Third Quarter
2023 Highlights
- Rental revenue
of $27.7 million, an increase of 49% when compared to the third
quarter of 2022 and 15% when compared to the second quarter of
2023.
- Net income of
$2.2 million, or $0.18 per basic share, as compared to a net loss
of $80,000 in the third quarter of 2022 and net income of $504,000
in the second quarter of 2023.
- Adjusted EBITDA
of $11.8 million, compared to $7.7 million in the third quarter of
2022 and $9.9 million in the second quarter of 2023. Please see
Non-GAAP Financial Measures - Adjusted EBITDA, below.
MIDLAND, Texas November 14, 2023 (GLOBE
NEWSWIRE) 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
September 30, 2023.
Commenting on the
quarter, Stephen C. Taylor our Chairman and Interim Chief Executive
Officer, added “We had a very successful third quarter. Our total
revenue increased over 16% from the prior quarter with a year over
year increase of 42%. These increases were lead by rental revenues
that grew by $3.6 million, or 15%, sequentially and $9.1 million,
or 49%, when compared to last year’s third quarter. Sales and
Aftermarket Services revenue, combined being about 12% of total
revenue, grew sequentially by approximately $0.8 million or 28%.
Between the second and third quarters of this year, total gross
margins grew by 14%. From the prior quarter, SG&A declined by
over $2 million or 41% and operating income was up almost six times
to $4.9 million. Sequential net income increased by over three
times from the prior quarter and EBITDA grew 19% to $11.8 million.
In the comparative year over year periods we saw similar growth
dynamics and cost savings. Our 2023 capital program is proceeding
as planned and, as we experienced in the last quarter, is
continuing to show exceptional and positive financial impact.”
Revenue: Total revenue for the
three months ended September 30, 2023 increased 42.3% to $31.4
million from $22.0 million for the three months ended September 30,
2022. This increase was due primarily to an increase in rental
revenues. Rental revenue increased 48.7% to $27.7 million in the
third quarter of 2023, from $18.6 million in the third quarter of
2022 due to the addition of higher horsepower packages and pricing
improvements. As of September 30, 2023, we had 1,233 rented
units (400,727 horsepower) compared to 1,196 rented units (305,953
horsepower) as of September 30, 2022, reflecting a 31.0% increase
in total horsepower deployed. Sequentially, total revenue increased
16.4% to $31.4 million in the third quarter of 2023 compared to
$27.0 million in the second quarter of 2023 primarily due to
increases in rental revenues.
Gross Margins: Total gross
margins, including depreciation increased to $7.9 million for the
three months ended September 30, 2023, compared to $3.9
million for the same period in 2022 and $6.5 million for the three
months ended June 30, 2023. Total adjusted gross margin,
exclusive of depreciation, for the three months ended
September 30, 2023, increased to $14.6 million compared to
$9.8 million for the three months ended September 30, 2022 and
$12.8 million for the second quarter of 2023. These increases are
primarily attributable to increased rental revenues and rental
gross margin.
Operating Income: Operating
income for the three months ended September 30, 2023 was $4.9
million compared to an operating loss of $294,000 for the three
months ended September 30, 2022 and operating income of $712,000
during the second quarter of 2023. Operating income in the three
months ending June 30, 2023 was negatively impacted by a $779,000
non cash impairment expense relating to software.
Net Income: Net income for the
three months ended September 30, 2023, was $2.2 million, or
$0.18 per basic share compared to a net loss of $80,000 or $0.01
per basic share for the three months ended September 30, 2022. The
increase in net income during the third quarter of 2023 was mainly
due to increased rental revenue and gross margin and a decrease in
selling, general and administrative expenses ("SG&A").
Sequentially, net income was $504,000 or $0.04 per basic share
during the second quarter of 2023. This sequential improvement of
$1.7 million was primarily due to higher rental revenue and lower
SG&A and impairment costs.
Adjusted EBITDA: Adjusted
EBITDA increased 53.1% to $11.8 million for the three months ended
September 30, 2023, from $7.7 million for the same period in
2022. This increase was primarily attributable to higher revenues
and adjusted gross margins. Sequentially, adjusted EBITDA increased
19.8% to $11.8 million for the three months ended
September 30, 2023, compared to adjusted EBITDA of $9.9
million for the three months ended June 30, 2023.
Cash flows: At
September 30, 2023, cash and cash equivalents were
approximately $0.2 million, while working capital was $22.1
million. For the nine months of 2023, cash flows from operating
activities were $25.7 million, while cash flows used in investing
activities was $128.7 million. Cash flow used in investing
activities included $128.6 million in capital expenditures, of
which $126.4 million was dedicated to rental capital
expenditures.
Debt: Outstanding debt on our
revolving credit facility as of September 30, 2023 was $128
million. Our leverage ratio at September 30, 2023 was 2.71 and
our fixed charge coverage ratio was 2.76. The company is in
compliance with all terms, conditions and covenants of the credit
agreement.
Selected data: The tables below
show, the nine months ended September 30, 2023 and 2022,
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 September
30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
Rental |
$ |
27,705 |
|
88 |
% |
|
$ |
18,631 |
|
85 |
% |
|
$ |
74,533 |
|
88 |
% |
|
$ |
53,905 |
|
86 |
% |
Sales |
|
1,413 |
|
5 |
% |
|
|
3,086 |
|
14 |
% |
|
|
6,000 |
|
7 |
% |
|
|
7,270 |
|
12 |
% |
Aftermarket services |
|
2,251 |
|
7 |
% |
|
|
326 |
|
1 |
% |
|
|
4,413 |
|
5 |
% |
|
|
1,129 |
|
2 |
% |
Total |
$ |
31,369 |
|
|
|
$ |
22,043 |
|
|
|
$ |
84,946 |
|
|
|
$ |
62,304 |
|
|
|
Gross Margin |
|
Three months ended September
30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
Rental |
$ |
7,683 |
|
|
28 |
% |
|
$ |
2,844 |
|
15 |
% |
|
$ |
19,408 |
|
|
26 |
% |
|
$ |
7,985 |
|
15 |
% |
Sales |
|
(156 |
) |
|
(11 |
)% |
|
|
932 |
|
30 |
% |
|
|
(811 |
) |
|
(14 |
)% |
|
|
1,550 |
|
21 |
% |
Aftermarket services |
|
373 |
|
|
17 |
% |
|
|
134 |
|
41 |
% |
|
|
919 |
|
|
21 |
% |
|
|
513 |
|
45 |
% |
Total |
$ |
7,900 |
|
|
25 |
% |
|
$ |
3,910 |
|
18 |
% |
|
$ |
19,516 |
|
|
23 |
% |
|
$ |
10,048 |
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Gross Margin (1) |
|
Three months ended September
30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
Rental |
$ |
14,243 |
|
|
51 |
% |
|
$ |
8,643 |
|
46 |
% |
|
$ |
38,083 |
|
|
51 |
% |
|
$ |
25,445 |
|
47 |
% |
Sales |
|
(92 |
) |
|
(7) % |
|
|
1,003 |
|
33 |
% |
|
|
(618 |
) |
|
(10) % |
|
|
1,758 |
|
24 |
% |
Aftermarket services |
|
405 |
|
|
18 |
% |
|
|
140 |
|
43 |
% |
|
|
989 |
|
|
22 |
% |
|
|
536 |
|
47 |
% |
Total |
$ |
14,556 |
|
|
46 |
% |
|
$ |
9,786 |
|
44 |
% |
|
$ |
38,454 |
|
|
45 |
% |
|
$ |
27,739 |
|
45 |
% |
(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 September
30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(in thousands) |
|
(in thousands) |
Total revenue |
$ |
31,369 |
|
|
$ |
22,043 |
|
|
$ |
84,946 |
|
|
|
62,304 |
|
Costs of revenue, exclusive of depreciation |
|
(16,813 |
) |
|
|
(12,257 |
) |
|
|
(46,492 |
) |
|
|
(34,565 |
) |
Depreciation allocable to costs of revenue |
|
(6,656 |
) |
|
|
(5,876 |
) |
|
|
(18,938 |
) |
|
|
(17,691 |
) |
Gross margin |
|
7,900 |
|
|
|
3,910 |
|
|
|
19,516 |
|
|
|
10,048 |
|
Depreciation allocable to costs of revenue |
|
6,656 |
|
|
|
5,876 |
|
|
|
18,938 |
|
|
|
17,691 |
|
Adjusted Gross Margin |
$ |
14,556 |
|
|
$ |
9,786 |
|
|
$ |
38,454 |
|
|
$ |
27,739 |
|
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 September
30, |
|
Nine months ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
(in thousands) |
|
(in thousands) |
Net income |
$ |
2,171 |
|
$ |
(80 |
) |
|
$ |
3,045 |
|
$ |
187 |
Interest expense |
|
1,600 |
|
|
25 |
|
|
|
1,785 |
|
|
74 |
Income tax expense (benefit) |
|
1,046 |
|
|
(73 |
) |
|
|
1,442 |
|
|
288 |
Depreciation and amortization |
|
6,807 |
|
|
6,016 |
|
|
|
19,390 |
|
|
18,118 |
Non-cash stock compensation expense |
|
209 |
|
|
583 |
|
|
|
1,826 |
|
|
1,337 |
Severance expenses |
|
— |
|
|
1,258 |
|
|
|
1,224 |
|
|
1,407 |
Impairment expense |
|
— |
|
|
— |
|
|
|
779 |
|
|
— |
Adjusted EBITDA |
$ |
11,833 |
|
$ |
7,729 |
|
|
$ |
29,491 |
|
$ |
21,411 |
Conference Call Details: The
Company will host its earnings conference call on Wednesday,
November 15, 2023, at 10:00am CDT (11:00am EDT). To listen to the
call, participants should access the webcast on www.ngsgi.com under
the Investor Relations section. To participate, please call (800)
550-9745 using conference ID 167298 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.
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 compression technology for oil and natural
gas upstream providers and midstream facilities. NGS is
headquartered in Midland with manufacturing and fabrication
facilities located in Tulsa, and Midland. The Company maintains
service facilities in major energy 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: a prolonged,
substantial reduction in oil and natural gas prices which could
cause a decline in the demand for NGS's products and services; the
loss of market share through competition or otherwise; the
introduction of competing technologies by other companies; and new
governmental safety, health and environmental regulations which
could require NGS to make significant capital expenditures. The
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, as well as the Company’s Form 10-Q for the quarterly
period ended September 30, 2023, as filed with the Securities
and Exchange Commission.
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) |
|
|
|
|
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current Assets: |
|
|
|
Cash and cash equivalents |
$ |
197 |
|
|
$ |
3,372 |
|
Trade accounts receivable, net of allowance for doubtful accounts
of $529 and $338, respectively |
|
28,041 |
|
|
|
14,668 |
|
Inventory |
|
26,115 |
|
|
|
23,414 |
|
Federal income tax receivable (Note 4) |
|
11,538 |
|
|
|
11,538 |
|
Prepaid income taxes |
|
— |
|
|
|
10 |
|
Prepaid expenses and other |
|
1,436 |
|
|
|
1,145 |
|
Total current assets |
|
67,327 |
|
|
|
54,147 |
|
Long-term inventory, net of allowance for obsolescence of $40 and
$120, respectively |
|
2,172 |
|
|
|
1,557 |
|
Rental equipment, net of accumulated depreciation of $193,795 and
$177,729, respectively |
|
355,382 |
|
|
|
246,450 |
|
Property and equipment, net of accumulated depreciation of $17,737
and $16,981, respectively |
|
21,074 |
|
|
|
22,176 |
|
Right of use assets - operating leases, net of accumulated
amortization $864 and $721, respectively |
|
261 |
|
|
|
349 |
|
Intangibles, net of accumulated amortization of $2,353 and $2,259,
respectively |
|
806 |
|
|
|
900 |
|
Other assets |
|
4,791 |
|
|
|
2,667 |
|
Total assets |
$ |
451,813 |
|
|
$ |
328,246 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current Liabilities: |
|
|
|
Accounts payable |
$ |
30,550 |
|
|
$ |
6,481 |
|
Accrued liabilities |
|
14,608 |
|
|
|
23,726 |
|
Current operating leases |
|
98 |
|
|
|
155 |
|
Deferred income |
|
— |
|
|
|
37 |
|
Total current liabilities |
|
45,256 |
|
|
|
30,399 |
|
Long-term debt |
|
128,000 |
|
|
|
25,000 |
|
Deferred income tax liability |
|
41,206 |
|
|
|
39,798 |
|
Long-term operating leases |
|
163 |
|
|
|
194 |
|
Other long-term liabilities |
|
3,223 |
|
|
|
2,779 |
|
Total liabilities |
|
217,848 |
|
|
|
98,170 |
|
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; 13,688 and
13,519 shares issued, respectively |
|
136 |
|
|
|
135 |
|
Additional paid-in capital |
|
116,254 |
|
|
|
115,411 |
|
Retained earnings |
|
132,579 |
|
|
|
129,534 |
|
Treasury shares, at cost, 1,310 shares |
|
(15,004 |
) |
|
|
(15,004 |
) |
Total stockholders' equity |
|
233,965 |
|
|
|
230,076 |
|
Total liabilities and stockholders' equity |
$ |
451,813 |
|
|
$ |
328,246 |
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Rental income |
$ |
27,705 |
|
|
$ |
18,631 |
|
|
$ |
74,533 |
|
|
$ |
53,905 |
|
Sales |
|
1,413 |
|
|
|
3,086 |
|
|
|
6,000 |
|
|
|
7,270 |
|
Aftermarket services |
|
2,251 |
|
|
|
326 |
|
|
|
4,413 |
|
|
|
1,129 |
|
Total revenue |
|
31,369 |
|
|
|
22,043 |
|
|
|
84,946 |
|
|
|
62,304 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
Cost of rentals, exclusive of depreciation stated separately
below |
|
13,462 |
|
|
|
9,988 |
|
|
|
36,450 |
|
|
|
28,460 |
|
Cost of sales, exclusive of depreciation stated separately
below |
|
1,505 |
|
|
|
2,083 |
|
|
|
6,618 |
|
|
|
5,512 |
|
Cost of aftermarket services, exclusive of depreciation stated
separately below |
|
1,846 |
|
|
|
186 |
|
|
|
3,424 |
|
|
|
593 |
|
Selling, general and administrative expenses |
|
2,845 |
|
|
|
4,064 |
|
|
|
12,267 |
|
|
|
8,875 |
|
Depreciation and amortization |
|
6,807 |
|
|
|
6,016 |
|
|
|
19,390 |
|
|
|
18,118 |
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
779 |
|
|
|
— |
|
Total operating costs and expenses |
|
26,465 |
|
|
|
22,337 |
|
|
|
78,928 |
|
|
|
61,558 |
|
Operating income (expense) |
|
4,904 |
|
|
|
(294 |
) |
|
|
6,018 |
|
|
|
746 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
|
(1,600 |
) |
|
|
(25 |
) |
|
|
(1,785 |
) |
|
|
(74 |
) |
Other income (expense), net |
|
(87 |
) |
|
|
166 |
|
|
|
254 |
|
|
|
(197 |
) |
Total other income (expense), net |
|
(1,687 |
) |
|
|
141 |
|
|
|
(1,531 |
) |
|
|
(271 |
) |
Income (loss) before provision for income
taxes |
|
3,217 |
|
|
|
(153 |
) |
|
|
4,487 |
|
|
|
475 |
|
Income tax benefit (expense) |
|
(1,046 |
) |
|
|
73 |
|
|
|
(1,442 |
) |
|
|
(288 |
) |
Net income (loss) |
$ |
2,171 |
|
|
$ |
(80 |
) |
|
$ |
3,045 |
|
|
$ |
187 |
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.25 |
|
|
$ |
0.02 |
|
Diluted |
$ |
0.18 |
|
|
$ |
(0.01 |
) |
|
$ |
0.25 |
|
|
$ |
0.02 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
12,378 |
|
|
|
12,192 |
|
|
|
12,295 |
|
|
|
12,344 |
|
Diluted |
|
12,403 |
|
|
|
12,192 |
|
|
|
12,372 |
|
|
|
12,434 |
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
Nine months ended |
|
September 30, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income |
$ |
3,045 |
|
|
$ |
187 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
|
19,390 |
|
|
|
18,118 |
|
Amortization of debt issuance costs |
|
287 |
|
|
|
35 |
|
Deferred income tax expense |
|
1,408 |
|
|
|
285 |
|
Stock-based compensation |
|
1,826 |
|
|
|
1,337 |
|
Bad debt allowance |
|
199 |
|
|
|
— |
|
Impairment expense |
|
779 |
|
|
|
— |
|
Gain on sale of assets |
|
(281 |
) |
|
|
(106 |
) |
Loss (gain) on company owned life insurance |
|
49 |
|
|
|
551 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivables |
|
(13,572 |
) |
|
|
(2,210 |
) |
Inventory |
|
(2,608 |
) |
|
|
(2,576 |
) |
Prepaid expenses and prepaid income taxes |
|
(281 |
) |
|
|
(417 |
) |
Accounts payable and accrued liabilities |
|
14,951 |
|
|
|
6,592 |
|
Deferred income |
|
(37 |
) |
|
|
(1,312 |
) |
Other |
|
543 |
|
|
|
(309 |
) |
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
25,698 |
|
|
|
20,175 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other equipment |
|
(128,563 |
) |
|
|
(35,250 |
) |
Purchase of company owned life insurance |
|
(378 |
) |
|
|
(272 |
) |
Proceeds from sale of property and equipment |
|
231 |
|
|
|
167 |
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(128,710 |
) |
|
|
(35,355 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from loan |
|
103,000 |
|
|
|
2,000 |
|
Payments of other long-term liabilities, net |
|
(50 |
) |
|
|
(2 |
) |
Payments of debt issuance cost |
|
(2,131 |
) |
|
|
— |
|
Purchase of treasury shares |
|
— |
|
|
|
(6,660 |
) |
Taxes paid related to net share settlement of equity awards |
|
(982 |
) |
|
|
(515 |
) |
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES |
|
99,837 |
|
|
|
(5,177 |
) |
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(3,175 |
) |
|
|
(20,357 |
) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD |
|
3,372 |
|
|
|
22,942 |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
197 |
|
|
$ |
2,585 |
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION: |
|
|
|
Interest paid |
$ |
4,347 |
|
|
$ |
25 |
|
NON-CASH TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$ |
63 |
|
|
$ |
91 |
|
Transfer of rental equipment to inventory |
$ |
708 |
|
|
$ |
— |
|
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