Natural Gas Services Group Files Q1 2024 Report

Ticker: NGS · Form: 10-Q · Filed: May 15, 2024 · CIK: 1084991

Natural Gas Services Group INC 10-Q Filing Summary
FieldDetail
CompanyNatural Gas Services Group INC (NGS)
Form Type10-Q
Filed DateMay 15, 2024
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, regulatory-filing, oil-gas

Related Tickers: XNG

TL;DR

**NGS filed its Q1 2024 10-Q, confirming compliance and trading on NYSE.**

AI Summary

Natural Gas Services Group, Inc. (NGS) filed its quarterly report for the period ended March 31, 2024. The company is registered with the SEC under file number 1-31398 and its common stock trades on the New York Stock Exchange under the symbol NGS. NGS has confirmed it has filed all required reports for the preceding 12 months and submitted all Interactive Data Files electronically.

Why It Matters

This filing provides investors with an update on the company's financial performance and regulatory compliance for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing confirming compliance and providing basic company information.

Key Numbers

Key Players & Entities

FAQ

What is the company's primary business activity?

The filing does not explicitly state the company's primary business activity, but the name 'Natural Gas Services Group' suggests operations related to the natural gas industry.

Where is Natural Gas Services Group, Inc. incorporated?

Natural Gas Services Group, Inc. is incorporated in Colorado.

What is the trading symbol for Natural Gas Services Group, Inc. common stock?

The trading symbol for Natural Gas Services Group, Inc. common stock is NGS.

Has the company filed all required reports for the preceding 12 months?

Yes, the company indicated it has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Has the company submitted all required Interactive Data Files electronically?

Yes, the company indicated it has submitted electronically every Interactive Data File to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Filing Stats: 4,703 words · 19 min read · ~16 pages · Grade level 15.4 · Accepted 2024-05-15 16:43:34

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements Unaudited Condensed Consolidated Balance Sheets Page 1 Unaudited Condensed Consolidated Statements of Operations Page 2 Unaudited Condensed Consolidated Statements of Stockholders' Equity Page 3 Unaudited Condensed Consolidated Statements of Cash Flows Page 4 Notes to Unaudited Condensed Consolidated Financial Statements Page 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Page 14

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk Page 20

Controls and Procedures

Item 4. Controls and Procedures Page 20

- OTHER INFORMATION

Part II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings Page 21

Risk Factors

Item 1A. Risk Factors Page 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities Page 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Page 22

Other Information

Item 5. Other Information Page 22

Exhibits

Item 6. Exhibits Page 23

Signatures

Signatures Page 25

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except par value) (unaudited) March 31, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 5,239 $ 2,746 Trade accounts receivable, net of allowance for doubtful accounts of $ 933 and $ 823 , respectively 42,341 39,186 Inventory, net of allowance for obsolescence of $ 2,836 18,811 21,639 Federal income tax receivable 11,512 11,538 Prepaid expenses and other 938 1,162 Total current assets 78,841 76,271 Long-term inventory, net of allowance for obsolescence of $ 1,168 879 701 Rental equipment, net of accumulated depreciation of $ 197,780 and $ 191,745 , respectively 377,999 373,649 Property and equipment, net of accumulated depreciation of $ 18,061 and $ 17,649 , respectively 20,071 20,550 Intangibles, net of accumulated amortization of $ 2,415 and $ 2,384 , respectively 744 775 Other assets 7,642 6,783 Total assets $ 486,176 $ 478,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 12,431 $ 17,628 Accrued liabilities 11,995 15,085 Total current liabilities 24,426 32,713 Long-term debt 172,000 164,000 Deferred income tax liability 43,092 41,636 Other long-term liabilities 5,392 4,486 Total liabilities 244,910 242,835 Commitments and contingencies (Note 9) Stockholders' Equity: Preferred stock, 5,000 shares authorized, no shares issued or outstanding — — Common stock, 30,000 shares authorized, par value $ 0.01 ; 13,694 and 13,688 shares issued, respectively 137 137 Additional paid-in capital 116,754 116,480 Retained earnings 139,379 134,281 Treasury shares, at cost, 1,310 shares ( 15,004 ) ( 15,004 ) Total stockholders' equity 241,266 235,894 Total liabilities and stockholders' equity $ 486,176 $ 478,729 See accompanying notes to these unaudited condensed consolidated financial statements. 1 NATURAL GAS SERVICES GROUP, INC. CONDENSED CONSOLI

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