Second Quarter
2023 Highlights
- Rental revenue
of $24.1 million, an increase of 33% when compared to the second
quarter of 2022 and 6% when compared to the first quarter of
2023.
- Net income of
$504,000, or $0.04 per basic share, as compared to a net loss of
$70,000 in the second quarter of 2022 and net income of $370,000
when compared to the first quarter of 2023.
- Adjusted EBITDA
of $9.9 million, compared to $6.7 million in the second quarter of
2022 and $7.8 million in the first quarter of 2023. Please see
Non-GAAP Financial Measures - Adjusted EBITDA, below.
MIDLAND, Texas August 15, 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 June 30,
2023.
Commenting on the quarter, Stephen C. Taylor our
Chairman and Interim President and Chief Executive Officer, added
“Total revenue and rental revenue grew when compared to both
sequential and year-over-year quarters, Sequentially, our sales
revenues declined, but our strategically important rental revenues
continued to grow at a brisk pace, reflecting our tenth consecutive
quarter of rental revenue growth. Our overall gross margins
improved, led by higher rental margins and lower operating expenses
and operating income and net income both increased over the
comparative quarters. We are starting to see the results of our
2023 capital program in our revenues, margins and bottom lines. The
overall environment in our industry continues to be positive and we
anticipate further improvement.”
Revenue: Total revenue for the
three months ended June 30, 2023 increased 35.3% to $27.0 million
from $19.9 million for the three months ended June 30, 2022. This
increase was due primarily to an increase in rental revenues.
Rental revenue increased 32.9% to $24.1 million in the second
quarter of 2023, from $18.1 million in the second quarter of 2022
due to the addition of higher horsepower packages and pricing
improvements. As of June 30, 2023, we had 1,249 rented units
(372,596 horsepower) compared to 1,281 rented units (311,379
horsepower) as of June 30, 2022, reflecting an 19.7% increase in
total horsepower deployed. Sequentially, total revenue increased
1.3% to $27.0 million in the second quarter of 2023 compared to
$26.6 million in the first quarter of 2023 primarily due to
increases in rental revenues largely offset by a decline in sales
revenues.
Gross Margins: Total gross
margins, including depreciation increased to $6.5 million for the
three months ended June 30, 2023, compared to $3.1 million for the
same period in 2022 and $5.1 million for the three months ended
March 31, 2023. Total adjusted gross margin, exclusive of
depreciation, for the three months ended June 30, 2023, increased
to $12.8 million compared to $9.0 million for the same period ended
June 30, 2022 and $11.1 million for the first 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 June 30, 2023 was $712,000
compared to $658,000 for the three months ended June 30, 2022 and
$402,000 during the first 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 June 30, 2023, was $504,000, or $0.04 per basic
share compared to a net loss of $70,000 or $0.01 per basic share
for the three months ended June 30, 2022. The increase in net
income during the second quarter of 2023 was mainly due to
increased rental revenue and gross margin partially offset by an
increase in selling, general and administrative expenses.
Sequentially, net income was $370,000 or $0.03 per basic share
during the first quarter of 2023. This sequential improvement of
$0.1 million was primarily due to higher rental revenue and lower
operating costs.
Adjusted EBITDA: Adjusted
EBITDA increased 47.4% to $9.9 million for the three months ended
June 30, 2023, from $6.7 million for the same period in 2022. This
increase was primarily attributable to higher revenues and adjusted
gross margins. Sequentially, adjusted EBITDA increased 27.0% to
$9.9 million for the three months ended June 30, 2023, compared to
adjusted EBITDA of $7.8 million for the three months ended
March 31, 2023.
Cash flows: At June 30, 2023,
cash and cash equivalents were approximately $4.3 million, while
working capital was $18.9 million. For the six months of 2023, cash
flows from operating activities were $22.6 million, while cash
flows used in investing activities was $93.6 million. Cash flow
used in investing activities included $93.5 million in capital
expenditures, of which $92.3 million was dedicated to rental
capital expenditures.
Debt: Outstanding debt on our revolving credit
facility as of June 30, 2023 was $100 million. Our leverage ratio
at June 30, 2023 was 2.53 and our fixed charge coverage ratio was
4.17. The company is in compliance with all terms, conditions and
covenants of the credit agreement.
Selected data: The tables below
show, the six months ended June 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 June 30, |
|
Six months ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
(in thousands) |
|
Rental |
$ |
24,105 |
|
89 |
% |
|
$ |
18,144 |
|
91 |
% |
|
$ |
46,828 |
|
87 |
% |
|
$ |
35,274 |
|
88 |
% |
|
Sales |
|
1,595 |
|
6 |
% |
|
|
1,292 |
|
7 |
% |
|
|
4,587 |
|
9 |
% |
|
|
4,184 |
|
10 |
% |
|
Service & Maintenance |
|
1,257 |
|
5 |
% |
|
|
490 |
|
2 |
% |
|
|
2,162 |
|
4 |
% |
|
|
804 |
|
2 |
% |
|
Total |
$ |
26,957 |
|
|
|
$ |
19,926 |
|
|
|
$ |
53,577 |
|
|
|
$ |
40,262 |
|
|
| |
Gross Margin |
| |
Three months ended June 30, |
|
Six months ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
(in thousands) |
|
Rental |
$ |
6,579 |
|
|
27 |
% |
|
$ |
3,078 |
|
|
17 |
% |
|
$ |
11,724 |
|
|
25 |
% |
|
$ |
5,142 |
|
15 |
% |
|
Sales |
|
(345 |
) |
|
(22 |
)% |
|
|
(216 |
) |
|
(17 |
)% |
|
|
(655 |
) |
|
(14 |
)% |
|
|
619 |
|
15 |
% |
|
Service & Maintenance |
|
266 |
|
|
21 |
% |
|
|
246 |
|
|
50 |
% |
|
|
548 |
|
|
25 |
% |
|
|
380 |
|
47 |
% |
|
Total |
$ |
6,500 |
|
|
24 |
% |
|
$ |
3,108 |
|
|
16 |
% |
|
$ |
11,617 |
|
|
22 |
% |
|
$ |
6,141 |
|
15 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted Gross Margin (1) |
| |
Three months ended June 30, |
|
Six months ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
(in thousands) |
|
Rental |
$ |
12,762 |
|
|
53 |
% |
|
$ |
8,902 |
|
|
49 |
% |
|
$ |
23,840 |
|
|
51 |
% |
|
$ |
16,802 |
|
48 |
% |
|
Sales |
|
(281 |
) |
|
(18) % |
|
|
(148 |
) |
|
(11) % |
|
|
(526 |
) |
|
(11) % |
|
|
756 |
|
18 |
% |
|
Service & Maintenance |
|
288 |
|
|
23 |
% |
|
|
256 |
|
|
52 |
% |
|
|
584 |
|
|
27 |
% |
|
|
397 |
|
49 |
% |
|
Total |
$ |
12,769 |
|
|
47 |
% |
|
$ |
9,010 |
|
|
45 |
% |
|
$ |
23,898 |
|
|
45 |
% |
|
$ |
17,955 |
|
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 June 30, |
|
Six months ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| |
(in thousands) |
|
(in thousands) |
|
Total revenue |
$ |
26,957 |
|
|
$ |
19,926 |
|
|
$ |
53,577 |
|
|
|
40,262 |
|
|
Costs of revenue, exclusive of depreciation |
|
(14,188 |
) |
|
|
(10,916 |
) |
|
|
(29,679 |
) |
|
|
(22,307 |
) |
|
Depreciation allocable to costs of revenue |
|
(6,269 |
) |
|
|
(5,902 |
) |
|
|
(12,281 |
) |
|
|
(11,814 |
) |
|
Gross margin |
|
6,500 |
|
|
|
3,108 |
|
|
|
11,617 |
|
|
|
6,141 |
|
|
Depreciation allocable to costs of revenue |
|
6,269 |
|
|
|
5,902 |
|
|
|
12,281 |
|
|
|
11,814 |
|
|
Adjusted Gross Margin |
$ |
12,769 |
|
|
$ |
9,010 |
|
|
$ |
23,898 |
|
|
$ |
17,955 |
|
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 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 income,
the most directly comparable GAAP financial measure, to Adjusted
EBITDA:
| |
Three months ended June 30, |
|
Six months ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
|
(in thousands) |
|
Net income |
$ |
504 |
|
$ |
(70 |
) |
|
$ |
874 |
|
$ |
267 |
|
Interest expense |
|
185 |
|
|
24 |
|
|
|
185 |
|
|
49 |
|
Income tax benefit |
|
249 |
|
|
372 |
|
|
|
396 |
|
|
361 |
|
Depreciation and amortization |
|
6,418 |
|
|
6,042 |
|
|
|
12,583 |
|
|
12,103 |
|
Non-cash stock compensation expense |
|
1,130 |
|
|
331 |
|
|
|
1,617 |
|
|
754 |
|
Severance expenses |
|
612 |
|
|
— |
|
|
|
1,224 |
|
|
— |
|
Impairment expense |
|
779 |
|
|
— |
|
|
|
779 |
|
|
— |
|
Adjusted EBITDA |
$ |
9,877 |
|
$ |
6,699 |
|
|
$ |
17,658 |
|
$ |
13,534 |
Conference Call Details: The
Company will host its earnings conference call on Tuesday, August
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 gas compression
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 June 30, 2023, as filed with the Securities and
Exchange Commission.
|
NATURAL GAS SERVICES GROUP,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands, except par value)(unaudited) |
| |
|
|
|
| |
June 30, 2023 |
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
Current Assets: |
|
|
|
|
Cash and cash equivalents |
$ |
4,286 |
|
|
$ |
3,372 |
|
|
Trade accounts receivable, net of allowance for doubtful accounts
of $466 and $338, respectively |
|
20,872 |
|
|
|
14,668 |
|
|
Inventory |
|
27,960 |
|
|
|
23,414 |
|
|
Federal income tax receivable (Note 4) |
|
11,538 |
|
|
|
11,538 |
|
|
Prepaid income taxes |
|
10 |
|
|
|
10 |
|
|
Prepaid expenses and other |
|
1,446 |
|
|
|
1,145 |
|
|
Total current assets |
|
66,112 |
|
|
|
54,147 |
|
|
Long-term inventory, net of allowance for obsolescence of $40 and
$120, respectively |
|
2,157 |
|
|
|
1,557 |
|
|
Rental equipment, net of accumulated depreciation of $187,580 and
$177,729, respectively |
|
326,691 |
|
|
|
246,450 |
|
|
Property and equipment, net of accumulated depreciation of $17,533
and $16,981, respectively |
|
21,382 |
|
|
|
22,176 |
|
|
Right of use assets - operating leases, net of accumulated
amortization $815 and $721, respectively |
|
310 |
|
|
|
349 |
|
|
Intangibles, net of accumulated amortization of $2,322 and $2,259,
respectively |
|
837 |
|
|
|
900 |
|
|
Other assets |
|
4,996 |
|
|
|
2,667 |
|
|
Total assets |
$ |
422,485 |
|
|
$ |
328,246 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current Liabilities: |
|
|
|
|
Accounts payable |
$ |
28,603 |
|
|
$ |
6,481 |
|
|
Accrued liabilities |
|
18,492 |
|
|
|
23,726 |
|
|
Current operating leases |
|
133 |
|
|
|
155 |
|
|
Deferred income |
|
— |
|
|
|
37 |
|
|
Total current liabilities |
|
47,228 |
|
|
|
30,399 |
|
|
Long-term debt |
|
100,011 |
|
|
|
25,000 |
|
|
Deferred income tax liability |
|
40,194 |
|
|
|
39,798 |
|
|
Long-term operating leases |
|
177 |
|
|
|
194 |
|
|
Other long-term liabilities |
|
3,290 |
|
|
|
2,779 |
|
|
Total liabilities |
|
190,900 |
|
|
|
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 |
|
116,045 |
|
|
|
115,411 |
|
|
Retained earnings |
|
130,408 |
|
|
|
129,534 |
|
|
Treasury shares, at cost, 1,310 shares |
|
(15,004 |
) |
|
|
(15,004 |
) |
|
Total stockholders' equity |
|
231,585 |
|
|
|
230,076 |
|
|
Total liabilities and stockholders' equity |
$ |
422,485 |
|
|
$ |
328,246 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
earnings per share)(unaudited) |
| |
|
|
|
| |
Three months ended |
|
Six months ended |
| |
June 30, |
|
June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
Rental income |
$ |
24,105 |
|
|
$ |
18,144 |
|
|
$ |
46,828 |
|
|
$ |
35,274 |
|
|
Sales |
|
1,595 |
|
|
|
1,292 |
|
|
|
4,587 |
|
|
|
4,184 |
|
|
Service and maintenance income |
|
1,257 |
|
|
|
490 |
|
|
|
2,162 |
|
|
|
804 |
|
|
Total revenue |
|
26,957 |
|
|
|
19,926 |
|
|
|
53,577 |
|
|
|
40,262 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of rentals, exclusive of depreciation stated separately
below |
|
11,343 |
|
|
|
9,242 |
|
|
|
22,988 |
|
|
|
18,472 |
|
|
Cost of sales, exclusive of depreciation stated separately
below |
|
1,876 |
|
|
|
1,440 |
|
|
|
5,113 |
|
|
|
3,428 |
|
|
Cost of service and maintenance, exclusive of depreciation stated
separately below |
|
969 |
|
|
|
234 |
|
|
|
1,578 |
|
|
|
407 |
|
|
Selling, general and administrative expenses |
|
4,860 |
|
|
|
2,310 |
|
|
|
9,422 |
|
|
|
4,811 |
|
|
Depreciation and amortization |
|
6,418 |
|
|
|
6,042 |
|
|
|
12,583 |
|
|
|
12,103 |
|
|
Impairment expense |
|
779 |
|
|
|
— |
|
|
|
779 |
|
|
|
— |
|
|
Retirement of rental equipment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,512 |
|
|
Total operating costs and expenses |
|
26,245 |
|
|
|
19,268 |
|
|
|
52,463 |
|
|
|
39,221 |
|
|
Operating income |
|
712 |
|
|
|
658 |
|
|
|
1,114 |
|
|
|
1,041 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest expense |
|
(185 |
) |
|
|
(24 |
) |
|
|
(185 |
) |
|
|
(49 |
) |
|
Other income (expense), net |
|
226 |
|
|
|
(332 |
) |
|
|
341 |
|
|
|
(364 |
) |
|
Total other income (expense), net |
|
41 |
|
|
|
(356 |
) |
|
|
156 |
|
|
|
(413 |
) |
|
Income before provision for income taxes |
|
753 |
|
|
|
302 |
|
|
|
1,270 |
|
|
|
628 |
|
|
Income tax benefit |
|
(249 |
) |
|
|
(372 |
) |
|
|
(396 |
) |
|
|
(361 |
) |
|
Net income (loss) |
$ |
504 |
|
|
$ |
(70 |
) |
|
$ |
874 |
|
|
$ |
267 |
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
$ |
0.07 |
|
|
$ |
0.02 |
|
|
Diluted |
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
$ |
0.07 |
|
|
$ |
0.02 |
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
12,292 |
|
|
|
12,305 |
|
|
|
12,253 |
|
|
|
12,421 |
|
|
Diluted |
|
12,394 |
|
|
|
12,305 |
|
|
|
12,374 |
|
|
|
12,528 |
|
|
NATURAL GAS SERVICES GROUP, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(unaudited) |
| |
Six months ended |
| |
June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income |
$ |
874 |
|
|
$ |
267 |
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Depreciation and amortization |
|
12,583 |
|
|
|
12,103 |
|
|
Amortization of debt issuance costs |
|
184 |
|
|
|
24 |
|
|
Deferred income tax expense |
|
396 |
|
|
|
356 |
|
|
Stock-based compensation |
|
1,617 |
|
|
|
754 |
|
|
Bad debt allowance |
|
128 |
|
|
|
— |
|
|
Impairment expense |
|
779 |
|
|
|
— |
|
|
Gain on sale of assets |
|
(206 |
) |
|
|
(151 |
) |
|
Loss (gain) on company owned life insurance |
|
(80 |
) |
|
|
557 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts receivables |
|
(6,332 |
) |
|
|
(1,472 |
) |
|
Inventory |
|
(4,438 |
) |
|
|
803 |
|
|
Prepaid expenses and prepaid income taxes |
|
(301 |
) |
|
|
(748 |
) |
|
Accounts payable and accrued liabilities |
|
16,888 |
|
|
|
2,298 |
|
|
Deferred income |
|
(37 |
) |
|
|
(1,312 |
) |
|
Other |
|
588 |
|
|
|
(231 |
) |
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
22,643 |
|
|
|
13,248 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchase of rental equipment, property and other equipment |
|
(93,479 |
) |
|
|
(19,173 |
) |
|
Purchase of company owned life insurance |
|
(329 |
) |
|
|
(236 |
) |
|
Proceeds from sale of property and equipment |
|
231 |
|
|
|
224 |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
(93,577 |
) |
|
|
(19,185 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from loan |
|
75,011 |
|
|
|
— |
|
|
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 |
|
71,848 |
|
|
|
(7,177 |
) |
|
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
914 |
|
|
|
(13,114 |
) |
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD |
|
3,372 |
|
|
|
22,942 |
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
4,286 |
|
|
$ |
9,828 |
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION: |
|
|
|
|
Interest paid |
$ |
1,966 |
|
|
$ |
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 Group, Inc.
Investor Relations
(432)262-2700
ir@ngsgi.com
www.ngsgi.com
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