Third Quarter 2021
Highlights
- Rental revenue
of $16.2 million, an increase of 4% when compared to the second
quarter of 2021 and 9% when compared to the third quarter of
2020.
- Net loss of $1.3
million ($0.10 loss per basic and diluted share) an improvement of
$0.7 million when compared to the second quarter of 2021 and an
increase in net loss of $0.7 million when compared to the third
quarter of 2020.
- Adjusted EBITDA
of $5.4 million an increase of 19% when compared to the second
quarter of 2021 and a decrease of 13% when compared to the third
quarter of 2020. Please see Non-GAAP Financial Measures - Adjusted
EBITDA, below.
- During the nine
months ended September 30, 2021, the Company repurchased 432,731
shares of common stock (approximately 3.2% of shares outstanding),
with a value of approximately $4.4 million, at an average purchase
price of $10.24 per share of common stock.
MIDLAND, Texas November 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 nine months ended September 30, 2021.
"Building on the strong foundation of the first
six months of the year, our core compression business continued to
recover and grow in the third quarter, our third consecutive
quarter of growth,” said Stephen C. Taylor, Chairman, President and
Chief Executive Officer. “Compression rental revenue grew 4%
sequentially and 9% on an annual basis, driven by both an increase
in rental horsepower as well as modest pricing improvement. In
fact, rental revenues this quarter now exceed our pre-pandemic
level.”
“While producers remain conservative in capital
commitments, we continue to see steady growth in oilfield activity
which creates opportunities for new compression business,” Taylor
noted. “We expect that trend to continue in the fourth quarter and
into the coming year. Like every other energy service and
industrial company, we are feeling the impact of supply chain
issues and inflationary pressures. While we are
fortunate in that we control our own fabrication process, we have
and are likely to continue to have to navigate the challenges of
supply chain disruptions and raw material inflation.”
“We are optimistic about continued business development
opportunities into the new year,” Taylor concluded. “And, we
continue to believe our strong balance sheet provides meaningful
flexibility to create durable value for our shareholders, including
through our share repurchase program. Year-to-date, through
September 30, we have repurchased over 430,000 shares, over 3% of
our outstanding shares."
Revenue: Total revenue for the
three months ended September 30, 2021 increased to $18.2 million
from $15.8 million for the three months ended September 30, 2020.
This increase was due to an increase in rental, sales and service
and maintenance revenues. Rental revenue increased 9.0% to $16.2
million in the third quarter of 2021 from $14.9 million in the
third quarter of 2020 due to the increased deployment of rental
units, primarily higher horsepower packages. As of September 30,
2021 we had 1,221 rented units (288,706 horsepower) compared to
1,278 rented units (286,488 horsepower) as of September 30, 2020.
Sequentially, total revenue increased 2.8% in the third quarter of
2021 compared to $17.7 million in the second quarter of 2021
primarily due to a $582,000 increase in rental revenues during the
three months ended September 30, 2021.
Gross Margins:
Total gross margins decreased to $1.3 million for the three months
ended September 30, 2021 compared to $1.7 million for the same
period in 2020. Total adjusted gross margin, exclusive of
depreciation, for the three months ended September 30, 2021,
decreased to $7.5 million from $7.9 million for the same period
ended September 30, 2020. This decrease was primarily attributable
to increased costs of rentals primarily driven by increased repair
and maintenance costs and increases in new compression unit set
costs. These cost increases were partially offset by increased
rental revenues. Sequentially, total gross margin increased to $1.3
million for the three months ended September 30, 2021 compared to
$0.5 million for the three months ended June 30, 2021. Excluding
depreciation, total adjusted gross margin increased to $7.5 million
during the third quarter of 2021 compared to $6.6 million during
the second quarter of 2021. This sequential increase was primarily
due to lower rental margins in the preceding quarter driven by
significant increases in new compression unit set costs 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 September 30, 2021 was $1.6 million
compared to an operating loss of $941,000 for the three months
ended September 30, 2020. Operating loss increased due to decreased
rental margins, a result of increased repair and maintenance
expense as well as increases in new compression unit set costs.
Similarly, operating loss decreased in the third quarter of 2021 to
$1.6 million from $2.3 million during the second quarter of 2021
due to increased revenue and rental margins.
Net (Loss) Income: Net loss for
the three months ended September 30, 2021 was $1.3 million ($0.10
per basic and diluted shares) compared to net loss of $562,000
($(0.04) per basic and diluted shares) for the three months ended
September 30, 2020. The increase in net loss during the third
quarter of 2021 was mainly due to decreased rental margins
partially offset by a $212,000 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 third
quarter of 2021 of $1.3 million ($0.10 per basic and diluted
shares) compares to net loss of $1,918,000 ($0.14 per basic and
diluted shares) during the second quarter of 2021. This sequential
improvement was primarily due to increased revenue and rental
margins.
Adjusted EBITDA: Adjusted
EBITDA decreased to $5.4 million for the three months ended
September 30, 2021 from $6.2 million for the same period in 2020.
This decrease was primarily attributable to lower rental margins as
well as higher accrual expenses. Sequentially, adjusted EBITDA
increased to $5.4 million for the three months ended September 30,
2021 from $4.5 million in the previous quarter. This increase was
primarily attributable to higher rental revenues and margins.
Cash flows: At September 30,
2021, cash and cash equivalents were approximately $24.4 million,
while working capital was $54.1 million with no outstanding debt.
For the nine months of 2021, cash flows from operating activities
was $20.0 million, while cash flows used in investing activities
was $19.0 million. Cash flows used in investing activities included
$19.1 million in capital expenditures, of which $17.9 million was
dedicated to rental capital expenditures. In addition, the Company
used $4.4 million of cash to repurchase 432,731 shares of common
stock on the open market.
Selected data: The tables below
show, for the three and nine months ended September 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 September 30, |
|
Nine months ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ |
16,195 |
|
|
89 |
% |
|
$ |
14,861 |
|
|
94 |
% |
|
$ |
47,149 |
|
|
87 |
% |
|
$ |
46,092 |
|
|
90 |
% |
Sales |
1,472 |
|
|
8 |
% |
|
536 |
|
|
4 |
% |
|
5,756 |
|
|
10 |
% |
|
3,994 |
|
|
8 |
% |
Service & Maintenance |
578 |
|
|
3 |
% |
|
368 |
|
|
2 |
% |
|
1,486 |
|
|
3 |
% |
|
974 |
|
|
2 |
% |
Total |
$ |
18,245 |
|
|
|
|
$ |
15,765 |
|
|
|
|
$ |
54,391 |
|
|
|
|
$ |
51,060 |
|
|
|
|
Gross Margin |
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Rental |
$ |
1,231 |
|
|
|
8 |
|
% |
|
$ |
2,018 |
|
|
|
14 |
|
% |
|
$ |
3,804 |
|
|
|
8 |
|
% |
|
$ |
6,648 |
|
|
|
14 |
% |
Sales |
(160 |
) |
|
|
(11 |
) |
% |
|
(530 |
) |
|
|
(99 |
) |
% |
|
(411 |
) |
|
|
(7 |
) |
% |
|
(813 |
) |
|
|
(20 |
)% |
Service & Maintenance |
236 |
|
|
|
41 |
|
% |
|
219 |
|
|
|
60 |
|
% |
|
822 |
|
|
|
55 |
|
% |
|
585 |
|
|
|
60 |
% |
Total |
$ |
1,307 |
|
|
|
7 |
|
% |
|
$ |
1,707 |
|
|
|
11 |
|
% |
|
$ |
4,215 |
|
|
|
8 |
|
% |
|
$ |
6,420 |
|
|
|
13 |
% |
|
Adjusted Gross Margin (1) |
|
Three months ended September
30, |
|
Nine months ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ |
7,369 |
|
|
|
46 |
|
% |
|
$ |
8,101 |
|
|
|
55 |
|
% |
|
$ |
22,084 |
|
|
|
47 |
|
% |
|
$ |
24,806 |
|
|
|
54 |
|
% |
Sales |
(91 |
) |
|
|
(6 |
) |
% |
|
(461 |
) |
|
|
(86 |
) |
% |
|
(199 |
) |
|
|
(3 |
) |
% |
|
(602 |
) |
|
|
(15 |
) |
% |
Service & Maintenance |
251 |
|
|
|
43 |
|
% |
|
230 |
|
|
|
63 |
|
% |
|
861 |
|
|
|
58 |
|
% |
|
611 |
|
|
|
63 |
|
% |
Total |
$ |
7,529 |
|
|
|
41 |
|
% |
|
$ |
7,870 |
|
|
|
50 |
|
% |
|
$ |
22,746 |
|
|
|
42 |
|
% |
|
$ |
24,815 |
|
|
|
49 |
|
% |
(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, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
|
(in thousands) |
Total revenue |
18,245 |
|
|
|
$ |
15,765 |
|
|
|
$ |
54,391 |
|
|
|
51,060 |
|
|
Costs of revenue, exclusive of
depreciation |
(10,716 |
) |
|
|
(7,895 |
) |
|
|
(31,645 |
) |
|
|
(26,245 |
) |
|
Depreciation allocable to
costs of revenue |
(6,222 |
) |
|
|
(6,163 |
) |
|
|
(18,531 |
) |
|
|
(18,395 |
) |
|
Gross margin |
1,307 |
|
|
|
1,707 |
|
|
|
4,215 |
|
|
|
6,420 |
|
|
Depreciation allocable to
costs of revenue |
6,222 |
|
|
|
6,163 |
|
|
|
18,531 |
|
|
|
18,395 |
|
|
Adjusted Gross Margin |
$ |
7,529 |
|
|
|
$ |
7,870 |
|
|
|
$ |
22,746 |
|
|
|
$ |
24,815 |
|
|
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 September 30, |
|
Nine months ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
|
(in thousands) |
Net (loss) income |
$ |
(1,257 |
) |
|
|
$ |
(562 |
) |
|
|
$ |
(3,569 |
) |
|
|
$ |
3,685 |
|
|
Interest expense |
25 |
|
|
|
2 |
|
|
|
40 |
|
|
|
13 |
|
|
Income tax benefit |
(212 |
) |
|
|
(167 |
) |
|
|
(425 |
) |
|
|
(4,653 |
) |
|
Depreciation and
amortization |
6,387 |
|
|
|
6,318 |
|
|
|
19,010 |
|
|
|
18,859 |
|
|
Non-cash stock compensation
expense |
420 |
|
|
|
563 |
|
|
|
1,316 |
|
|
|
1,629 |
|
|
Adjusted EBITDA |
$ |
5,363 |
|
|
|
$ |
6,154 |
|
|
|
$ |
16,372 |
|
|
|
$ |
19,533 |
|
|
Conference Call Details:
Teleconference: Thursday,
November 11, 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 nine months ended September
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 September 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 par value)(unaudited) |
|
|
|
|
|
September 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$ |
24,424 |
|
|
|
$ |
28,925 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts
of $1,150 and $1,161, respectively |
11,594 |
|
|
|
11,884 |
|
|
Inventory |
21,392 |
|
|
|
19,926 |
|
|
Federal income tax receivable |
11,538 |
|
|
|
11,538 |
|
|
Prepaid income taxes |
33 |
|
|
|
66 |
|
|
Prepaid expenses and other |
668 |
|
|
|
379 |
|
|
Total current assets |
69,649 |
|
|
|
72,718 |
|
|
Long-term inventory, net of
allowance for obsolescence of $37 and $221, respectively |
1,250 |
|
|
|
1,065 |
|
|
Rental equipment, net of
accumulated depreciation of $192,827 and $175,802,
respectively |
208,396 |
|
|
|
207,585 |
|
|
Property and equipment, net of
accumulated depreciation of $15,293 and $13,916, respectively |
21,120 |
|
|
|
21,749 |
|
|
Right of use assets -
operating leases, net of accumulated amortization of $519 and $356,
respectively |
321 |
|
|
|
483 |
|
|
Intangibles, net of
accumulated amortization of $2,102 and $2,008, respectively |
1,057 |
|
|
|
1,151 |
|
|
Other assets |
2,513 |
|
|
|
2,050 |
|
|
Total assets |
$ |
304,306 |
|
|
|
$ |
306,801 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$ |
1,120 |
|
|
|
$ |
2,373 |
|
|
Accrued liabilities |
13,621 |
|
|
|
6,770 |
|
|
Line of credit |
— |
|
|
|
417 |
|
|
Current operating leases |
94 |
|
|
|
198 |
|
|
Deferred income |
693 |
|
|
|
1,103 |
|
|
Total current liabilities |
15,528 |
|
|
|
10,861 |
|
|
Deferred income tax
liability |
41,448 |
|
|
|
41,890 |
|
|
Long-term operating
leases |
227 |
|
|
|
285 |
|
|
Other long-term liabilities |
2,578 |
|
|
|
2,221 |
|
|
Total liabilities |
59,781 |
|
|
|
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 |
113,596 |
|
|
|
112,615 |
|
|
Retained earnings |
135,717 |
|
|
|
139,286 |
|
|
Treasury Shares, at cost, 471
and 38 shares, respectively |
(4,922 |
) |
|
|
(490 |
) |
|
Total stockholders' equity |
244,525 |
|
|
|
251,544 |
|
|
Total liabilities and stockholders' equity |
$ |
304,306 |
|
|
|
$ |
306,801 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
|
|
|
Three months ended |
|
September 30, |
|
2021 |
|
2020 |
Revenue: |
|
|
|
Rental income |
$ |
16,195 |
|
|
|
$ |
14,861 |
|
|
Sales |
1,472 |
|
|
|
536 |
|
|
Service and maintenance
income |
578 |
|
|
|
368 |
|
|
Total revenue |
18,245 |
|
|
|
15,765 |
|
|
Operating costs and
expenses: |
|
|
|
Cost of rentals, exclusive of
depreciation stated separately below |
8,826 |
|
|
|
6,760 |
|
|
Cost of sales, exclusive of
depreciation stated separately below |
1,563 |
|
|
|
997 |
|
|
Cost of service and
maintenance, exclusive of depreciation stated separately below |
327 |
|
|
|
138 |
|
|
Selling, general and
administrative expenses |
2,705 |
|
|
|
2,493 |
|
|
Depreciation and
amortization |
6,387 |
|
|
|
6,318 |
|
|
Total operating costs and expenses |
19,808 |
|
|
|
16,706 |
|
|
Operating
loss |
(1,563 |
) |
|
|
(941 |
) |
|
Other income
(expense): |
|
|
|
Interest expense |
(25 |
) |
|
|
(2 |
) |
|
Other income, net |
119 |
|
|
|
214 |
|
|
Total other income (expense), net |
94 |
|
|
|
212 |
|
|
Loss before provision
for income taxes |
(1,469 |
) |
|
|
(729 |
) |
|
Income tax benefit |
212 |
|
|
|
167 |
|
|
Net loss |
$ |
(1,257 |
) |
|
|
$ |
(562 |
) |
|
Loss per
share: |
|
|
|
Basic |
$ |
(0.10 |
) |
|
|
$ |
(0.04 |
) |
|
Diluted |
$ |
(0.10 |
) |
|
|
$ |
(0.04 |
) |
|
Weighted average shares outstanding: |
|
|
|
Basic |
13,121 |
|
|
|
13,248 |
|
|
Diluted |
13,121 |
|
|
|
13,248 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
|
Nine months ended |
|
September 30, |
|
2021 |
|
2020 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net (loss)
income |
$ |
(3,569 |
) |
|
|
$ |
3,685 |
|
|
Adjustments to reconcile net (loss) income to
net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
19,010 |
|
|
|
18,859 |
|
|
Amortization of debt issuance costs |
18 |
|
|
|
— |
|
|
Deferred income taxes |
(442 |
) |
|
|
233 |
|
|
Stock-based compensation |
1,316 |
|
|
|
1,628 |
|
|
Bad debt allowance |
65 |
|
|
|
287 |
|
|
Gain on sale of assets |
(127 |
) |
|
|
(284 |
) |
|
Loss (gain) on company owned life insurance |
(162 |
) |
|
|
19 |
|
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivables |
225 |
|
|
|
(1,565 |
) |
|
Inventory |
(1,682 |
) |
|
|
3,793 |
|
|
Federal income tax receivable |
— |
|
|
|
(11,083 |
) |
|
Prepaid expenses and prepaid income taxes |
(256 |
) |
|
|
(86 |
) |
|
Accounts payable and accrued liabilities |
5,599 |
|
|
|
2,174 |
|
|
Deferred income |
(410 |
) |
|
|
(57 |
) |
|
Deferred tax liability increase due to tax law change |
— |
|
|
|
10,103 |
|
|
Other |
373 |
|
|
|
226 |
|
|
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
19,958 |
|
|
|
27,932 |
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other equipment |
(19,080 |
) |
|
|
(11,964 |
) |
|
Purchase of company owned life insurance |
(98 |
) |
|
|
(254 |
) |
|
Proceeds from sale of property and equipment |
141 |
|
|
|
394 |
|
|
Proceeds from sale of deferred compensation mutual fund |
— |
|
|
|
10 |
|
|
NET CASH USED IN
INVESTING ACTIVITIES |
(19,037 |
) |
|
|
(11,814 |
) |
|
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 |
(4,432 |
) |
|
|
— |
|
|
Taxes paid related to net share settlement of equity awards |
(335 |
) |
|
|
(149 |
) |
|
NET CASH USED IN
FINANCING ACTIVITIES |
(5,422 |
) |
|
|
(151 |
) |
|
NET CHANGE IN CASH AND
CASH EQUIVALENTS |
(4,501 |
) |
|
|
15,967 |
|
|
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD |
28,925 |
|
|
|
11,592 |
|
|
CASH AND CASH EQUIVALENTS
AT END OF PERIOD |
$ |
24,424 |
|
|
|
$ |
27,559 |
|
|
SUPPLEMENTAL DISCLOSURE
OF CASH FLOW INFORMATION: |
|
|
|
Interest paid |
$ |
25 |
|
|
|
$ |
13 |
|
|
Income taxes paid |
$ |
— |
|
|
|
$ |
95 |
|
|
NON-CASH
TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$ |
— |
|
|
|
$ |
52 |
|
|
Natural Gas Services (NYSE:NGS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Natural Gas Services (NYSE:NGS)
Historical Stock Chart
From Jul 2023 to Jul 2024