Natural Gas Services Group Q3 2024 Filing

TL;DR

NGS Q3 2024 10-Q filed. Financials for product sales & aftermarket services detailed.

AI Summary

Natural Gas Services Group Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing details financial performance across its product sales and aftermarket services segments. Specific financial figures and comparative data from previous periods are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Natural Gas Services Group, crucial for understanding the company's operational health and future prospects in the oil and gas services sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-14 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• NATURAL GAS SERVICES GROUP INC (company) — Filer
• 2024-09-30 (date) — Conformed Period of Report
• 2024-11-14 (date) — Filed as of Date
• 404 VETERANS AIRPARK LANE (location) — Business Address
• MIDLAND, TX (location) — Business Address City, State
• 79705 (location) — Business Address Zip
• 001-31398 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, Par Value $0.01 NGS New York Stock Exchange Indicate

Filing Documents

• ngs-20240930.htm (10-Q) — 1050KB
• ngs093024-ex311jacobs.htm (EX-31.1) — 11KB
• ngs093024-ex312bittner.htm (EX-31.2) — 10KB
• ngs093024-ex321jacobs.htm (EX-32.1) — 7KB
• ngs093024-ex322bittner.htm (EX-32.2) — 7KB
• 0001084991-24-000118.txt ( ) — 5411KB
• ngs-20240930.xsd (EX-101.SCH) — 37KB
• ngs-20240930_cal.xml (EX-101.CAL) — 52KB
• ngs-20240930_def.xml (EX-101.DEF) — 159KB
• ngs-20240930_lab.xml (EX-101.LAB) — 565KB
• ngs-20240930_pre.xml (EX-101.PRE) — 369KB
• ngs-20240930_htm.xml (XML) — 603KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 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 5 Notes to Unaudited Condensed Consolidated Financial Statements Page 6

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 16

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk Page 26

Controls and Procedures

Item 4. Controls and Procedures Page 27

- OTHER INFORMATION

Part II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings Page 29

Risk Factors

Item 1A. Risk Factors Page 29

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Page 29

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities Page 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures Page 29

Other Information

Item 5. Other Information Page 29

Exhibits

Item 6. Exhibits Page 30

Signatures

Signatures Page 31

– 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) September 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 410 $ 2,746 Trade accounts receivable, net of allowance for credit losses of $ 1,248 and $ 823 , respectively 24,809 39,186 Inventory, net of allowance for obsolescence of $ 2,836 for each of the dates presented, respectively 20,175 21,639 Federal income tax receivable 11,382 11,538 Prepaid expenses and other 2,207 1,162 Total current assets 58,983 76,271 Long-term inventory, net of allowance for obsolescence of $ 1,168 for each of the dates presented, respectively 1,043 701 Rental equipment, net of accumulated depreciation of $ 211,841 and $ 191,745 , respectively 407,761 373,649 Property and equipment, net of accumulated depreciation of $ 18,609 and $ 17,649 , respectively 21,538 20,550 Intangibles, net of accumulated amortization of $ 2,478 and $ 2,384 , respectively 681 775 Other assets 8,063 6,783 Total assets $ 498,069 $ 478,729 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 26,473 $ 17,628 Accrued liabilities 7,041 15,085 Total current liabilities 33,514 32,713 Long-term debt 163,000 164,000 Deferred income tax liability 45,691 41,636 Other long-term liabilities 4,678 4,486 Total liabilities 246,883 242,835 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 ; 13,741 and 13,688 shares issued, respectively 137 137 Additional paid-in capital 117,410 116,480 Retained earnings 148,643 134,281 Treasury shares, at cost, 1,310 shares for each of the dates presented, respectively ( 15,004 ) ( 15,004 ) Total stockholders' equity 251,186 235,894 Total liabilities and stockholders' equity $ 498,069 $ 478,729 See

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View this 10-Q filing on SEC EDGAR