Kodiak Gas Services Reports Fourth Quarter and Full Year 2024 Results; Provides Full Year 2025 Guidance
Kodiak Gas Services (NYSE: KGS) reported strong financial results for Q4 and full year 2024. Net income reached $19.1M in Q4 and $49.9M for the full year, compared to a Q4 2023 loss of $6.9M and 2023 full-year income of $20.1M.
Key 2024 achievements include Adjusted EBITDA of $609.6M (up from $438.1M in 2023), fleet utilization increase to 97%, and deployment of 162,000 horsepower of new compression units primarily in the Permian Basin. The company divested 129,000 horsepower of non-core assets and executed $15M of a $50M share repurchase program.
For 2025, Kodiak projects Adjusted EBITDA between $685M-$725M with growth capital expenditures of $240M-$280M. The company maintains a strong presence in the Permian Basin, where approximately 70% of its horsepower is deployed. Total debt stood at $2.6B as of December 31, 2024, with $322.5M available on its ABL Facility.
Kodiak Gas Services (NYSE: KGS) ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'utile netto ha raggiunto i 19,1 milioni di dollari nel Q4 e 49,9 milioni di dollari per l'intero anno, rispetto a una perdita di 6,9 milioni di dollari nel Q4 2023 e a un utile di 20,1 milioni di dollari per l'anno 2023.
Le principali realizzazioni del 2024 includono un EBITDA rettificato di 609,6 milioni di dollari (in aumento rispetto ai 438,1 milioni di dollari nel 2023), un aumento dell'utilizzo della flotta al 97% e il dispiegamento di 162.000 cavalli vapore di nuove unità di compressione principalmente nel Bacino Permiano. L'azienda ha dismesso 129.000 cavalli vapore di asset non strategici e ha eseguito un programma di riacquisto di azioni di 15 milioni di dollari su un totale di 50 milioni di dollari.
Per il 2025, Kodiak prevede un EBITDA rettificato tra 685 milioni e 725 milioni di dollari con spese in conto capitale per la crescita comprese tra 240 milioni e 280 milioni di dollari. L'azienda mantiene una forte presenza nel Bacino Permiano, dove circa il 70% della sua potenza è impiegata. Il debito totale ammontava a 2,6 miliardi di dollari al 31 dicembre 2024, con 322,5 milioni di dollari disponibili nel suo ABL Facility.
Kodiak Gas Services (NYSE: KGS) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto alcanzó los 19,1 millones de dólares en el Q4 y 49,9 millones de dólares para el año completo, en comparación con una pérdida de 6,9 millones de dólares en el Q4 2023 y un ingreso de 20,1 millones de dólares para el año 2023.
Los logros clave de 2024 incluyen un EBITDA ajustado de 609,6 millones de dólares (un aumento desde los 438,1 millones de dólares en 2023), un incremento en la utilización de la flota al 97%, y el despliegue de 162,000 caballos de fuerza de nuevas unidades de compresión principalmente en la Cuenca Pérmica. La compañía desinvirtió 129,000 caballos de fuerza de activos no centrales y ejecutó 15 millones de dólares de un programa de recompra de acciones de 50 millones de dólares.
Para 2025, Kodiak proyecta un EBITDA ajustado entre 685 millones y 725 millones de dólares con gastos de capital de crecimiento de 240 millones a 280 millones de dólares. La compañía mantiene una fuerte presencia en la Cuenca Pérmica, donde aproximadamente el 70% de su potencia está desplegada. La deuda total se situó en 2,6 mil millones de dólares al 31 de diciembre de 2024, con 322,5 millones de dólares disponibles en su Instalación ABL.
코디악 가스 서비스 (NYSE: KGS)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 4분기 순이익은 1,910만 달러, 전체 연도는 4,990만 달러에 달했으며, 2023년 4분기 손실은 690만 달러, 2023년 전체 연도 수익은 2,010만 달러였습니다.
2024년 주요 성과로는 조정 EBITDA가 6억 960만 달러(2023년 4억 3,810만 달러에서 증가)로, 함대 활용률이 97%로 증가하고, 주로 퍼미안 분지에서 162,000 마력의 새로운 압축 장치가 배치되었습니다. 회사는 비핵심 자산에서 129,000 마력을 매각하고 5천만 달러의 자사주 매입 프로그램 중 1,500만 달러를 집행했습니다.
2025년을 위해 코디악은 조정 EBITDA를 6억 8,500만 달러에서 7억 2,500만 달러로 예상하며, 성장 자본 지출은 2억 4천만 달러에서 2억 8천만 달러로 예상하고 있습니다. 이 회사는 퍼미안 분지에서 약 70%의 마력을 배치하여 강력한 존재감을 유지하고 있습니다. 2024년 12월 31일 기준 총 부채는 26억 달러였으며, ABL 시설에서 3억 2,250만 달러가 사용 가능합니다.
Kodiak Gas Services (NYSE: KGS) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024. Le revenu net a atteint 19,1 millions de dollars au Q4 et 49,9 millions de dollars pour l'année complète, comparé à une perte de 6,9 millions de dollars au Q4 2023 et un revenu de 20,1 millions de dollars pour l'année 2023.
Les réalisations clés de 2024 incluent un EBITDA ajusté de 609,6 millions de dollars (en hausse par rapport à 438,1 millions de dollars en 2023), une augmentation de l'utilisation de la flotte à 97 % et le déploiement de 162 000 chevaux-vapeur de nouvelles unités de compression principalement dans le bassin permien. L'entreprise a cédé 129 000 chevaux-vapeur d'actifs non stratégiques et a exécuté 15 millions de dollars d'un programme de rachat d'actions de 50 millions de dollars.
Pour 2025, Kodiak projette un EBITDA ajusté entre 685 millions et 725 millions de dollars avec des dépenses en capital de croissance de 240 millions à 280 millions de dollars. L'entreprise maintient une forte présence dans le bassin permien, où environ 70 % de sa puissance est déployée. La dette totale s'élevait à 2,6 milliards de dollars au 31 décembre 2024, avec 322,5 millions de dollars disponibles dans sa facility ABL.
Kodiak Gas Services (NYSE: KGS) hat starke Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024 gemeldet. Der Nettogewinn betrug 19,1 Millionen Dollar im Q4 und 49,9 Millionen Dollar für das Gesamtjahr, verglichen mit einem Verlust von 6,9 Millionen Dollar im Q4 2023 und einem Gewinn von 20,1 Millionen Dollar im Jahr 2023.
Wichtige Erfolge im Jahr 2024 umfassen ein bereinigtes EBITDA von 609,6 Millionen Dollar (ein Anstieg von 438,1 Millionen Dollar im Jahr 2023), eine Flottenauslastung von 97 % und den Einsatz von 162.000 PS neuer Kompressionseinheiten, hauptsächlich im Permian Basin. Das Unternehmen hat 129.000 PS nicht zum Kerngeschäft gehörender Vermögenswerte verkauft und 15 Millionen Dollar eines 50-Millionen-Dollar-Aktienrückkaufprogramms durchgeführt.
Für 2025 prognostiziert Kodiak ein bereinigtes EBITDA zwischen 685 Millionen und 725 Millionen Dollar mit Wachstumsinvestitionen von 240 Millionen bis 280 Millionen Dollar. Das Unternehmen hat eine starke Präsenz im Permian Basin, wo etwa 70 % seiner Leistung eingesetzt wird. Die Gesamtschuld belief sich zum 31. Dezember 2024 auf 2,6 Milliarden Dollar, mit 322,5 Millionen Dollar, die in seiner ABL-Einrichtung verfügbar sind.
- Net income grew to $49.9M in 2024 from $20.1M in 2023
- Adjusted EBITDA increased 39% to $609.6M in 2024
- Contract Services revenue up 40.6% to $1.0B in 2024
- Fleet utilization improved to 97%
- Returned $179M to shareholders through dividends and buybacks
- High leverage with total debt of $2.6B
- Credit agreement leverage ratio at 3.9x
Insights
Kodiak Gas Services delivered an exceptional performance in Q4 and full-year 2024, with significant financial improvements across key metrics. Net income attributable to shareholders reached
Particularly impressive is the 39% year-over-year increase in Adjusted EBITDA to
Kodiak's strategic positioning in the Permian Basin (approximately
The company has effectively balanced growth investments with shareholder returns, deploying 162,000 horsepower of new large compression units while returning
The strategic divestiture of 129,000 horsepower of non-core assets and exit from four countries demonstrates management's disciplined focus on high-return markets. With a leverage ratio of 3.9x and
Kodiak's operational transformation throughout 2024 positions it exceptionally well in the critical energy infrastructure space. The company's strategic focus on large horsepower compression units in the Permian Basin reflects an astute reading of market dynamics where natural gas infrastructure demands continue to intensify.
The achieved
From an infrastructure perspective, Kodiak's portfolio high-grading - adding 1 million horsepower while divesting 129,000 horsepower of non-core assets - aligns perfectly with the evolving U.S. energy landscape. The company's compression services are increasingly critical for natural gas movement to LNG facilities and power generation plants, both sectors experiencing substantial growth.
The planned 2025 capital expenditure of
Kodiak's exit from South America and concentration on oil-driven U.S. basins demonstrates strategic clarity, focusing resources where infrastructure returns are highest and most predictable. The company's evolution into a pure-play critical infrastructure provider with dominant Permian Basin exposure creates a compelling competitive positioning as natural gas demand accelerates.
Net income attributable to common shareholders for the fourth quarter and full year ended December 31, 2024 was
Fourth Quarter 2024 Highlights
-
Contract Services segment adjusted gross margin percentage(1) increased sequentially to
66.7% -
Fleet utilization increased sequentially to
97% -
Divested approximately 33,000 horsepower of non-core compression assets and exited operations in
South America -
Announced and executed on
$15 million $50 million
Fiscal Year 2024 Highlights
-
Adjusted EBITDA(1) was
$609.6 million $438.1 million -
Repurchased 1.4 million shares of common stock at a weighted average per share price of
$27.88 - Deployed approximately 162,000 horsepower of new large horsepower compression units, primarily in the Permian Basin
- Divested approximately 129,000 horsepower of non-core compression assets and exited operations in four countries
2025 Outlook Highlights
- Provided full year 2025 capital spending outlook and financial guidance ranges
-
2025 Adjusted EBITDA expected to be in the range of
$685 million $725 million -
Growth capital expenditures expected to be in the range of
$240 million $280 million
CEO Commentary
“Kodiak had a transformative year, completing the CSI acquisition which allowed us to build upon our industry-leading position in the Permian Basin and set new financial records," stated Mickey McKee, Kodiak’s founder and Chief Executive Officer. “While maintaining capital discipline and deleveraging, we increased our contract compression fleet by roughly 1 million horsepower and actively high-graded our asset base, allowing us to set new records in revenue, adjusted EBITDA and free cash flow. We realized improvements in margins as well, with our Contract Services segment delivering a record adjusted gross margin percentage in the fourth quarter. Additionally, we enhanced our shareholder return program through increased dividends and
"Kodiak's outlook has never been stronger. The work we completed last year to streamline our operations and maintain our focus on oil-driven basins prepared us for future success. Customer demand for large horsepower compression infrastructure continues to be strong, particularly in the Permian Basin, where approximately
(1) Adjusted gross margin percentage and adjusted EBITDA are non-GAAP financial measures. Definitions and reconciliations to the most comparable GAAP financial measures are included herein.
Segment Information - Full Year 2024
Contract Services segment revenues were
Other Services segment revenues were
Long-Term Debt and Liquidity
Total debt outstanding was
Summary Financial Data (in thousands, except percentages) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Total revenues |
$ |
309,519 |
|
|
$ |
324,647 |
|
|
$ |
225,980 |
|
|
$ |
1,159,311 |
|
|
$ |
850,381 |
|
Net income (loss) attributable to common shareholders |
$ |
19,083 |
|
|
$ |
(5,648 |
) |
|
$ |
(6,874 |
) |
|
$ |
49,895 |
|
|
$ |
20,066 |
|
Adjusted EBITDA(1) |
$ |
169,072 |
|
|
$ |
168,374 |
|
|
$ |
113,878 |
|
|
$ |
609,550 |
|
|
$ |
438,148 |
|
Adjusted EBITDA percentage(1) |
|
54.6 |
% |
|
|
51.9 |
% |
|
|
50.4 |
% |
|
|
52.6 |
% |
|
|
51.5 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Contract Services: |
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
280,211 |
|
|
$ |
284,313 |
|
|
$ |
189,616 |
|
|
$ |
1,034,173 |
|
|
$ |
735,605 |
|
Adjusted gross margin(1) |
$ |
187,027 |
|
|
$ |
187,696 |
|
|
$ |
125,781 |
|
|
$ |
679,157 |
|
|
$ |
478,513 |
|
Adjusted gross margin percentage(1) |
|
66.7 |
% |
|
|
66.0 |
% |
|
|
66.3 |
% |
|
|
65.7 |
% |
|
|
65.1 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Services: |
|
|
|
|
|
|
|
|
|
||||||||||
Revenue |
$ |
29,308 |
|
|
$ |
40,334 |
|
|
$ |
36,364 |
|
|
$ |
125,138 |
|
|
$ |
114,776 |
|
Adjusted gross margin(1) |
$ |
4,242 |
|
|
$ |
7,660 |
|
|
$ |
8,492 |
|
|
$ |
21,778 |
|
|
$ |
20,997 |
|
Adjusted gross margin percentage(1) |
|
14.5 |
% |
|
|
19.0 |
% |
|
|
23.4 |
% |
|
|
17.4 |
% |
|
|
18.3 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance capital expenditures |
$ |
14,858 |
|
|
$ |
21,553 |
|
|
$ |
8,934 |
|
|
$ |
66,200 |
|
|
$ |
36,990 |
|
Growth capital expenditures |
$ |
71,086 |
|
|
$ |
65,115 |
|
|
$ |
60,472 |
|
|
$ |
285,992 |
|
|
$ |
184,487 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Discretionary cash flow(1) |
$ |
107,690 |
|
|
$ |
103,049 |
|
|
$ |
70,527 |
|
|
$ |
373,281 |
|
|
$ |
248,149 |
|
Free cash flow(1) |
$ |
56,657 |
|
|
$ |
52,500 |
|
|
$ |
10,449 |
|
|
$ |
122,319 |
|
|
$ |
65,111 |
|
(1) |
Adjusted EBITDA, adjusted EBITDA percentage, adjusted gross margin, adjusted gross margin percentage, discretionary cash flow, and free cash flow are non-GAAP financial measures. For definitions and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP, see “Non-GAAP Financial Measures” below. |
Summary Operating Data (as of the dates indicated) |
||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|||
Fleet horsepower(1) |
4,402,747 |
|
|
4,417,687 |
|
|
3,261,661 |
|
Revenue-generating horsepower(2) |
4,250,499 |
|
|
4,259,843 |
|
|
3,258,951 |
|
Fleet compression units |
5,069 |
|
|
5,297 |
|
|
3,078 |
|
Revenue-generating compression units |
4,592 |
|
|
4,757 |
|
|
3,062 |
|
Revenue-generating horsepower per revenue-generating compression unit(3) |
926 |
|
|
895 |
|
|
1,064 |
|
Fleet utilization(4) |
96.5 |
% |
|
96.4 |
% |
|
99.9 |
% |
(1) |
Fleet horsepower includes (x) revenue-generating horsepower and (y) idle horsepower, which is comprised of compression units that do not have a signed contract or are not subject to a firm commitment from our customer and therefore are not currently generating revenue. |
(2) |
Revenue-generating horsepower includes compression units that are operating under contract and generating revenue and compression units which are available to be deployed and for which we have a signed contract or are subject to a firm commitment from our customer. |
(3) |
Calculated as (i) revenue-generating horsepower divided by (ii) revenue-generating compression units at period end. |
(4) |
Calculated as (i) revenue-generating horsepower divided by (ii) fleet horsepower. |
Full-Year 2025 Guidance
Kodiak is providing guidance for the full year 2025. All amounts below are in thousands except percentages.
|
|
Full-Year 2025 Guidance |
||||||
|
|
Low |
|
High |
||||
Adjusted EBITDA(1) |
|
$ |
685,000 |
|
|
$ |
725,000 |
|
Discretionary cash flow(1)(2) |
|
$ |
425,000 |
|
|
$ |
450,000 |
|
|
|
|
|
|
||||
Segment Information |
|
|
|
|
||||
Contract Services revenues |
|
$ |
1,150,000 |
|
|
$ |
1,200,000 |
|
Contract Services adjusted gross margin percentage(1) |
|
|
66.0 |
% |
|
|
68.0 |
% |
Other Services revenues |
|
$ |
160,000 |
|
|
$ |
180,000 |
|
Other Services adjusted gross margin percentage(1) |
|
|
14.0 |
% |
|
|
17.0 |
% |
|
|
|
|
|
||||
Capital Expenditures |
|
|
|
|
||||
Growth capital expenditures |
|
$ |
240,000 |
|
|
$ |
280,000 |
|
Maintenance capital expenditures |
|
$ |
75,000 |
|
|
$ |
85,000 |
|
(1) |
The Company is unable to reconcile projected adjusted EBITDA to projected net income (loss), projected discretionary cash flow to projected net cash provided by operating activities and projected adjusted gross margin percentage to projected gross margin percentage, the most comparable financial measures calculated in accordance with GAAP, respectively, without unreasonable efforts because components of the calculations are inherently unpredictable, such as changes to current assets and liabilities, unknown future events, and estimating certain future GAAP measures. The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations. |
(2) |
Discretionary cash flow guidance assumes no change to Secured Overnight Financing Rate futures |
Conference Call
Kodiak will host a conference call on Thursday, March 6, 2025 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss financial and operating results for the quarter and year ended December 31, 2024. To listen to the call by phone, dial 877-407-4012 and ask for the Kodiak Gas Services call at least 10 minutes prior to the start time. To listen to the call via webcast, please visit the Investors tab of Kodiak’s website at www.kodiakgas.com.
About Kodiak Gas Services, Inc.
Kodiak is the largest contract compression service provider in
Non-GAAP Financial Measures
Adjusted EBITDA is defined as net income (loss) before interest expense; income tax expense; and depreciation and amortization; plus (i) loss on extinguishment of debt; (ii) loss (gain) on derivatives; (iii) equity compensation expense; (iv) severance expenses; (v) transaction expenses; (vi) loss (gain) on sale of assets; and (vii) impairment of compression equipment. Adjusted EBITDA percentage is defined as adjusted EBITDA divided by total revenues. Adjusted EBITDA and adjusted EBITDA percentage are used as supplemental financial measures by our management and external users of our financial statements, such as investors, commercial banks and other financial institutions, to assess: (i) the financial performance of our assets without regard to the impact of financing methods, capital structure or historical cost basis of our assets; (ii) the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities; (iii) the ability of our assets to generate cash sufficient to make debt payments and pay dividends; and (iv) our operating performance as compared to those of other companies in our industry without regard to the impact of financing methods and capital structure. We believe adjusted EBITDA and adjusted EBITDA percentage provide useful information because, when viewed with our GAAP results and the accompanying reconciliation, they provide a more complete understanding of our performance than GAAP results alone. We also believe that external users of our financial statements benefit from having access to the same financial measures that management uses in evaluating the results of our business. Reconciliations of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, and net cash provided by operating activities are presented below.
Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Adjusted gross margin percentage is defined as adjusted gross margin divided by total revenues. We believe adjusted gross margin and adjusted gross margin percentage are useful as supplemental measures to investors of our operating profitability. Reconciliations of adjusted gross margin to gross margin are presented below.
Discretionary cash flow is defined as net cash provided by operating activities less (i) maintenance capital expenditures; (ii) certain changes in operating assets and liabilities; and (iii) certain other expenses; plus (w) cash loss on extinguishment of debt; (x) severance expenses; and (y) transaction expenses. We believe discretionary cash flow is a useful liquidity and performance measure and supplemental financial measure for us in assessing our ability to pay cash dividends to our stockholders, make growth capital expenditures and assess our operating performance. Reconciliations of discretionary cash flow to net income (loss) and net cash provided by operating activities are presented below.
Free cash flow is defined as net cash provided by operating activities less (i) maintenance capital expenditures; (ii) certain changes in operating assets and liabilities; (iii) certain other expenses; and (iv) growth capital expenditures; plus (w) cash loss on extinguishment of debt; (x) severance expenses; (y) transaction expenses; and (z) proceeds from sale of assets. We believe free cash flow is a liquidity measure and useful supplemental financial measure for us in assessing our ability to pursue business opportunities and investments to grow our business and to service our debt. Reconciliations of free cash flow to net income (loss) and net cash provided by operating activities are presented below.
Cautionary Note Regarding Forward-Looking Statements
This news release contains, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) a reduction in the demand for natural gas and oil; (ii) the loss of, or the deterioration of the financial condition of, any of our key customers; (iii) nonpayment and nonperformance by our customers, suppliers or vendors; (iv) competitive pressures that may cause us to lose market share; (v) the structure of our Contract Services contracts and the failure of our customers to continue to contract for services after expiration of the primary term; (vi) our ability to successfully integrate any acquired businesses, including CSI Compressco, and realize the expected benefits thereof; (vii) our ability to fund purchases of additional compression equipment; (viii) a deterioration in general economic, business, geopolitical or industry conditions, including as a result of the conflict between
Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by applicable law, we undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.
KODIAK GAS SERVICES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||||||
Contract Services |
$ |
280,211 |
|
|
$ |
284,313 |
|
|
$ |
189,616 |
|
|
$ |
1,034,173 |
|
|
$ |
735,605 |
|
Other Services |
|
29,308 |
|
|
|
40,334 |
|
|
|
36,364 |
|
|
|
125,138 |
|
|
|
114,776 |
|
Total revenues |
|
309,519 |
|
|
|
324,647 |
|
|
|
225,980 |
|
|
|
1,159,311 |
|
|
|
850,381 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Cost of operations (exclusive of depreciation and amortization shown below): |
|
|
|
|
|
|
|
|
|
||||||||||
Contract Services |
|
93,184 |
|
|
|
96,617 |
|
|
|
63,835 |
|
|
|
355,016 |
|
|
|
257,092 |
|
Other Services |
|
25,066 |
|
|
|
32,674 |
|
|
|
27,872 |
|
|
|
103,360 |
|
|
|
93,779 |
|
Depreciation and amortization |
|
70,413 |
|
|
|
73,452 |
|
|
|
46,455 |
|
|
|
260,272 |
|
|
|
182,869 |
|
Long-lived asset impairment |
|
— |
|
|
|
9,921 |
|
|
|
— |
|
|
|
9,921 |
|
|
|
— |
|
Selling, general and administrative |
|
31,401 |
|
|
|
35,528 |
|
|
|
27,137 |
|
|
|
151,680 |
|
|
|
73,308 |
|
Loss (gain) on sale of assets |
|
20,409 |
|
|
|
10,376 |
|
|
|
(56 |
) |
|
|
29,612 |
|
|
|
(777 |
) |
Total operating expenses |
|
240,473 |
|
|
|
258,568 |
|
|
|
165,243 |
|
|
|
909,861 |
|
|
|
606,271 |
|
Income from operations |
|
69,046 |
|
|
|
66,079 |
|
|
|
60,737 |
|
|
|
249,450 |
|
|
|
244,110 |
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
(51,280 |
) |
|
|
(53,991 |
) |
|
|
(40,484 |
) |
|
|
(197,144 |
) |
|
|
(222,514 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,757 |
) |
Loss (gain) on derivatives |
|
17,790 |
|
|
|
(20,327 |
) |
|
|
(21,814 |
) |
|
|
24,017 |
|
|
|
20,266 |
|
Other (expense) income, net |
|
(409 |
) |
|
|
(156 |
) |
|
|
(8 |
) |
|
|
(415 |
) |
|
|
31 |
|
Total other expenses, net |
|
(33,899 |
) |
|
|
(74,474 |
) |
|
|
(62,306 |
) |
|
|
(173,542 |
) |
|
|
(208,974 |
) |
Income (loss) before income taxes |
|
35,147 |
|
|
|
(8,395 |
) |
|
|
(1,569 |
) |
|
|
75,908 |
|
|
|
35,136 |
|
Income tax expense (benefit) |
|
15,547 |
|
|
|
(2,184 |
) |
|
|
5,305 |
|
|
|
25,574 |
|
|
|
15,070 |
|
Net income (loss) |
|
19,600 |
|
|
|
(6,211 |
) |
|
|
(6,874 |
) |
|
|
50,334 |
|
|
|
20,066 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
517 |
|
|
|
(563 |
) |
|
|
— |
|
|
|
439 |
|
|
|
— |
|
Net income (loss) attributable to common shareholders |
$ |
19,083 |
|
|
$ |
(5,648 |
) |
|
$ |
(6,874 |
) |
|
$ |
49,895 |
|
|
$ |
20,066 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic and diluted earnings per share |
|
|
|
|
|
|
|
|
|
||||||||||
Basic net earnings per share |
$ |
0.21 |
|
|
$ |
(0.07 |
) |
|
$ |
0.09 |
|
|
$ |
0.58 |
|
|
$ |
0.29 |
|
Diluted net earnings per share |
$ |
0.21 |
|
|
$ |
(0.07 |
) |
|
$ |
0.09 |
|
|
$ |
0.56 |
|
|
$ |
0.29 |
|
Basic weighted average shares of common stock outstanding |
|
87,011 |
|
|
|
84,292 |
|
|
|
77,400 |
|
|
|
83,094 |
|
|
|
68,059 |
|
Diluted weighted average shares of common stock outstanding |
|
89,272 |
|
|
|
84,292 |
|
|
|
77,676 |
|
|
|
85,170 |
|
|
|
68,327 |
|
KODIAK GAS SERVICES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data) |
|||||||
|
As of December 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
4,750 |
|
|
$ |
5,562 |
|
Accounts receivable, net of allowance of |
|
253,637 |
|
|
|
113,192 |
|
Inventories, net |
|
103,341 |
|
|
|
76,238 |
|
Fair value of derivative instruments |
|
3,672 |
|
|
|
8,194 |
|
Contract assets |
|
7,575 |
|
|
|
17,424 |
|
Prepaid expenses and other current assets |
|
10,686 |
|
|
|
10,353 |
|
Total current assets |
|
383,661 |
|
|
|
230,963 |
|
Property, plant and equipment, net |
|
3,395,022 |
|
|
|
2,536,091 |
|
Operating lease right-of-use assets, net |
|
53,754 |
|
|
|
33,716 |
|
Finance lease right-of-use assets, net |
|
5,696 |
|
|
|
— |
|
Goodwill |
|
415,213 |
|
|
|
305,553 |
|
Identifiable intangible assets, net |
|
162,747 |
|
|
|
122,888 |
|
Fair value of derivative instruments |
|
17,544 |
|
|
|
14,256 |
|
Deferred tax assets |
|
— |
|
|
|
— |
|
Other assets |
|
1,486 |
|
|
|
639 |
|
Total assets |
$ |
4,435,123 |
|
|
$ |
3,244,106 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
57,562 |
|
|
$ |
49,842 |
|
Accrued liabilities |
|
188,732 |
|
|
|
97,078 |
|
Contract liabilities |
|
73,075 |
|
|
|
63,709 |
|
Total current liabilities |
|
319,369 |
|
|
|
210,629 |
|
Long-term debt, net of unamortized debt issuance cost |
|
2,581,909 |
|
|
|
1,791,460 |
|
Operating lease liabilities |
|
49,748 |
|
|
|
34,468 |
|
Finance lease liabilities |
|
3,514 |
|
|
|
— |
|
Deferred tax liabilities |
|
103,826 |
|
|
|
62,748 |
|
Other liabilities |
|
3,150 |
|
|
|
2,148 |
|
Total liabilities |
|
3,061,516 |
|
|
|
2,101,453 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Preferred stock, (50.0 million authorized, |
|
9 |
|
|
|
— |
|
Common stock, (750.0 million shares authorized, |
|
892 |
|
|
|
774 |
|
Additional paid-in capital |
|
1,305,375 |
|
|
|
963,760 |
|
Treasury stock, at cost (1.4 million and zero shares held as of December 31, 2024 and 2023, respectively) |
|
(40,000 |
) |
|
|
— |
|
Noncontrolling interest |
|
13,694 |
|
|
|
— |
|
Retained earnings |
|
93,637 |
|
|
|
178,119 |
|
Total stockholders’ equity |
|
1,373,607 |
|
|
|
1,142,653 |
|
Total liabilities and stockholders’ equity |
$ |
4,435,123 |
|
|
$ |
3,244,106 |
|
KODIAK GAS SERVICES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands) |
||||||||
|
|
Year Ended |
||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net income |
|
$ |
50,334 |
|
|
$ |
20,066 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization expense |
|
|
260,272 |
|
|
|
182,869 |
|
Long-lived asset impairment |
|
|
9,921 |
|
|
|
— |
|
Equity compensation expense |
|
|
17,658 |
|
|
|
5,914 |
|
Amortization of debt issuance costs |
|
|
11,969 |
|
|
|
13,556 |
|
Non-cash lease expense |
|
|
4,730 |
|
|
|
4,465 |
|
Provision for credit losses |
|
|
4,664 |
|
|
|
7,101 |
|
Inventory reserve |
|
|
559 |
|
|
|
500 |
|
Loss (gain) on sale of assets |
|
|
29,612 |
|
|
|
(777 |
) |
Change in fair value of derivatives |
|
|
1,234 |
|
|
|
42,890 |
|
Deferred tax provision |
|
|
15,429 |
|
|
|
7,863 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
4,359 |
|
Changes in operating assets and liabilities, exclusive of effects of business acquisition: |
|
|
|
|
||||
Accounts receivable |
|
|
(102,887 |
) |
|
|
(22,742 |
) |
Inventories |
|
|
(1,336 |
) |
|
|
(4,583 |
) |
Contract assets |
|
|
9,849 |
|
|
|
(13,869 |
) |
Prepaid expenses and other current assets |
|
|
4,434 |
|
|
|
(833 |
) |
Accounts payable |
|
|
4,967 |
|
|
|
10,166 |
|
Accrued and other liabilities |
|
|
(2,097 |
) |
|
|
2,781 |
|
Contract liabilities |
|
|
9,366 |
|
|
|
6,600 |
|
Other assets |
|
|
(691 |
) |
|
|
— |
|
Net cash provided by operating activities |
|
|
327,987 |
|
|
|
266,326 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Net cash acquired in acquisition of CSI Compressco LP |
|
|
9,458 |
|
|
|
— |
|
Purchase of property, plant and equipment |
|
|
(336,956 |
) |
|
|
(219,795 |
) |
Proceeds from sale of assets |
|
|
35,030 |
|
|
|
1,449 |
|
Other |
|
|
— |
|
|
|
(75 |
) |
Net cash used in investing activities |
|
|
(292,468 |
) |
|
|
(218,421 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Borrowings on debt instruments |
|
|
2,642,370 |
|
|
|
1,020,102 |
|
Payments on debt instruments |
|
|
(2,475,572 |
) |
|
|
(1,243,981 |
) |
Principal payments on other borrowings |
|
|
(5,634 |
) |
|
|
— |
|
Payment of debt issuance cost |
|
|
(16,271 |
) |
|
|
(32,768 |
) |
Principal payments on finance leases |
|
|
(2,421 |
) |
|
|
— |
|
Proceeds from initial public offering, net of underwriter discounts |
|
|
— |
|
|
|
277,840 |
|
Offering costs |
|
|
(1,162 |
) |
|
|
(10,039 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
(1,835 |
) |
Dividends paid to stockholders |
|
|
(133,886 |
) |
|
|
(29,793 |
) |
Repurchase of common shares |
|
|
(40,000 |
) |
|
|
— |
|
Cash paid for shares withheld to cover taxes |
|
|
(2,766 |
) |
|
|
— |
|
Taxes withheld on issuance of stock-based awards and conversion of preferred shares |
|
|
4,540 |
|
|
|
— |
|
Distribution to parent |
|
|
— |
|
|
|
(42,300 |
) |
Distribution to noncontrolling interest |
|
|
(5,529 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(36,331 |
) |
|
|
(62,774 |
) |
Net decrease in cash and cash equivalents |
|
|
(812 |
) |
|
|
(14,869 |
) |
Cash and cash equivalents - beginning of period |
|
|
5,562 |
|
|
|
20,431 |
|
Cash and cash equivalents - end of period |
|
$ |
4,750 |
|
|
$ |
5,562 |
|
KODIAK GAS SERVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (in thousands, excluding percentages) Net income to adjusted EBITDA |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Net income (loss) |
$ |
19,600 |
|
|
$ |
(6,211 |
) |
|
$ |
(6,874 |
) |
|
$ |
50,334 |
|
|
$ |
20,066 |
|
Interest expense |
|
51,280 |
|
|
|
53,991 |
|
|
|
40,484 |
|
|
|
197,144 |
|
|
|
222,514 |
|
Income tax expense (benefit) |
|
15,547 |
|
|
|
(2,184 |
) |
|
|
5,305 |
|
|
|
25,574 |
|
|
|
15,070 |
|
Depreciation and amortization |
|
70,413 |
|
|
|
73,452 |
|
|
|
46,455 |
|
|
|
260,272 |
|
|
|
182,869 |
|
Long-lived asset impairment |
|
— |
|
|
|
9,921 |
|
|
|
— |
|
|
|
9,921 |
|
|
|
— |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,757 |
|
Loss (gain) on derivatives |
|
(17,790 |
) |
|
|
20,327 |
|
|
|
21,814 |
|
|
|
(24,017 |
) |
|
|
(20,266 |
) |
Equity compensation expense |
|
5,594 |
|
|
|
3,905 |
|
|
|
2,462 |
|
|
|
17,658 |
|
|
|
5,914 |
|
Severance expense(1) |
|
(712 |
) |
|
|
2,243 |
|
|
|
— |
|
|
|
10,500 |
|
|
|
— |
|
Transaction expenses(2) |
|
4,731 |
|
|
|
2,554 |
|
|
|
4,288 |
|
|
|
32,552 |
|
|
|
6,001 |
|
Loss (gain) on sale of assets |
|
20,409 |
|
|
|
10,376 |
|
|
|
(56 |
) |
|
|
29,612 |
|
|
|
(777 |
) |
Adjusted EBITDA |
$ |
169,072 |
|
|
$ |
168,374 |
|
|
$ |
113,878 |
|
|
$ |
609,550 |
|
|
$ |
438,148 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income percentage |
|
6.3 |
% |
|
|
(1.9 |
)% |
|
|
(3.0 |
)% |
|
|
4.3 |
% |
|
|
2.4 |
% |
Adjusted EBITDA percentage |
|
54.6 |
% |
|
|
51.9 |
% |
|
|
50.4 |
% |
|
|
52.6 |
% |
|
|
51.5 |
% |
For detailed footnote descriptions, refer to the annotations beneath the following table. |
|||||||||||||||||||
Net cash provided by operating activities to adjusted EBITDA |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Net cash provided by operating activities |
$ |
118,485 |
|
|
$ |
36,878 |
|
|
$ |
62,627 |
|
|
$ |
327,987 |
|
|
$ |
266,326 |
|
Interest expense |
|
51,280 |
|
|
|
53,991 |
|
|
|
40,484 |
|
|
|
197,144 |
|
|
|
222,514 |
|
Income tax expense (benefit) |
|
15,547 |
|
|
|
(2,184 |
) |
|
|
5,305 |
|
|
|
25,574 |
|
|
|
15,070 |
|
Deferred tax provision |
|
(10,608 |
) |
|
|
2,283 |
|
|
|
(1,551 |
) |
|
|
(15,429 |
) |
|
|
(7,863 |
) |
Cash received on derivatives |
|
(5,805 |
) |
|
|
(7,185 |
) |
|
|
(7,525 |
) |
|
|
(25,251 |
) |
|
|
(63,156 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,398 |
|
Severance expense(1) |
|
(712 |
) |
|
|
2,243 |
|
|
|
— |
|
|
|
10,500 |
|
|
|
— |
|
Transaction expenses(2) |
|
4,731 |
|
|
|
2,554 |
|
|
|
4,288 |
|
|
|
32,552 |
|
|
|
6,001 |
|
Other(3) |
|
(5,578 |
) |
|
|
(4,685 |
) |
|
|
(8,808 |
) |
|
|
(21,922 |
) |
|
|
(25,622 |
) |
Change in operating assets and liabilities |
|
1,732 |
|
|
|
84,479 |
|
|
|
19,058 |
|
|
|
78,395 |
|
|
|
22,480 |
|
Adjusted EBITDA |
$ |
169,072 |
|
|
$ |
168,374 |
|
|
$ |
113,878 |
|
|
$ |
609,550 |
|
|
$ |
438,148 |
|
(1) |
Represents severance expense related to the CSI acquisition for the year ended December 31, 2024. There were no such expenses for the year ended December 31, 2023. |
(2) |
Represents certain costs associated with non-recurring professional services and other costs, primarily related to the CSI Acquisition, during 2024. Amounts for the three months and full year ended December 31, 2023 includes certain costs associated with non-recurring professional services, our equity owners’ expenses and other costs. |
(3) |
Includes amortization of debt issuance costs, non-cash lease expense, provision for credit losses and inventory reserve. |
KODIAK GAS SERVICES, INC. RECONCILIATION OF ADJUSTED GROSS MARGIN TO GROSS MARGIN (in thousands, excluding percentages) Contract Services |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Total revenues |
$ |
280,211 |
|
|
$ |
284,313 |
|
|
$ |
189,616 |
|
|
$ |
1,034,173 |
|
|
$ |
735,605 |
|
Cost of operations (exclusive of depreciation and amortization) |
|
(93,184 |
) |
|
|
(96,617 |
) |
|
|
(63,835 |
) |
|
|
(355,016 |
) |
|
|
(257,092 |
) |
Depreciation and amortization |
|
(70,413 |
) |
|
|
(73,452 |
) |
|
|
(46,455 |
) |
|
|
(260,272 |
) |
|
|
(182,869 |
) |
Gross margin |
$ |
116,614 |
|
|
$ |
114,244 |
|
|
$ |
79,326 |
|
|
$ |
418,885 |
|
|
$ |
295,644 |
|
Gross margin percentage |
|
41.6 |
% |
|
|
40.2 |
% |
|
|
41.8 |
% |
|
|
40.5 |
% |
|
|
40.2 |
% |
Depreciation and amortization |
|
70,413 |
|
|
|
73,452 |
|
|
|
46,455 |
|
|
|
260,272 |
|
|
|
182,869 |
|
Adjusted gross margin |
$ |
187,027 |
|
|
$ |
187,696 |
|
|
$ |
125,781 |
|
|
$ |
679,157 |
|
|
$ |
478,513 |
|
Adjusted gross margin percentage |
|
66.7 |
% |
|
|
66.0 |
% |
|
|
66.3 |
% |
|
|
65.7 |
% |
|
|
65.1 |
% |
Other Services |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Total revenues |
$ |
29,308 |
|
|
$ |
40,334 |
|
|
$ |
36,364 |
|
|
$ |
125,138 |
|
|
$ |
114,776 |
|
Cost of operations (exclusive of depreciation and amortization) |
|
(25,066 |
) |
|
|
(32,674 |
) |
|
|
(27,872 |
) |
|
|
(103,360 |
) |
|
|
(93,779 |
) |
Depreciation and amortization |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
||
Gross margin |
$ |
4,242 |
|
|
$ |
7,660 |
|
|
$ |
8,492 |
|
|
$ |
21,778 |
|
|
$ |
20,997 |
|
Gross margin percentage |
|
14.5 |
% |
|
|
19.0 |
% |
|
|
23.4 |
% |
|
|
17.4 |
% |
|
|
18.3 |
% |
Depreciation and amortization |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted gross margin |
$ |
4,242 |
|
|
$ |
7,660 |
|
|
$ |
8,492 |
|
|
$ |
21,778 |
|
|
$ |
20,997 |
|
Adjusted gross margin percentage |
|
14.5 |
% |
|
|
19.0 |
% |
|
|
23.4 |
% |
|
|
17.4 |
% |
|
|
18.3 |
% |
KODIAK GAS SERVICES, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO DISCRETIONARY CASH FLOW AND FREE CASH FLOW (in thousands) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Net cash provided by operating activities |
$ |
118,485 |
|
|
$ |
36,878 |
|
|
$ |
62,627 |
|
|
$ |
327,987 |
|
|
$ |
266,326 |
|
Maintenance capital expenditures |
|
(14,858 |
) |
|
|
(21,553 |
) |
|
|
(8,934 |
) |
|
|
(66,200 |
) |
|
|
(36,990 |
) |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,398 |
|
Severance expense(1) |
|
(712 |
) |
|
|
2,243 |
|
|
|
— |
|
|
|
10,500 |
|
|
|
— |
|
Transaction expenses(2) |
|
4,731 |
|
|
|
2,554 |
|
|
|
4,288 |
|
|
|
32,552 |
|
|
|
6,001 |
|
Change in operating assets and liabilities |
|
1,732 |
|
|
|
84,479 |
|
|
|
19,058 |
|
|
|
78,395 |
|
|
|
22,480 |
|
Other(3) |
|
(1,688 |
) |
|
|
(1,552 |
) |
|
|
(6,512 |
) |
|
|
(9,953 |
) |
|
|
(12,066 |
) |
Discretionary cash flow |
$ |
107,690 |
|
|
$ |
103,049 |
|
|
$ |
70,527 |
|
|
$ |
373,281 |
|
|
$ |
248,149 |
|
Growth capital expenditures(4)(5) |
|
(71,086 |
) |
|
|
(65,115 |
) |
|
|
(60,472 |
) |
|
|
(285,992 |
) |
|
|
(184,487 |
) |
Proceeds from sale of assets |
|
20,053 |
|
|
|
14,566 |
|
|
|
394 |
|
|
|
35,030 |
|
|
|
1,449 |
|
Free cash flow |
$ |
56,657 |
|
|
$ |
52,500 |
|
|
$ |
10,449 |
|
|
$ |
122,319 |
|
|
$ |
65,111 |
|
For detailed footnote descriptions, refer to the annotations beneath the following table. |
|||||||||||||||||||
KODIAK GAS SERVICES, INC. RECONCILIATION OF NET INCOME TO DISCRETIONARY CASH FLOW AND FREE CASH FLOW (in thousands) |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
Net income (loss) |
$ |
19,600 |
|
|
$ |
(6,211 |
) |
|
$ |
(6,874 |
) |
|
$ |
50,334 |
|
|
$ |
20,066 |
|
Depreciation and amortization |
|
70,413 |
|
|
|
73,452 |
|
|
|
46,455 |
|
|
|
260,272 |
|
|
|
182,869 |
|
Long-lived asset impairment |
|
— |
|
|
|
9,921 |
|
|
|
— |
|
|
|
9,921 |
|
|
|
— |
|
Change in fair value of derivatives |
|
(11,985 |
) |
|
|
27,512 |
|
|
|
29,339 |
|
|
|
1,234 |
|
|
|
42,890 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,757 |
|
Deferred tax provision |
|
10,608 |
|
|
|
(2,283 |
) |
|
|
1,551 |
|
|
|
15,429 |
|
|
|
7,863 |
|
Amortization of debt issuance costs |
|
3,890 |
|
|
|
3,133 |
|
|
|
2,296 |
|
|
|
11,969 |
|
|
|
13,556 |
|
Equity compensation expense |
|
5,594 |
|
|
|
3,905 |
|
|
|
2,462 |
|
|
|
17,658 |
|
|
|
5,914 |
|
Severance expense(1) |
|
(712 |
) |
|
|
2,243 |
|
|
|
— |
|
|
|
10,500 |
|
|
|
— |
|
Transaction expenses(2) |
|
4,731 |
|
|
|
2,554 |
|
|
|
4,288 |
|
|
|
32,552 |
|
|
|
6,001 |
|
Loss (gain) on sale of assets |
|
20,409 |
|
|
|
10,376 |
|
|
|
(56 |
) |
|
|
29,612 |
|
|
|
(777 |
) |
Maintenance capital expenditures |
|
(14,858 |
) |
|
|
(21,553 |
) |
|
|
(8,934 |
) |
|
|
(66,200 |
) |
|
|
(36,990 |
) |
Discretionary cash flow |
$ |
107,690 |
|
|
$ |
103,049 |
|
|
$ |
70,527 |
|
|
$ |
373,281 |
|
|
$ |
248,149 |
|
Growth capital expenditures(4)(5) |
|
(71,086 |
) |
|
|
(65,115 |
) |
|
|
(60,472 |
) |
|
|
(285,992 |
) |
|
|
(184,487 |
) |
Proceeds from sale of assets |
|
20,053 |
|
|
|
14,566 |
|
|
|
394 |
|
|
|
35,030 |
|
|
|
1,449 |
|
Free cash flow |
$ |
56,657 |
|
|
$ |
52,500 |
|
|
$ |
10,449 |
|
|
$ |
122,319 |
|
|
$ |
65,111 |
|
(1) |
Represents severance expense related to the CSI acquisition for the year ended December 31, 2024. There were no such expenses for the year ended December 31, 2023. |
(2) |
Represents certain costs associated with non-recurring professional services and other costs, primarily related to the CSI Acquisition, during 2024. Amounts for the three months and full year ended December 31, 2023 includes certain costs associated with non-recurring professional services, our equity owners’ expenses and other costs. |
(3) |
Includes non-cash lease expense, provision for credit losses and inventory reserve. |
(4) |
For the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, growth capital expenditures includes an |
(5) |
For the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, growth capital expenditures include a non-cash increase in sales tax accrual on compression equipment purchases of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305920847/en/
Kodiak Gas Services, Inc.
Graham Sones, VP – Investor Relations
ir@kodiakgas.com
Source: Kodiak Gas Services, Inc.
FAQ
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