Second Quarter 2021 Highlights
- Rental revenue
of $15.6 million, an increase of 2% when compared to the first
quarter of 2021 and 3% when compared to the second quarter of
2020.
- 80 new
compression units set during the second quarter of 2021, including
a record 28 large horsepower units.
- Net loss of $1.9
million ($0.14 loss per basic and diluted share) a reduction of
$1.5 million when compared to the first quarter of 2021 and $2.1
million when compared to the second quarter of 2020.
- Adjusted EBITDA
of $4.5 million. Please see Non-GAAP Financial Measures - Adjusted
EBITDA, below.
- During the six
months ended June 30, 2021, the Company repurchased 175,007 shares
of common stock (approximately 1.3% of shares outstanding), with a
value of approximately $1.9 million, at an average purchase price
of $10.81 per share of common stock.
MIDLAND, Texas August 11, 2021 - Natural Gas
Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading
provider of natural gas compression equipment and services to the
energy industry, today announced financial results for the three
and six months ended June 30, 2021.
"The second quarter marked an important
inflection point for Natural Gas Services Group," said Stephen C.
Taylor, Chairman, President and Chief Executive Officer. "While we
continue to monitor the impact of the COVID pandemic, higher energy
prices and improved production activity led to an acceleration in
the deployment of rental compression. We set 80 new compressor
packages, including a record number of high-horsepower units which
will provide rental revenue with solid margins in the coming
quarters."
"While the increased activity provides a clear
path to improved revenues and profitability for our company, it
does not come without costs and logistical challenges," Taylor
added. "A portion of the initial deployment expenses are booked
before full quarterly rental revenue is realized which had a timing
impact on the quarter. In addition, to ensure we could meet the
service needs of all current and new customers, we experienced
higher rates of hiring and higher labor costs which had an impact
on expenses especially related to the deployment of new rental
equipment."
"Finally, customer-dictated deferred
maintenance, a result of the pandemic, and meaningful price
inflation across our business, from rare metals used in emissions
catalysts to consumables such as oil and antifreeze, also had an
impact on deployment and service expenses," said Taylor. "Going
forward we should be able to mitigate much of these costs through
rental rate and service pricing improvements."
"We continue to set and start-up new units,
albeit at a more moderate pace, which will further grow the
installed rental base in the second-half of the year," Taylor
concluded. "While that will also add setting and start-up expense
to our profile, it is transient and our vigilance and adjusted
pricing should help lessen the impact of the inflation experienced
as a result of the logistics and labor challenges brought about by
the increased activity."
Revenue: Total revenue for the
three months ended June 30, 2021 increased to $17.7 million from
$17.4 million for the three months ended June 30, 2020. This
increase was primarily due to an increase in rental and service and
maintenance revenues. Rental revenue increased 3.2% to $15.6
million in the second quarter of 2021 from $15.1 million in the
second quarter of 2020 due to increased horsepower utilization. As
of June 30, 2021 we had 1,245 units (287,365 horsepower) rented
units compared to 1,273 units (284,373 horsepower) rented units as
of June 30, 2020. Sequentially, total revenue decreased 3.5% in the
second quarter of 2021 compared to $18.4 million in the first
quarter of 2021 primarily due to a $1.9 million decrease in
compressor sales as we had no compressor sales during the three
months ended June 30, 2021.
Gross Margins:
Total gross margins decreased to $473,000 for the three months
ended June 30, 2021 compared to $2.7 million for the same period in
2020. Total adjusted gross margin, exclusive of depreciation, for
the three months ended June 30, 2021, decreased to $6.6 million
from $8.8 million for the same period ended June 30, 2020. This
decrease was primarily attributable to increased costs of rentals
primarily driven by significant increases in new set activity as
well as customer driven parts replacement activity, much of which
was delayed by the pandemic. For the newly set units, specifically
on our higher horsepower units, we typically incur higher costs at
initial deployment than our normal monthly run rates. During the
three months ended June 30, 2021, our Permian operating region set
over 50 units, 27 of which were 400 horse power or greater. These
cost increases were partially offset by increased rental revenues.
Sequentially, total gross margin decreased to $473,000 for the
three months ended June 30, 2021 compared to $2.4 million for the
three months ended March 31, 2021. Excluding depreciation, total
adjusted gross margin decreased to $6.6 million during the second
quarter of 2021 compared to $8.6 million during the first quarter
of 2021. This sequential decrease was primarily due to lower rental
margins driven by significant increases in new set activity as well
as customer driven parts replacement activity, much of which was
delayed by the pandemic. Please see discussions of Non-GAAP
Financial Measures - Adjusted Gross Margin, below.
Operating Loss: Operating loss
for the three months ended June 30, 2021 was $2.3 million compared
to an operating loss of $148,000 for the three months ended June
30, 2020. Operating loss increased due to decreased rental margins
as discussed above. Similarly, operating loss increased in the
second quarter of 2021 to $2.3 million from $369,000 during the
first quarter of 2021 due to decreased rental margins.
Net (Loss) Income: Net loss for
the three months ended June 30, 2021 was $1.9 million ($0.14 per
basic and diluted shares) compared to net income of $165,000 ($0.01
and $0.01 per basic and diluted shares, respectively) for the three
months ended June 30, 2020. The decrease in net income during the
second quarter of 2021 was mainly due to decreased rental margins
partially offset by a $339,000 income tax benefit related to an
increase in net operating losses that may be utilized to reduce
future taxable income. Sequentially, net loss during the second
quarter of 2021 of $1.9 million ($0.14 per basic and diluted
shares) compares to net loss of $394,000 ($0.03 per basic and
diluted shares) during the first quarter of 2021. This
sequential decrease was primarily due to decreased rental
margins.
Adjusted EBITDA: Adjusted
EBITDA decreased to $4.5 million for the three months ended June
30, 2021 from $7.1 million for the same period in 2020. This
decrease was primarily attributable to lower rental margins as well
as approximately $200,000 of higher health insurance expenses and
higher cash compensation expenses. Sequentially, adjusted EBITDA
decreased to $4.5 million for the three months ended June 30, 2021
from $6.3 million in the previous quarter. This increase was
attributable to lower rental margins combined with higher health
insurance expenses.
Cash flows: At June 30, 2021,
cash and cash equivalents were approximately $26.2 million, while
working capital was $57.9 million with no outstanding debt. For the
six months of 2021, cash flows from operating activities was $12.8
million, while cash flows used in investing activities was $12.6
million. Cash flows used in investing activities included $12.6
million in capital expenditures, of which $12.0 million was
dedicated to rental capital expenditures.
"As evidenced by our balance sheet, we continued
to operate without debt and maintained a strong cash profile,"
added Taylor. "In addition, we made a significant investment in our
own company, repurchasing over 175,000 shares of common stock
during the quarter, a prudent use of our capital given our current
equity value."
Selected data: The tables below
show, for the three and six months ended June 30, 2021 and 2020,
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 June 30, |
|
Six months ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ |
15,613 |
|
|
88 |
% |
|
$ |
15,131 |
|
|
87 |
% |
|
$ |
30,954 |
|
|
86 |
% |
|
$ |
31,231 |
|
|
88 |
% |
Sales |
1,573 |
|
|
9 |
% |
|
2,008 |
|
|
12 |
% |
|
4,284 |
|
|
12 |
% |
|
3,458 |
|
|
10 |
% |
Service & Maintenance |
563 |
|
|
3 |
% |
|
266 |
|
|
2 |
% |
|
908 |
|
|
2 |
% |
|
606 |
|
|
2 |
% |
Total |
$ |
17,749 |
|
|
|
|
$ |
17,405 |
|
|
|
|
$ |
36,146 |
|
|
|
|
$ |
35,295 |
|
|
|
|
Gross Margin |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Rental |
$ |
450 |
|
|
|
3 |
|
% |
|
$ |
2,432 |
|
|
16 |
% |
|
$ |
2,572 |
|
|
|
8 |
|
% |
|
$ |
4,629 |
|
|
|
15 |
% |
Sales |
(275 |
) |
|
|
(17 |
) |
% |
|
78 |
|
|
4 |
% |
|
(251 |
) |
|
|
(6 |
) |
% |
|
(283 |
) |
|
|
(8 |
)% |
Service & Maintenance |
298 |
|
|
|
53 |
|
% |
|
159 |
|
|
60 |
% |
|
586 |
|
|
|
65 |
|
% |
|
365 |
|
|
|
60 |
% |
Total |
$ |
473 |
|
|
|
3 |
|
% |
|
$ |
2,669 |
|
|
15 |
% |
|
$ |
2,907 |
|
|
|
8 |
|
% |
|
$ |
4,711 |
|
|
|
13 |
% |
|
Adjusted Gross Margin (1) |
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ |
6,531 |
|
|
|
42 |
|
% |
|
$ |
8,502 |
|
|
56 |
% |
|
$ |
14,715 |
|
|
|
48 |
|
% |
|
$ |
16,705 |
|
|
|
53 |
|
% |
Sales |
(204 |
) |
|
|
(13 |
) |
% |
|
148 |
|
|
7 |
% |
|
(108 |
) |
|
|
(3 |
) |
% |
|
(141 |
) |
|
|
(4 |
) |
% |
Service & Maintenance |
313 |
|
|
|
56 |
|
% |
|
166 |
|
|
62 |
% |
|
610 |
|
|
|
67 |
|
% |
|
381 |
|
|
|
63 |
|
% |
Total |
$ |
6,640 |
|
|
|
37 |
|
% |
|
$ |
8,816 |
|
|
51 |
% |
|
$ |
15,217 |
|
|
|
42 |
|
% |
|
$ |
16,945 |
|
|
|
48 |
|
% |
(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 June 30, |
|
Six months ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
|
(in thousands) |
Total revenue |
17,749 |
|
|
|
$ |
17,405 |
|
|
|
$ |
36,146 |
|
|
|
35,295 |
|
|
Costs of revenue, exclusive of
depreciation |
(11,109 |
) |
|
|
(8,589 |
) |
|
|
(20,929 |
) |
|
|
(18,350 |
) |
|
Depreciation allocable to
costs of revenue |
(6,167 |
) |
|
|
(6,147 |
) |
|
|
(12,310 |
) |
|
|
(12,234 |
) |
|
Gross margin |
473 |
|
|
|
2,669 |
|
|
|
2,907 |
|
|
|
4,711 |
|
|
Depreciation allocable to
costs of revenue |
6,167 |
|
|
|
6,147 |
|
|
|
12,310 |
|
|
|
12,234 |
|
|
Adjusted Gross Margin |
$ |
6,640 |
|
|
|
$ |
8,816 |
|
|
|
$ |
15,217 |
|
|
|
$ |
16,945 |
|
|
Non-GAAP Financial Measures - Adjusted
EBITDA: “Adjusted EBITDA” reflects net income or loss
before interest, taxes, depreciation and amortization, non-cash
stock compensation expense, impairment of goodwill, 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 (loss)
income, the most directly comparable GAAP financial measure, to
Adjusted EBITDA:
|
Three months ended June 30, |
|
Six months ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
|
(in thousands) |
Net (loss) income |
$ |
(1,918 |
) |
|
|
$ |
165 |
|
|
$ |
(2,313 |
) |
|
|
$ |
4,247 |
|
|
Interest expense |
14 |
|
|
|
8 |
|
|
16 |
|
|
|
11 |
|
|
Income tax expense
(benefit) |
(339 |
) |
|
|
57 |
|
|
(213 |
) |
|
|
(4,486 |
) |
|
Depreciation and
amortization |
6,326 |
|
|
|
6,301 |
|
|
12,623 |
|
|
|
12,541 |
|
|
Non-cash stock compensation
expense |
422 |
|
|
|
563 |
|
|
896 |
|
|
|
1,066 |
|
|
Adjusted EBITDA |
$ |
4,505 |
|
|
|
$ |
7,094 |
|
|
$ |
11,009 |
|
|
|
$ |
13,379 |
|
|
Conference Call Details:
Teleconference: Thursday,
August 12, 2021 at 10:00 a.m. Central (11:00 a.m.
Eastern). Live via phone by dialing 877-358-7306, pass
code “Natural Gas Services”. 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, President and CEO of Natural
Gas Services Group, Inc. will be leading the call and discussing
the financial results for the three and six months ended June 30,
2021.
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 combustion 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
potential impacts of the COVID-19 pandemic on the Company’s
business; 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 June 30, 2021, as filed with
the Securities and Exchange Commission.
For More Information, Contact: |
Alicia Dada, Investor Relations |
|
(432) 262-2700Alicia.Dada@ngsgi.com |
|
www.ngsgi.com |
NATURAL GAS SERVICES GROUP,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except per share
amounts)(unaudited) |
|
|
|
|
|
June 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
26,173 |
|
|
|
$ |
28,925 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts
of $1,203 and $1,161, respectively |
12,229 |
|
|
|
11,884 |
|
|
Inventory |
21,348 |
|
|
|
19,926 |
|
|
Federal income tax receivable |
11,538 |
|
|
|
11,538 |
|
|
Prepaid income taxes |
39 |
|
|
|
66 |
|
|
Prepaid expenses and other |
775 |
|
|
|
379 |
|
|
Total current assets |
72,102 |
|
|
|
72,718 |
|
|
Long-term inventory, net of
allowance for obsolescence of $37 and $221, respectively |
1,171 |
|
|
|
1,065 |
|
|
Rental equipment, net of
accumulated depreciation of $187,087 and $175,802,
respectively |
208,176 |
|
|
|
207,585 |
|
|
Property and equipment, net of
accumulated depreciation of $15,103 and $13,916, respectively |
21,180 |
|
|
|
21,749 |
|
|
Right of use assets -
operating leases, net of accumulated amortization of $465 and $356,
respectively |
375 |
|
|
|
483 |
|
|
Intangibles, net of
accumulated amortization of $2,071 and $2,008, respectively |
1,088 |
|
|
|
1,151 |
|
|
Other assets |
2,507 |
|
|
|
2,050 |
|
|
Total assets |
$ |
306,599 |
|
|
|
$ |
306,801 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
2,425 |
|
|
|
$ |
2,373 |
|
|
Accrued liabilities |
10,998 |
|
|
|
6,770 |
|
|
Line of credit |
— |
|
|
|
417 |
|
|
Current operating leases |
131 |
|
|
|
198 |
|
|
Deferred income |
693 |
|
|
|
1,103 |
|
|
Total current liabilities |
14,247 |
|
|
|
10,861 |
|
|
Deferred income tax
liability |
41,666 |
|
|
|
41,890 |
|
|
Long-term operating
leases |
244 |
|
|
|
285 |
|
|
Other long-term liabilities |
2,541 |
|
|
|
2,221 |
|
|
Total liabilities |
58,698 |
|
|
|
55,257 |
|
|
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; 13,394 and 13,296 shares issued,
respectively |
134 |
|
|
|
133 |
|
|
Additional paid-in capital |
113,175 |
|
|
|
112,615 |
|
|
Retained earnings |
136,974 |
|
|
|
139,286 |
|
|
Treasury Shares, at cost, 213
and 38 shares, respectively |
(2,382 |
) |
|
|
(490 |
) |
|
Total stockholders' equity |
247,901 |
|
|
|
251,544 |
|
|
Total liabilities and stockholders'
equity |
$ |
306,599 |
|
|
|
$ |
306,801 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
|
|
|
Three months ended |
|
June 30, |
|
2021 |
|
2020 |
Revenue: |
|
|
|
Rental income |
$ |
15,613 |
|
|
|
$ |
15,131 |
|
|
Sales |
1,573 |
|
|
|
2,008 |
|
|
Service and maintenance
income |
563 |
|
|
|
266 |
|
|
Total revenue |
17,749 |
|
|
|
17,405 |
|
|
Operating costs and
expenses: |
|
|
|
Cost of rentals, exclusive of
depreciation stated separately below |
9,082 |
|
|
|
6,629 |
|
|
Cost of sales, exclusive of
depreciation stated separately below |
1,777 |
|
|
|
1,860 |
|
|
Cost of service and
maintenance, exclusive of depreciation stated separately below |
250 |
|
|
|
100 |
|
|
Selling, general and
administrative expenses |
2,607 |
|
|
|
2,663 |
|
|
Depreciation and
amortization |
6,326 |
|
|
|
6,301 |
|
|
Total operating costs and expenses |
20,042 |
|
|
|
17,553 |
|
|
Operating
loss |
(2,293 |
) |
|
|
(148 |
) |
|
Other income
(expense): |
|
|
|
Interest expense |
(14 |
) |
|
|
(8 |
) |
|
Other income (expense),
net |
50 |
|
|
|
378 |
|
|
Total other income (expense), net |
36 |
|
|
|
370 |
|
|
Loss before provision
for income taxes |
(2,257 |
) |
|
|
222 |
|
|
Income tax (expense)
benefit |
339 |
|
|
|
(57 |
) |
|
Net (loss)
income |
$ |
(1,918 |
) |
|
|
$ |
165 |
|
|
(Loss) earnings per
share: |
|
|
|
Basic |
$ |
(0.14 |
) |
|
|
$ |
0.01 |
|
|
Diluted |
$ |
(0.14 |
) |
|
|
$ |
0.01 |
|
|
Weighted average shares outstanding: |
|
|
|
Basic |
13,305 |
|
|
|
13,237 |
|
|
Diluted |
13,305 |
|
|
|
13,480 |
|
|
NATURAL GAS SERVICES GROUP,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)(unaudited) |
|
Six months ended |
|
June 30, |
|
2021 |
|
2020 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net (loss)
income |
$ |
(2,313 |
) |
|
|
$ |
4,247 |
|
|
Adjustments to reconcile net (loss) income to
net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
12,623 |
|
|
|
12,541 |
|
|
Amortization of debt issuance costs |
7 |
|
|
|
— |
|
|
Deferred income taxes |
(224 |
) |
|
|
399 |
|
|
Stock-based compensation |
896 |
|
|
|
1,066 |
|
|
Bad debt allowance |
65 |
|
|
|
63 |
|
|
Gain on sale of assets |
— |
|
|
|
(273 |
) |
|
Loss (gain) on company owned life insurance |
(188 |
) |
|
|
92 |
|
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivables |
(410 |
) |
|
|
(2,631 |
) |
|
Inventory |
(1,543 |
) |
|
|
5,262 |
|
|
Federal income tax receivable |
— |
|
|
|
(14,992 |
) |
|
Prepaid expenses and prepaid income taxes |
(369 |
) |
|
|
(95 |
) |
|
Accounts payable and accrued liabilities |
4,281 |
|
|
|
(536 |
) |
|
Deferred income |
(410 |
) |
|
|
(515 |
) |
|
Deferred tax liability increase due to tax law change |
— |
|
|
|
10,103 |
|
|
Other |
337 |
|
|
|
71 |
|
|
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
12,752 |
|
|
|
14,802 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other equipment |
(12,567 |
) |
|
|
(10,989 |
) |
|
Purchase of company owned life insurance |
(55 |
) |
|
|
(196 |
) |
|
Proceeds from sale of property and equipment |
— |
|
|
|
383 |
|
|
Proceeds from sale of deferred compensation mutual fund |
— |
|
|
|
10 |
|
|
NET CASH USED IN
INVESTING ACTIVITIES |
(12,622 |
) |
|
|
(10,792 |
) |
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Proceeds from loan |
— |
|
|
|
4,601 |
|
|
Repayment of loan |
— |
|
|
|
(4,601 |
) |
|
Payments of other long-term liabilities, net |
(1 |
) |
|
|
(2 |
) |
|
Repayments of long-term debt |
(237 |
) |
|
|
— |
|
|
Repayments of line of credit |
(417 |
) |
|
|
— |
|
|
Purchase of treasury shares |
(1,892 |
) |
|
|
— |
|
|
Taxes paid related to net share settlement of equity awards |
(335 |
) |
|
|
(149 |
) |
|
NET CASH USED IN
FINANCING ACTIVITIES |
(2,882 |
) |
|
|
(151 |
) |
|
NET CHANGE IN CASH AND
CASH EQUIVALENTS |
(2,752 |
) |
|
|
3,859 |
|
|
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD |
28,925 |
|
|
|
11,592 |
|
|
CASH AND CASH EQUIVALENTS
AT END OF PERIOD |
$ |
26,173 |
|
|
|
$ |
15,451 |
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION: |
|
|
|
Interest paid |
$ |
9 |
|
|
|
$ |
11 |
|
|
Income taxes paid |
$ |
— |
|
|
|
$ |
63 |
|
|
NON-CASH
TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$ |
— |
|
|
|
$ |
5 |
|
|
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