Natural Gas Services Group, Inc. (NYSE:NGS) (the "Company" or
"NGS"), a leading provider of gas compression equipment and
services to the natural gas and oil industry, announces its
financial results for the three months and full year ended
December 31, 2021. Financial results contained herein reflect
the unaudited consolidated financial statements included in the
Company's Form 10-K that will be filed on or about March 18,
2022.
2021 Highlights
- NGS generated strong cash flow in 2021
- The Company's cash balance as of December 31, 2021 was
$22.9 million, a decrease from $28.9 million on December 31, 2020,
a result of our capital expenditure program of $25.7 million and
our stock repurchase program.
- Full-year cash flow from operating activities was $28.5
million, a decrease of approximately 13% when compared to $32.6
million in 2020. This decrease was primarily driven by increased
mobilization and commissioning expenses driven by newly set units
and increased repair and maintenance costs.
- Rental fleet utilization increased on both a horsepower (71.2%
at year-end 2021 vs. 65.6% at year-end 2020) and unit basis (62.0%
at year-end 2021 vs. 57.3% at year-end 2020).
- 2021 rental revenue was $63.6 million, an increase of 4.6% when
compared to 2020 rental revenue of $60.8 million.
- GAAP net loss for the year ended December 31, 2021 was
$9.2 million or $(0.70) per basic and diluted share, a decrease of
$11.0 million or $(0.84) per basic and diluted share, primarily due
to increased commissioning and operating expenses as well as
non-cash charges.
- Adjusted EBITDA for the year ended December 31, 2021 was
$18.7 million compared to 2020 Adjusted EBITDA of $24.9 million.
Please see Non-GAAP Financial Measures - Adjusted EBITDA,
below.
- During 2021, the Company repurchased 737,405 shares,
approximately 5.6% of our shares outstanding, for approximately
$7.9 million.
“Natural Gas Services Group experienced a steady
increase in activity in 2021 as the deployment of new compression
units grew throughout the year," said Stephen C. Taylor, Chairman,
President and Chief Executive Officer. "That growth resulted in a
6% increase in total revenue and a 5% increase in rental revenues
but also resulted in higher mobilization, commissioning and
start-up costs which had an impact on our annual margins and
income. New equipment installations (and associated expenses), the
majority of which were large horsepower units, accelerated
throughout the year; in total we installed 46,750 horsepower in
2021, approximately 16% of our total utilized horsepower at
year-end. Increased maintenance costs, which we believe should
moderate in the coming year, and fleet retirements (a non-cash
expense) also had an impact on our earnings. Overall, the growth in
installed horsepower and utilization should contribute meaningfully
to continued growth in the coming year."
Financial and Operating Details for the Three and Twelve
Months Ended December 31, 2021
Revenue: Total revenue increased by 6.4%
to $72.4 million for the year ended December 31, 2021 compared
to $68.1 million for year ended in December 31, 2020. This
increase was primarily due to a 4.6% increase in rental revenue to
$63.6 million from $60.8 million during the same periods. In
addition, sales revenues increased by 21.7% to $6.9 million in 2021
compared to $5.7 million in 2020. Total revenues increased 6.1% to
$18.0 million for the three months ended December 31, 2021
from $17.0 million for the three months ended December 31, 2020.
This increase was primarily related to a $1.7 million increase in
rental revenues driven by new-set activity. Total revenues
decreased 1.2% to $18.0 million for the three months ended
December 31, 2021 from $18.2 million for the three months
ended September 30, 2021. This decrease was primarily related to a
$0.3 million decrease in sales of parts and rebuilds.
Operating Loss: The Company posted an
operating loss for the year ended December 31, 2021 of $12.4
million, compared to an operating loss of $3.6 million for the year
ended December 31, 2020. This increase in operating loss is
primarily due to an $8.1 million increase in costs of rentals,
including non-cash charges. As noted above, the company experienced
a high level of new-set activity during the year. Upon initial
installation, these units require oil, anti-freeze and other
start-up materials and labor in addition to normal operating
expenses. In many cases, especially with large horsepower units,
these mobilization, commissioning and start-up costs exceeded
initial revenue. In addition, we experienced higher than normal
repair and maintenance needs for our rental fleet during the year,
a result of one-time maintenance requirements as well as
maintenance that had been deferred from the prior year due to
customer requests, staffing and COVID-19 concerns. Increased labor
and hiring costs in addition to the onset of inflationary pressures
also drove costs higher. Finally, our operating loss included a
charge of $3.1 million for the non-cash retirement of rental
equipment and $208,000 in parts obsolescence charges. 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 263 units
should be retired from our rental fleet. The operating loss for the
three months ended December 31, 2021 was $8.2 million compared
to $2.2 million for the three months ended December 31, 2020. The
increase in the fourth quarter operating loss was primarily driven
by a $4.4 million increase in costs of rentals, a $2.8 million
increase in non-cash retirement of rental equipment charges and a
$0.8 million higher loss on sales, partially offset by higher
revenues. Sequentially, total operating losses for the three months
ended December 31, 2021 increased by $6.6 million from $1.6
million for the three months ended September 30, 2021.
Gross Margins: Total gross margins
decreased to $2.3 million for the year ended December 31, 2021
from $8.0 million for the year ended December 31, 2020.
Total adjusted gross margin, exclusive of
depreciation, for the year ended December 31, 2021, decreased
$5.6 million to $27.1 million from $32.6 million for the same
period ended December 31, 2020. Total gross margins decreased $3.5
million to $(1.9) million for the three months ended
December 31, 2021 from $1.6 million for the three months ended
December 31, 2020. Total adjusted gross margin, exclusive of
depreciation, for the three months ended December 31, 2021,
decreased $3.5 million to $4.3 million from $7.8 million for the
three months ended December 31, 2020. Sequentially, total gross
margins decreased to $(1.9) million for the three months ended
December 31, 2021 from $1.3 million for the three months ended
September 30, 2021. Total adjusted gross margins decreased $3.2
million to $4.3 million from $7.5 million for the three months
ended September 30, 2021. All of these declines are primarily
attributable to increased costs of rental mobilization,
commissioning, start-up and maintenance costs. Please see
discussions of Non-GAAP Financial Measures - Adjusted Gross Margin,
below.
Net Income (Loss): The Company reported a
net loss of $9.2 million for the year ended December 31, 2021
compared to net income of $1.8 million for the year ended December
31, 2020. The increase in 2021 annual net loss, when compared to
the full year 2020 results, is primarily due to our increased
operating loss, as discussed above, and a decrease in income tax
benefit of $2.2 million. For the three months ended
December 31, 2021, the Company reported a net loss of $5.6
million compared to a net loss of $1.9 million for the three months
ended December 31, 2020. The increased net loss was primarily
attributable to an increased operating loss, as discussed above.
Sequentially, the Company's net loss increased $4.4 million
primarily due to increased operating losses as well as non-cash
charges of $3.1 million and $208,000 for retirement of rental
equipment and inventory allowance write-downs, respectively.
Earnings per share: For the year ended
December 31, 2021, the Company reported loss per basic and
diluted share of $0.70, compared to income per basic and diluted
share of $0.14 for the year ended December 31, 2020. For the three
months ended December 31, 2021, the Company reported net loss
per basic and diluted share of $0.42 compared to a net loss per
basic and diluted share of $0.14 for the three months ended
December 31, 2020 and $0.04 for the three months ended September
30, 2021. When adjusting for non-cash charges related to rental
equipment retirements and inventory obsolescence, the Company
reported adjusted loss per basic and diluted share of $0.45 and
$0.18 for the year and three months ended December 31, 2021,
respectively.
Adjusted EBITDA: Adjusted EBITDA
decreased $6.2 million to $18.7 million for the year ended
December 31, 2021 compared to $24.9 million for the year ended
December 31, 2020. This reduction was primarily attributed to
decreased rental adjusted gross margin. Adjusted EBITDA decreased
to $2.3 million for the three months ended December 31, 2021,
as compared to $5.4 million for the three months ended December 31,
2020 due to a decrease in rental adjusted gross margin.
Sequentially, Adjusted EBITDA decreased $3.0 million from $5.4
million for the three months ended September 30, 2021 due primarily
to decreased rental adjusted gross margin. Please see discussion of
Non-GAAP Financial Measures - Adjusted EBITDA, below.
Cash flow: At December 31, 2021,
cash and cash equivalents were approximately $22.9 million, while
working capital was $44.8 million with no outstanding bank
borrowings. Cash flow from operating activities was $28.5 million
for the year ended December 31, 2021, while cash flow used in
investing activities (consisting of our capital expenditures) was
$25.7 million during 2021. Cash flow used in financing
activities was $8.8 million for the year ended December 31,
2021 which included $7.9 million of common stock repurchases.
Selected data: The tables below show, for
the three months and year ended December 31, 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 and amortization.
|
Revenue |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ 16,475 |
|
91 % |
|
$ 14,734 |
|
87 % |
|
$ 63,624 |
|
88 % |
|
$ 60,826 |
|
90 % |
Sales |
1,126 |
|
7 % |
|
1,663 |
|
10 % |
|
6,882 |
|
9 % |
|
5,657 |
|
8 % |
Service &
Maintenance |
428 |
|
2 % |
|
598 |
|
3 % |
|
1,914 |
|
3 % |
|
1,572 |
|
2 % |
Total |
$ 18,029 |
|
|
|
$ 16,995 |
|
|
|
$ 72,420 |
|
|
|
$ 68,055 |
|
|
|
Gross Margin |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ (1,241) |
|
(8) % |
|
$ 1,417 |
|
10 % |
|
$ 2,563 |
|
4 % |
|
$ 8,065 |
|
13 % |
Sales |
(817) |
|
(73) % |
|
(22) |
|
(1) % |
|
(1,228) |
|
(18) % |
|
(835) |
|
(15) % |
Service &
Maintenance |
145 |
|
34 % |
|
231 |
|
39 % |
|
967 |
|
51 % |
|
816 |
|
52 % |
Total |
$ (1,913) |
|
(11) % |
|
$ 1,626 |
|
10 % |
|
$ 2,302 |
|
3 % |
|
$ 8,046 |
|
12 % |
|
Adjusted Gross Margin (1) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Rental |
$ 4,902 |
|
30 % |
|
$ 7,514 |
|
51 % |
|
$ 26,986 |
|
42 % |
|
$ 32,320 |
|
53 % |
Sales |
(748) |
|
(66) % |
|
48 |
|
3 % |
|
(947) |
|
(14) % |
|
(554) |
|
(10) % |
Service &
Maintenance |
155 |
|
36 % |
|
247 |
|
41 % |
|
1,016 |
|
53 % |
|
858 |
|
55 % |
Total |
$ 4,309 |
|
24 % |
|
$ 7,809 |
|
46 % |
|
$ 27,055 |
|
37 % |
|
$ 32,624 |
|
48 % |
(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: “Adjusted Gross Margin” is defined 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) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Total
revenue |
$
18,029 |
|
$
16,995 |
|
$ 72,420 |
|
$ 68,055 |
Costs of revenue,
exclusive of depreciation and amortization |
(13,720) |
|
(9,186) |
|
(45,365) |
|
(35,431) |
Depreciation
allocable to costs of revenue |
(6,222) |
|
(6,183) |
|
(24,753) |
|
(24,578) |
Gross margin |
(1,913) |
|
1,626 |
|
2,302 |
|
8,046 |
Depreciation
allocable to costs of revenue |
6,222 |
|
6,183 |
|
24,753 |
|
24,578 |
Adjusted Gross
Margin |
$
4,309 |
|
$
7,809 |
|
$ 27,055 |
|
$ 32,624 |
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, 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) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net income
(loss) |
$
(5,614) |
|
$
(1,877) |
|
$
(9,183) |
|
$
1,808 |
Interest expense |
25 |
|
1 |
|
65 |
|
14 |
Income tax expense (benefit) |
(2,178) |
|
(139) |
|
(2,603) |
|
(4,792) |
Depreciation and amortization |
6,387 |
|
6,339 |
|
25,397 |
|
25,198 |
Impairment of goodwill |
— |
|
— |
|
— |
|
— |
Inventory allowance |
208 |
|
184 |
|
208 |
|
184 |
Retirement of rental equipment |
3,096 |
|
291 |
|
3,096 |
|
291 |
Non-cash stock compensation expense |
422 |
|
567 |
|
1,738 |
|
2,195 |
Adjusted
EBITDA |
$
2,346 |
|
$
5,366 |
|
$
18,718 |
|
$
24,898 |
Conference Call Details:
Teleconference: Thursday, March 17, 2022
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 months and year ended
December 31, 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
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: |
Alicia Dada, Investor Relations |
|
(432) 262-2700Alicia.Dada@ngsgi.com |
|
www.ngsgi.com |
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited) |
|
December 31, |
|
2021 |
|
2020 |
ASSETS |
|
|
|
Current
Assets: |
|
|
|
Cash and cash equivalents |
$
22,942 |
|
$
28,925 |
Trade accounts receivable, net of allowance for doubtful accounts
of $1,129 and $1,161, respectively |
10,389 |
|
11,884 |
Inventory |
19,329 |
|
19,926 |
Federal income tax receivable |
11,538 |
|
11,538 |
Prepaid income taxes |
51 |
|
66 |
Prepaid expenses and other |
854 |
|
379 |
Total current assets |
65,103 |
|
72,718 |
Long-Term
Inventory, net of allowance for obsolescence of $64 and $221,
respectively |
1,582 |
|
1,065 |
Rental equipment,
net of accumulated depreciation of $172,563 and $175,802,
respectively |
206,985 |
|
207,585 |
Property and
equipment, net of accumulated depreciation of $15,784 and $13,916,
respectively |
20,828 |
|
21,749 |
Right of use
assets - operating leases, net of accumulated amortization $555 and
$356, respectively |
285 |
|
483 |
Intangibles, net
of accumulated amortization of $2,134 and $2,008, respectively |
1,025 |
|
1,151 |
Other assets |
2,698 |
|
2,050 |
Total assets |
$
298,506 |
|
$
306,801 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
Liabilities: |
|
|
|
Accounts payable |
$
4,795 |
|
$
2,373 |
Accrued liabilities |
14,103 |
|
6,770 |
Line of credit |
— |
|
417 |
Current operating leases |
68 |
|
198 |
Deferred income |
1,312 |
|
1,103 |
Total current liabilities |
20,278 |
|
10,861 |
Deferred income
tax liability |
39,288 |
|
41,890 |
Long-term
operating leases |
217 |
|
285 |
Other long-term
liabilities |
2,813 |
|
2,221 |
Total liabilities |
62,596 |
|
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 |
114,017 |
|
112,615 |
Retained
earnings |
130,103 |
|
139,286 |
Treasury shares,
at cost, 775 and 38 shares, respectively |
(8,344) |
|
(490) |
Total stockholders' equity |
235,910 |
|
251,544 |
Total liabilities and stockholders' equity |
$
298,506 |
|
$
306,801 |
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per
share amounts)(unaudited) |
|
For the Years Ended December 31, |
|
2021 |
|
2020 |
Revenue: |
|
|
|
Rental
income |
$
63,624 |
|
$
60,826 |
Sales |
6,882 |
|
5,657 |
Service and
maintenance income |
1,914 |
|
1,572 |
Total
revenue |
72,420 |
|
68,055 |
Operating
costs and expenses: |
|
|
|
Cost of rentals,
exclusive of depreciation stated separately below |
36,638 |
|
28,506 |
Cost of sales,
exclusive of depreciation stated separately below |
7,829 |
|
6,211 |
Cost of service
and maintenance, exclusive of depreciation stated separately
below |
898 |
|
714 |
Selling, general
and administrative expenses |
10,762 |
|
10,550 |
Depreciation and
amortization |
25,397 |
|
25,198 |
Impairment of
goodwill |
— |
|
— |
Inventory
allowance |
208 |
|
184 |
Retirement of
rental equipment |
3,096 |
|
291 |
Total operating
costs and expenses |
84,828 |
|
71,654 |
Operating
loss |
(12,408) |
|
(3,599) |
Other income
(expense): |
|
|
|
Interest
expense |
(65) |
|
(14) |
Other income |
687 |
|
629 |
Total other
income, net |
622 |
|
615 |
Loss before
income taxes: |
(11,786) |
|
(2,984) |
(Provision for)
benefit from income taxes: |
|
|
|
Current |
1 |
|
15,438 |
Deferred |
2,602 |
|
(10,646) |
Total income tax
benefit |
2,603 |
|
4,792 |
Net income
(loss) |
$
(9,183) |
|
$
1,808 |
Earnings (loss) per share: |
|
|
|
Basic |
$
(0.70) |
|
$
0.14 |
Diluted |
$
(0.70) |
|
$
0.14 |
Weighted average shares outstanding: |
|
|
|
Basic |
13,100 |
|
13,224 |
Diluted |
13,100 |
|
13,261 |
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands, except per
share amounts)(unaudited) |
|
For the Years Ended December 31, |
|
2021 |
|
2020 |
CASH FLOWS
FROM OPERATING ACTIVITIES: |
|
|
|
Net (loss) income |
$
(9,183) |
|
$
1,808 |
Adjustments to
reconcile net (loss) income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
25,397 |
|
25,198 |
Amortization of debt issuance costs |
31 |
|
— |
Deferred taxes |
(2,602) |
|
10,646 |
Gain on disposal of assets |
(182) |
|
(284) |
Retirement of rental equipment |
3,096 |
|
291 |
Bad debt allowance |
65 |
|
329 |
Inventory allowance |
208 |
|
184 |
Stock-based compensation |
1,738 |
|
2,195 |
Gain on company owned life insurance |
(298) |
|
(168) |
Changes in
operating assets and liabilities: |
|
|
|
Trade accounts receivables |
1,430 |
|
(3,107) |
Inventory |
(1,277) |
|
1,033 |
Prepaid income taxes and prepaid expenses |
(460) |
|
(11,346) |
Accounts payable and accrued liabilities |
9,756 |
|
4,880 |
Deferred income |
208 |
|
463 |
Other |
600 |
|
527 |
NET CASH
PROVIDED BY OPERATING ACTIVITIES |
28,527 |
|
32,649 |
CASH FLOWS
FROM INVESTING ACTIVITIES: |
|
|
|
Purchase of rental equipment, property and other
equipment |
(25,710) |
|
(15,257) |
Purchase of company owned life insurance |
(150) |
|
(296) |
Proceeds from sale of property and equipment |
195 |
|
394 |
NET CASH USED
IN INVESTING ACTIVITIES |
(25,665) |
|
(15,159) |
CASH FLOWS
FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds of other long-term liabilities |
(1) |
|
(5) |
Repayments of line of credit, net |
(417) |
|
— |
Payments of debt issuance costs |
(237) |
|
— |
Purchase of treasury shares |
(7,854) |
|
— |
Taxes paid related to net share settlement of equity awards |
(336) |
|
(152) |
NET CASH USED
IN FINANCING ACTIVITIES |
(8,845) |
|
(157) |
NET CHANGE IN
CASH AND CASH EQUIVALENTS |
(5,983) |
|
17,333 |
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD |
28,925 |
|
11,592 |
CASH AND CASH
EQUIVALENTS AT END OF PERIOD |
$
22,942 |
|
$
28,925 |
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
|
Interest paid |
$
30 |
|
$
14 |
Income taxes paid |
$
— |
|
$
105 |
NON-CASH
TRANSACTIONS |
|
|
|
Right of use asset acquired through an operating lease |
$
— |
|
$
77 |
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