748 |
) |
|
(66) % |
|
|
918 |
|
11 |
% |
|
|
(947 |
) |
|
(14) % |
Service & Maintenance |
|
298 |
|
|
45 |
% |
|
|
155 |
|
|
36 |
% |
|
|
835 |
|
47 |
% |
|
|
1,016 |
|
|
53 |
% |
Total |
$ |
10,727 |
|
|
48 |
% |
|
$ |
4,309 |
|
|
24 |
% |
|
$ |
38,468 |
|
45 |
% |
|
$ |
27,055 |
|
|
37 |
% |
(1) For a
reconciliation of adjusted gross margin to its most directly
comparable financial measure calculated and presented in accordance
GAAP, please read "Non-GAAP Financial Measures - Adjusted Gross
Margin" below.
Non-GAAP Financial Measure -
Adjusted Gross Margin: We define
“Adjusted Gross Margin” as total revenue less cost of sales
(excluding depreciation and amortization 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 and amortization
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,
operating income 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 December
31, |
|
Year ended December 31, |
|
(in thousands) |
|
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Total revenue |
$ |
22,520 |
|
|
$ |
18,029 |
|
|
$ |
84,825 |
|
|
$ |
72,420 |
|
Costs of revenue, exclusive of
depreciation and amortization |
|
(11,793 |
) |
|
|
(13,720 |
) |
|
|
(46,357 |
) |
|
|
(45,365 |
) |
Depreciation allocable to
costs of revenue |
|
(5,860 |
) |
|
|
(6,222 |
) |
|
|
(23,551 |
) |
|
|
(24,753 |
) |
Gross margin |
|
4,867 |
|
|
|
(1,913 |
) |
|
|
14,917 |
|
|
|
2,302 |
|
Depreciation allocable to
costs of revenue |
|
5,860 |
|
|
|
6,222 |
|
|
|
23,551 |
|
|
|
24,753 |
|
Adjusted Gross Margin |
$ |
10,727 |
|
|
$ |
4,309 |
|
|
$ |
38,468 |
|
|
$ |
27,055 |
|
Non-GAAP Financial Measures - Adjusted
EBITDA: “Adjusted EBITDA” reflects net income or loss
before interest, taxes, depreciation and amortization,
non-recurring severance expenses, non-cash stock compensation
expense, an increase in inventory allowance and write-off 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 (loss) income.
The following table reconciles our net (loss)
income, the most directly comparable GAAP financial measure, to
Adjusted EBITDA:
|
Three months ended December 31, |
|
Year ended December 31, |
|
(in thousands) |
|
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(756 |
) |
|
$ |
(5,614 |
) |
|
$ |
(569 |
) |
|
$ |
(9,183 |
) |
Interest expense |
|
291 |
|
|
|
25 |
|
|
|
364 |
|
|
|
65 |
|
Income tax expense (benefit) |
|
240 |
|
|
|
(2,178 |
) |
|
|
528 |
|
|
|
(2,603 |
) |
Depreciation and amortization |
|
5,997 |
|
|
|
6,387 |
|
|
|
24,116 |
|
|
|
25,397 |
|
Inventory allowance |
|
83 |
|
|
|
208 |
|
|
|
83 |
|
|
|
208 |
|
Retirement of rental equipment |
|
196 |
|
|
|
3,096 |
|
|
|
196 |
|
|
|
3,096 |
|
Severance expenses |
|
1,130 |
|
|
|
— |
|
|
|
2,537 |
|
|
|
— |
|
Stock compensation expense |
|
573 |
|
|
|
422 |
|
|
|
1,910 |
|
|
|
1,738 |
|
Adjusted EBITDA |
$ |
7,754 |
|
|
$ |
2,346 |
|
|
$ |
29,165 |
|
|
$ |
18,718 |
|
Conference Call Details:
Teleconference: Monday, April
3, 2023 at 9:00 a.m. Central (10:00 a.m. Eastern). Live
via phone by dialing 800-715-9871, conference ID
5410343. All attendees and participants to the
conference call should arrange to call in at least 5 minutes prior
to the start time.
Live Webcast: The webcast will
be available in listen only mode via our website www.ngsgi.com,
investor relations section.
Webcast Reply: For those unable
to attend or participate, a replay of the conference call will be
available within 24 hours on the NGS website at www.ngsgi.com.
Stephen C. Taylor, Interim President and CEO of
Natural Gas Services Group, Inc. will be leading the call and
discussing the financial results for the three months and year
ended December 31, 2022.
About Natural Gas Services Group, Inc.
(NGS): NGS is a leading provider of gas compression
equipment and services to the energy industry. The Company
manufactures, fabricates, rents, sells and maintains natural gas
compressors and flare systems for oil and natural gas production
and plant facilities. NGS is headquartered in Midland, Texas, with
fabrication facilities located in Tulsa, Oklahoma and 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.
Cautionary Note Regarding
Forward-Looking Statements:
Except for historical information contained
herein, the statements in this release are forward-looking and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties, which may cause
NGS's actual results in future periods to differ materially from
forecasted results. Those risks include, among other
things, the loss of market share through competition or otherwise;
the introduction of competing technologies by other companies; a
prolonged, substantial reduction in oil and gas prices which could
cause a decline in the demand for NGS's products and services; and
new governmental safety, health and environmental regulations and
social initiatives which could require NGS to make significant
capital expenditures or reduce our customers' demand for our
products and services. Any forward-looking statements included in
this press release are only made as of the date of this press
release, and NGS undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. A discussion of these factors is included in the
Company's most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission.
For More Information,
Contact: |
Investor Relations |
|
(432) 262-2700IR@ngsgi.com |
|
www.ngsgi.com |
NATURAL GAS SERVICES GROUP,
INC.CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited) |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
3,372 |
|
|
$ |
22,942 |
|
Trade accounts receivable, net of allowance for doubtful accounts
of $338 and $1,129, respectively |
|
14,668 |
|
|
|
10,389 |
|
Inventory |
|
23,414 |
|
|
|
19,329 |
|
Federal income tax receivable |
|
11,538 |
|
|
|
11,538 |
|
Prepaid income taxes |
|
10 |
|
|
|
51 |
|
Prepaid expenses and other |
|
1,145 |
|
|
|
854 |
|
Total current assets |
|
54,147 |
|
|
|
65,103 |
|
Long-Term Inventory, net of
allowance for obsolescence of $120 and $64, respectively |
|
1,557 |
|
|
|
1,582 |
|
Rental equipment, net of
accumulated depreciation of $177,729 and $172,563,
respectively |
|
246,450 |
|
|
|
206,985 |
|
Property and equipment, net of
accumulated depreciation of $16,981 and $15,784, respectively |
|
22,176 |
|
|
|
20,828 |
|
Right of use assets -
operating leases, net of accumulated amortization $721 and $555,
respectively |
|
349 |
|
|
|
285 |
|
Intangibles, net of
accumulated amortization of $2,259 and $2,134, respectively |
|
900 |
|
|
|
1,025 |
|
Other assets |
|
2,667 |
|
|
|
2,698 |
|
Total assets |
$ |
328,246 |
|
|
$ |
298,506 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
6,481 |
|
|
$ |
4,795 |
|
Accrued liabilities |
|
23,726 |
|
|
|
14,103 |
|
Current operating leases |
|
155 |
|
|
|
68 |
|
Deferred income |
|
37 |
|
|
|
1,312 |
|
Total current liabilities |
|
30,399 |
|
|
|
20,278 |
|
Credit facility |
|
25,000 |
|
|
|
— |
|
Deferred income tax
liability |
|
39,798 |
|
|
|
39,288 |
|
Long-term operating
leases |
|
194 |
|
|
|
217 |
|
Other long-term
liabilities |
|
2,779 |
|
|
|
2,813 |
|
Total liabilities |
|
98,170 |
|
|
|
62,596 |
|
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; 13,519 and 13,394 shares issued,
respectively |
|
135 |
|
|
|
134 |
|
Additional paid-in
capital |
|
115,411 |
|
|
|
114,017 |
|
Retained earnings |
|
129,534 |
|
|
|
130,103 |
|
Treasury shares, at cost,
1,310 and 775 shares, respectively |
|
(15,004 |
) |
|
|
(8,344 |
) |
Total stockholders' equity |
|
230,076 |
|
|
|
235,910 |
|
Total liabilities and stockholders' equity |
$ |
328,246 |
|
|
$ |
298,506 |
|
NATURAL GAS SERVICES GROUP,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
amounts)(unaudited) |
|
For the Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
Rental income |
$ |
74,465 |
|
|
$ |
63,624 |
|
Sales |
|
8,568 |
|
|
|
6,882 |
|
Service and maintenance
income |
|
1,792 |
|
|
|
1,914 |
|
Total revenue |
|
84,825 |
|
|
|
72,420 |
|
Operating costs and
expenses: |
|
|
|
Cost of rentals, exclusive of
depreciation stated separately below |
|
37,750 |
|
|
|
36,638 |
|
Cost of sales, exclusive of
depreciation stated separately below |
|
7,650 |
|
|
|
7,829 |
|
Cost of service and
maintenance, exclusive of depreciation stated separately below |
|
957 |
|
|
|
898 |
|
Selling, general and
administrative expenses |
|
13,642 |
|
|
|
10,762 |
|
Depreciation and
amortization |
|
24,116 |
|
|
|
25,397 |
|
Inventory allowance |
|
83 |
|
|
|
208 |
|
Retirement of rental
equipment |
|
196 |
|
|
|
3,096 |
|
Total operating costs and
expenses |
|
84,394 |
|
|
|
84,828 |
|
Operating income
(loss) |
|
431 |
|
|
|
(12,408 |
) |
Other income
(expense): |
|
|
|
Interest expense |
|
(364 |
) |
|
|
(65 |
) |
Other income |
|
(108 |
) |
|
|
687 |
|
Total other income, net |
|
(472 |
) |
|
|
622 |
|
Income (loss) before
income taxes: |
|
(41 |
) |
|
|
(11,786 |
) |
(Provision for) benefit from
income taxes: |
|
|
|
Current |
|
(17 |
) |
|
|
1 |
|
Deferred |
|
(511 |
) |
|
|
2,602 |
|
Total income tax benefit
(expense) |
|
(528 |
) |
|
|
2,603 |
|
Net loss |
$ |
(569 |
) |
|
$ |
(9,183 |
) |
Loss per share: |
|
|
|
Basic |
$ |
(0.05 |
) |
|
$ |
(0.70 |
) |
Diluted |
$ |
(0.05 |
) |
|
$ |
(0.70 |
) |
Weighted average shares outstanding: |
|
|
|
Basic |
|
12,305 |
|
|
|
13,100 |
|
Diluted |
|
12,305 |
|
|
|
13,100 |
|
NATURAL GAS SERVICES GROUP,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands, except per share
amounts)(unaudited) |
|
For the Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
Net loss |
$ |
(569 |
) |
|
$ |
(9,183 |
) |
Adjustments to
reconcile net loss to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
24,116 |
|
|
|
25,397 |
|
Amortization of debt issuance costs |
|
48 |
|
|
|
31 |
|
Deferred taxes |
|
510 |
|
|
|
(2,602 |
) |
Gain on disposal of assets |
|
(250 |
) |
|
|
(182 |
) |
Retirement of rental equipment |
|
196 |
|
|
|
3,096 |
|
Bad debt allowance |
|
— |
|
|
|
65 |
|
Inventory allowance |
|
83 |
|
|
|
208 |
|
Stock-based compensation |
|
1,910 |
|
|
|
1,738 |
|
(Gain) loss on company owned life insurance |
|
389 |
|
|
|
(298 |
) |
Changes in operating
assets and liabilities: |
|
|
|
Trade accounts receivables |
|
(4,279 |
) |
|
|
1,430 |
|
Inventory |
|
(4,143 |
) |
|
|
(1,277 |
) |
Prepaid income taxes and prepaid expenses |
|
(250 |
) |
|
|
(460 |
) |
Accounts payable and accrued liabilities |
|
11,309 |
|
|
|
9,756 |
|
Deferred income |
|
(1,275 |
) |
|
|
208 |
|
Other |
|
(31 |
) |
|
|
600 |
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES |
|
27,764 |
|
|
|
28,527 |
|
CASH FLOWS USED IN
INVESTING ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other equipment |
|
(65,122 |
) |
|
|
(25,710 |
) |
Purchase of company owned life insurance |
|
(329 |
) |
|
|
(150 |
) |
Proceeds from sale of property and equipment |
|
372 |
|
|
|
195 |
|
NET
CASH USED IN INVESTING ACTIVITIES |
|
(65,079 |
) |
|
|
(25,665 |
) |
CASH FLOWS USED IN
FINANCING ACTIVITIES: |
|
|
|
Proceeds from line of credit |
|
25,000 |
|
|
|
— |
|
Proceeds of other long-term liabilities |
|
(3 |
) |
|
|
(1 |
) |
Repayments of line of credit, net |
|
— |
|
|
|
(417 |
) |
Payments of debt issuance costs |
|
(77 |
) |
|
|
(237 |
) |
Purchase of treasury shares |
|
(6,660 |
) |
|
|
(7,854 |
) |
Taxes paid related to net share settlement of equity awards |
|
(515 |
) |
|
|
(336 |
) |
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES |
|
17,745 |
|
|
|
(8,845 |
) |
NET CHANGE IN CASH
AND CASH EQUIVALENTS |
|
(19,570 |
) |
|
|
(5,983 |
) |
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD |
|
22,942 |
|
|
|
28,925 |
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD |
$ |
3,372 |
|
|
$ |
22,942 |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Interest paid |
$ |
276 |
|
|
$ |
30 |
|
NON-CASH
TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$ |
229 |
|
|
$ |
— |
|
Natural Gas Services (NYSE:NGS)
Historical Stock Chart
From Apr 2024 to May 2024
Natural Gas Services (NYSE:NGS)
Historical Stock Chart
From May 2023 to May 2024