Stabilis Solutions Announces Second Quarter 2024 Results
Stabilis Solutions (NASDAQ:SLNG) reported strong Q2 2024 results, with LNG volumes delivered up 45.3% year-over-year. Key highlights include:
- Record Q2 Adjusted EBITDA of $2.1 million, up $2.2 million YoY
- Cash flow from operations increased 32.3% YoY to $5.0 million
- $15.9 million in cash and credit availability
- Net cash positive balance sheet
The company is expanding storage capacity at its Texas liquefaction plant, executed its first LNG bunkering operation in Galveston, and is planning the first dedicated LNG bunkering facility on the U.S. Gulf Coast. Stabilis also extended a major LNG supply contract and is growing its aerospace customer base, expecting a 76% increase in aerospace-related volumes in 2024.
Stabilis Solutions (NASDAQ:SLNG) ha riportato risultati solidi per il secondo trimestre del 2024, con un incremento del 45,3% anno su anno nei volumi di GNL consegnati. I punti salienti includono:
- Record di EBITDA rettificato per il secondo trimestre pari a 2,1 milioni di dollari, un aumento di 2,2 milioni di dollari rispetto all'anno precedente
- Il flusso di cassa dalle operazioni è aumentato del 32,3% rispetto all'anno scorso, raggiungendo 5,0 milioni di dollari
- Disponibilità di cassa e crediti per 15,9 milioni di dollari
- Bilancio netto positivo in termini di liquidità
L'azienda sta espandendo la capacità di stoccaggio presso il suo impianto di liquefazione in Texas, ha effettuato la sua prima operazione di rifornimento di GNL a Galveston, e sta pianificando la prima struttura dedicata al rifornimento di GNL lungo la costa del Golfo degli Stati Uniti. Stabilis ha inoltre rinnovato un importante contratto di fornitura di GNL e sta ampliando la sua base clienti nel settore aerospaziale, prevedendo un aumento del 76% dei volumi legati all'aerospazio nel 2024.
Stabilis Solutions (NASDAQ:SLNG) informó resultados sólidos para el segundo trimestre de 2024, con un aumento del 45,3% interanual en los volúmenes de GNL entregados. Los aspectos más destacados incluyen:
- EBITDA ajustado récord para el segundo trimestre de 2,1 millones de dólares, un aumento de 2,2 millones de dólares en comparación con el año anterior
- El flujo de caja de las operaciones aumentó un 32,3% interanual, alcanzando 5,0 millones de dólares
- Disponibilidad de efectivo y crédito de 15,9 millones de dólares
- Balance neto positivo en efectivo
La empresa está expandiendo su capacidad de almacenamiento en su planta de gasificación en Texas, ejecutó su primera operación de abastecimiento de GNL en Galveston y está planeando la primera instalación de abastecimiento de GNL dedicada en la costa del Golfo de EE. UU. Stabilis también renovó un importante contrato de suministro de GNL y está creciendo su base de clientes en el sector aeroespacial, esperando un aumento del 76% en los volúmenes relacionados con la aeroespacial en 2024.
Stabilis Solutions (NASDAQ:SLNG)는 2024년 2분기에 강력한 실적을 보고했으며, 연간 45.3% 증가한 LNG 물량을 전달했습니다. 주요 하이라이트는 다음과 같습니다:
- 2분기 조정 EBITDA의 기록인 210만 달러, 전년 대비 220만 달러 증가
- 운영으로부터의 현금 흐름이 전년 대비 32.3% 증가하여 500만 달러에 도달했습니다
- 1590만 달러의 현금 및 신용 가용성
- 순 현금 긍정적 재무 제표
회사는 텍사스 액화 공장에서 저장 용량을 확장하고, 갈베스턴에서 첫 LNG 벙커링 작업을 수행하였으며, 미국 멕시코 만 연안에 첫 전용 LNG 벙커링 시설을 계획하고 있습니다. Stabilis는 또한 주요 LNG 공급 계약을 연장하고 항공 우주 고객 기반을 확장하며, 2024년 항공 우주 관련 물량이 76% 증가할 것으로 예상하고 있습니다.
Stabilis Solutions (NASDAQ:SLNG) a rapporté des résultats solides pour le deuxième trimestre 2024, avec une augmentation de 45,3 % d'une année sur l'autre des volumes de GNL livrés. Les points saillants incluent :
- Un EBITDA ajusté record pour le deuxième trimestre de 2,1 millions de dollars, en hausse de 2,2 millions de dollars par rapport à l'année précédente
- Les flux de trésorerie provenant des opérations ont augmenté de 32,3 % d'une année sur l'autre, atteignant 5,0 millions de dollars
- Disponibilité de liquidités et de crédit de 15,9 millions de dollars
- Bilan net de trésorerie positif
L'entreprise élargit sa capacité de stockage dans son usine de liquéfaction au Texas, a réalisé sa première opération de ravitaillement en GNL à Galveston, et prévoit la première installation de ravitaillement en GNL dédiée sur la côte du Golfe des États-Unis. Stabilis a également prolongé un important contrat de fourniture de GNL et développe sa base de clients dans le secteur aérospatial, s'attendant à une augmentation de 76 % des volumes liés à l'aérospatial en 2024.
Stabilis Solutions (NASDAQ:SLNG) hat starke Ergebnisse für das 2. Quartal 2024 gemeldet, mit einer Steigerung der gelieferten LNG-Mengen um 45,3% im Vergleich zum Vorjahr. Die wichtigsten Highlights sind:
- Rekord-EBITDA für das 2. Quartal von 2,1 Millionen Dollar, ein Anstieg um 2,2 Millionen Dollar im Jahresvergleich
- Der Cashflow aus der operativen Tätigkeit stieg um 32,3% im Jahresvergleich auf 5,0 Millionen Dollar
- Verfügbares Bargeld und Kredit von 15,9 Millionen Dollar
- Nettobarbilanz positiv
Das Unternehmen erweitert die Speicherkapazität in seinem Verflüssigungswerk in Texas, hat seine erste LNG-Bunkervorgang in Galveston durchgeführt und plant die erste dedizierte LNG-Bunkeranlage an der US-Golfküste. Stabilis hat auch einen wichtigen LNG-Liefervertrag verlängert und erweitert seine Kundenbasis im Luft- und Raumfahrtsektor, wobei ein Anstieg der luft- und raumfahrtbezogenen Volumen um 76% im Jahr 2024 erwartet wird.
- LNG volumes delivered increased 45.3% year-over-year
- Record Q2 Adjusted EBITDA of $2.1 million, up $2.2 million from previous year
- Cash flow from operations grew 32.3% year-over-year to $5.0 million
- Net cash positive balance sheet with $15.9 million in cash and credit availability
- Expanding storage capacity at Texas liquefaction plant from 270,000 to 630,000 gallons
- Executed first LNG bunkering operation in Galveston, Texas
- 14-month contract extension for LNG supply agreement
- Aerospace market-related volumes expected to increase by 76% in 2024
- None.
Insights
Stabilis Solutions' Q2 2024 results show strong operational and financial improvements. LNG volumes delivered increased 45.3% year-over-year, driving a
The balance sheet strengthened with
Stabilis is strategically positioning itself in the growing LNG market. Key developments include:
- Expanding storage capacity at its Texas plant from 270,000 to 630,000 gallons
- Executing the first LNG bunkering operation in Galveston for Carnival
- Planning the first dedicated LNG bunkering facility on the U.S. Gulf Coast
- Extending a major power generation contract by 14 months
- Growing aerospace customer base, expecting
76% volume increase in 2024
These initiatives tap into multiple growth sectors: marine fuel, power generation and aerospace. With domestic high-purity LNG demand projected to grow
HOUSTON, TX / ACCESSWIRE / August 7, 2024 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (Nasdaq:SLNG), a leading provider of clean fueling, production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands, today announced financial results for the second quarter ended June 30, 2024.
SECOND QUARTER PERFORMANCE HIGHLIGHTS
Strong demand and higher utilization at our Texas liquefaction plant led to a year-over-year increase of
45.3% in LNG volumes delivered and an improvement of$2.2 million in net incomeRecord second quarter Adjusted EBITDA of
$2.1 million , an increase of$2.2 million on a year-over-year basis$5.0 million of cash flow from operations, an increase of32.3% on a year-over-year basis$15.9 million of cash and availability under our credit agreements with cash and cash equivalents exceeding debt outstanding resulting in a net cash positive balance sheet as of June 30, 2024
MANAGEMENT COMMENTARY
"We delivered strong second quarter results due to the ongoing efforts of our entire team to transition our company into one of North America's largest providers of liquefied natural gas fueling, production, storage, and last mile delivery solutions." said Westy Ballard, President and Chief Executive Officer. "These efforts have optimized our existing operations and resulted in longer-term customer relationships, higher asset utilization, more predictable cash flows, improved liquidity, and a healthier leverage profile."
Ballard continued, "Moving forward, we remain focused on leveraging our proven business model to further develop and deliver a portfolio of opportunities across our marine, commercial and industrial business platforms."
STRATEGIC AND OPERATIONAL UPDATE
Strengthening balance sheet and liquidity profile. At the end of the second quarter, the Company's total cash and available liquidity under its credit agreements improved to
$15.9 million and Stabilis had a trailing twelve-month net leverage ratio of -0.3x.Increased storage capacity at Texas liquefaction plant. During the quarter, the Company commenced the phased expansion of storage capacity from 270,000 gallons to 630,000 gallons at its liquefaction facility in Texas, which will further bolster its inland LNG supply chain to address increased demand and provide redundancy for its business as it expands its infrastructure to the Gulf Coast waterfront.
Outstanding execution of the industry's first ever LNG bunkering operation in Galveston, Texas and preparing for demand growth for LNG as marine bunker fuel. During the quarter, the Company executed on its Gulf Coast LNG fueling contract with Carnival Corporation, which began late in the fourth quarter of 2023. Additionally, in leveraging its experience servicing a world-class cruise line operator like Carnival, the Company is finalizing plans to build the first dedicated LNG bunkering facility along the U.S. Gulf Coast and is in discussions with several potential marine customers in strategic ports across the U.S. for further expansion.
Contract awards and capitalizing on multi-year investment cycle across multiple sectors in its commercial & industrial platform. During the quarter, Stabilis' announced a 14-month contract extension of an LNG supply agreement for primary power generation and continues to further expand its operations with the expectation to deliver more than 235,000 megawatts of energy in 2024 to peak load, intermittent, distributed, and emergency relief power customers across multiple industries.
Additionally, during the quarter, the Company expanded its aerospace customer base and anticipates its 2024 aerospace market-related volumes will increase by more than
SECOND QUARTER CONFERENCE CALL AND WEBCAST
Stabilis will host a conference call on Wednesday August 8, 2024, at 9:00 am ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call will be available in the Investor Relations section of the Company's corporate website at https://investors.stabilis-solutions.com/events. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: | 888-506-0062 |
International Live: | 973-528-0011 |
Conference ID: | 300549 |
To listen to a replay of the teleconference, which will be available through August 15, 2024:
Domestic Live: | 877-481-4010 |
International Live: | 919-882-2331 |
Replay ID: | 50991 |
ABOUT STABILIS SOLUTIONS
Stabilis Solutions, Inc. is a leading provider of clean fueling, production, storage, and last mile delivery solutions to many of the world's most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "feels," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these, and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2024 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
# # # # #
Investor Contact:
Andrew Puhala
Chief Financial Officer
832-456-6502
ir@stabilis-solutions.com
Stabilis Solutions, Inc. and Subsidiaries
Selected Consolidated Operating Results
(Unaudited, in thousands, except share and per share data)
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||||||
|
| June 30, |
|
| March 31, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
| |||||
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Revenues |
| $ | 18,598 |
|
| $ | 19,770 |
|
| $ | 12,907 |
|
| $ | 38,368 |
|
| $ | 39,749 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
| 13,550 |
|
|
| 13,514 |
|
|
| 10,585 |
|
|
| 27,064 |
|
|
| 30,855 |
|
Change in unrealized (gain) loss on natural gas derivatives |
|
| (82 | ) |
|
| (252 | ) |
|
| (224 | ) |
|
| (334 | ) |
|
| (55 | ) |
Selling, general and administrative expenses |
|
| 3,331 |
|
|
| 3,456 |
|
|
| 3,043 |
|
|
| 6,787 |
|
|
| 6,422 |
|
Gain from disposal of fixed assets |
|
| (72 | ) |
|
| (127 | ) |
|
| - |
|
|
| (199 | ) |
|
| - |
|
Depreciation expense |
|
| 1,768 |
|
|
| 1,800 |
|
|
| 1,992 |
|
|
| 3,568 |
|
|
| 4,003 |
|
Total operating expenses |
|
| 18,495 |
|
|
| 18,391 |
|
|
| 15,396 |
|
|
| 36,886 |
|
|
| 41,225 |
|
Income (loss) from operations before equity income |
|
| 103 |
|
|
| 1,379 |
|
|
| (2,489 | ) |
|
| 1,482 |
|
|
| (1,476 | ) |
Net equity income from foreign joint venture operations |
|
| 295 |
|
|
| 197 |
|
|
| 685 |
|
|
| 492 |
|
|
| 1,030 |
|
Income (loss) from operations |
|
| 398 |
|
|
| 1,576 |
|
|
| (1,804 | ) |
|
| 1,974 |
|
|
| (446 | ) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense), net |
|
| 28 |
|
|
| (4 | ) |
|
| (147 | ) |
|
| 24 |
|
|
| (297 | ) |
Interest (expense), net - related parties |
|
| - |
|
|
| - |
|
|
| (24 | ) |
|
| - |
|
|
| (56 | ) |
Other (expense), net |
|
| 26 |
|
|
| (21 | ) |
|
| (40 | ) |
|
| 5 |
|
|
| (124 | ) |
Total other income (expense) |
|
| 54 |
|
|
| (25 | ) |
|
| (211 | ) |
|
| 29 |
|
|
| (477 | ) |
Net income (loss) before income tax expense |
|
| 452 |
|
|
| 1,551 |
|
|
| (2,015 | ) |
|
| 2,003 |
|
|
| (923 | ) |
Income tax expense |
|
| 425 |
|
|
| 82 |
|
|
| 159 |
|
|
| 507 |
|
|
| 167 |
|
Net income (loss) |
| $ | 27 |
|
| $ | 1,469 |
|
| $ | (2,174 | ) |
| $ | 1,496 |
|
| $ | (1,090 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted per common share |
| $ | 0.00 |
|
| $ | 0.08 |
|
| $ | (0.12 | ) |
| $ | 0.08 |
|
| $ | (0.06 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
| $ | 2,192 |
|
| $ | 3,355 |
|
| $ | 148 |
|
| $ | 5,547 |
|
| $ | 3,433 |
|
Adjusted EBITDA |
| $ | 2,110 |
|
| $ | 3,103 |
|
| $ | (76 | ) |
| $ | 5,213 |
|
| $ | 3,378 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
|
| June 30, |
|
| December 31, |
| ||
|
| 2024 |
|
| 2023 |
| ||
Assets | ||||||||
Current assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 11,483 |
|
| $ | 5,374 |
|
Accounts receivable, net |
|
| 5,933 |
|
|
| 7,752 |
|
Inventories, net |
|
| 155 |
|
|
| 169 |
|
Prepaid expenses and other current assets |
|
| 1,325 |
|
|
| 1,677 |
|
Total current assets |
|
| 18,896 |
|
|
| 14,972 |
|
Property, plant and equipment: |
|
|
|
|
|
|
|
|
Cost |
|
| 110,426 |
|
|
| 110,646 |
|
Less accumulated depreciation |
|
| (62,057 | ) |
|
| (61,167 | ) |
Property, plant and equipment, net |
|
| 48,369 |
|
|
| 49,479 |
|
Goodwill |
|
| 4,314 |
|
|
| 4,314 |
|
Investments in foreign joint ventures |
|
| 10,541 |
|
|
| 12,009 |
|
Right-of-use assets and other noncurrent assets |
|
| 453 |
|
|
| 525 |
|
Total assets |
| $ | 82,573 |
|
| $ | 81,299 |
|
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 6,607 |
|
| $ | 5,707 |
|
Accrued liabilities |
|
| 3,614 |
|
|
| 4,166 |
|
Current portion of long-term notes payable |
|
| 1,216 |
|
|
| 1,682 |
|
Current portion of finance and operating lease obligations |
|
| 82 |
|
|
| 164 |
|
Total current liabilities |
|
| 11,519 |
|
|
| 11,719 |
|
Long-term notes payable, net of current portion and debt issuance costs |
|
| 7,378 |
|
|
| 7,747 |
|
Long-term portion of finance and operating lease obligations |
|
| - |
|
|
| 21 |
|
Total liabilities |
|
| 18,897 |
|
|
| 19,487 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
|
Common stock; |
|
| 19 |
|
|
| 19 |
|
Additional paid-in capital |
|
| 102,839 |
|
|
| 102,057 |
|
Accumulated other comprehensive loss |
|
| (432 | ) |
|
| (18 | ) |
Accumulated deficit |
|
| (38,750 | ) |
|
| (40,246 | ) |
Total stockholders' equity |
|
| 63,676 |
|
|
| 61,812 |
|
Total liabilities and stockholders' equity |
| $ | 82,573 |
|
| $ | 81,299 |
|
Stabilis Solutions, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||||||
|
| June 30, |
|
| March 31, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
| |||||
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) from operations |
| $ | 27 |
|
| $ | 1,469 |
|
| $ | (2,174 | ) |
| $ | 1,496 |
|
| $ | (1,090 | ) |
Adjustments to reconcile net income (loss) from operations to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
| 1,768 |
|
|
| 1,800 |
|
|
| 1,992 |
|
|
| 3,568 |
|
|
| 4,003 |
|
Stock-based compensation expense |
|
| 408 |
|
|
| 383 |
|
|
| 593 |
|
|
| 791 |
|
|
| 1,182 |
|
Bad debt expense |
|
| (100 | ) |
|
| 168 |
|
|
| - |
|
|
| 68 |
|
|
| - |
|
Gain from disposal of assets |
|
| (72 | ) |
|
| (127 | ) |
|
| - |
|
|
| (199 | ) |
|
| - |
|
Income from equity investment in joint venture |
|
| (340 | ) |
|
| (247 | ) |
|
| (741 | ) |
|
| (587 | ) |
|
| (1,134 | ) |
Cash settlements from natural gas derivatives, net |
|
| (359 | ) |
|
| - |
|
|
| - |
|
|
| (359 | ) |
|
| - |
|
Realized and unrealized losses on natural gas derivatives, net |
|
| 30 |
|
|
| - |
|
|
| 70 |
|
|
| 30 |
|
|
| 491 |
|
Distributions from equity investment in joint venture |
|
| 1,716 |
|
|
| - |
|
|
| 813 |
|
|
| 1,716 |
|
|
| 813 |
|
Changes in operating assets and liabilities: |
|
| - |
|
|
| - |
|
|
| - |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
| (228 | ) |
|
| 1,964 |
|
|
| 4,964 |
|
|
| 1,736 |
|
|
| 7,008 |
|
Prepaid expenses and other current assets |
|
| 445 |
|
|
| 235 |
|
|
| 320 |
|
|
| 680 |
|
|
| 827 |
|
Accounts payable and accrued liabilities |
|
| 1,679 |
|
|
| (1,812 | ) |
|
| (2,024 | ) |
|
| (133 | ) |
|
| (8,385 | ) |
Other |
|
| 64 |
|
|
| 96 |
|
|
| (4 | ) |
|
| 160 |
|
|
| 187 |
|
Net cash provided by operating activities |
|
| 5,038 |
|
|
| 3,929 |
|
|
| 3,809 |
|
|
| 8,967 |
|
|
| 3,902 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets |
|
| (1,376 | ) |
|
| (873 | ) |
|
| (1,484 | ) |
|
| (2,249 | ) |
|
| (5,211 | ) |
Proceeds from sale of assets |
|
| 72 |
|
|
| 207 |
|
|
| - |
|
|
| 279 |
|
|
| - |
|
Net cash used in investing activities |
|
| (1,304 | ) |
|
| (666 | ) |
|
| (1,484 | ) |
|
| (1,970 | ) |
|
| (5,211 | ) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on short- and long-term notes payable |
|
| (529 | ) |
|
| (346 | ) |
|
| (366 | ) |
|
| (875 | ) |
|
| (731 | ) |
Payments on notes payable from related parties |
|
| - |
|
|
| - |
|
|
| (604 | ) |
|
| - |
|
|
| (1,200 | ) |
Employee tax payments from restricted stock withholdings |
|
| - |
|
|
| (9 | ) |
|
| (108 | ) |
|
| (9 | ) |
|
| (108 | ) |
Net cash used in financing activities |
|
| (529 | ) |
|
| (355 | ) |
|
| (1,078 | ) |
|
| (884 | ) |
|
| (2,039 | ) |
Effect of exchange rate changes on cash |
|
| (8 | ) |
|
| 4 |
|
|
| 13 |
|
|
| (4 | ) |
|
| 18 |
|
Net increase (decrease) in cash and cash equivalents |
|
| 3,197 |
|
|
| 2,912 |
|
|
| 1,260 |
|
|
| 6,109 |
|
|
| (3,330 | ) |
Cash and cash equivalents, beginning of period |
|
| 8,286 |
|
|
| 5,374 |
|
|
| 6,861 |
|
|
| 5,374 |
|
|
| 11,451 |
|
Cash and cash equivalents, end of period |
| $ | 11,483 |
|
| $ | 8,286 |
|
| $ | 8,121 |
|
| $ | 11,483 |
|
| $ | 8,121 |
|
Non-GAAP Measures
Our management uses EBITDA and Adjusted EBITDA to assess the performance and operating results of our business. EBITDA is defined as Earnings before Interest (includes interest income and interest expense), Taxes, Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted for certain special items that occur during the reporting period, as noted below. We include EBITDA and Adjusted EBITDA to provide investors with a supplemental measure of our operating performance. Neither EBITDA nor Adjusted EBITDA is a recognized term under generally accepted accounting principles in the U.S. ("GAAP"). Accordingly, they should not be used as an indicator of, or an alternative to, net income (loss) as a measure of operating performance. In addition, EBITDA and Adjusted EBITDA are not intended to be measures of free cash flow available for management's discretionary use, as they do not consider certain cash requirements, such as debt service requirements. Because the definition of EBITDA and Adjusted EBITDA may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The following table provides a reconciliation of net income (loss), the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA (in thousands).
|
| Three Months Ended |
|
| Six Months Ended |
| ||||||||||||||
|
| June 30, |
|
| March 31, |
|
| June 30, |
|
| June 30, |
|
| June 30, |
| |||||
|
| 2024 |
|
| 2024 |
|
| 2023 |
|
| 2024 |
|
| 2023 |
| |||||
Net income (loss) |
| $ | 27 |
|
| $ | 1,469 |
|
| $ | (2,174 | ) |
| $ | 1,496 |
|
| $ | (1,090 | ) |
Depreciation |
|
| 1,768 |
|
|
| 1,800 |
|
|
| 1,992 |
|
|
| 3,568 |
|
|
| 4,003 |
|
Interest expense, net |
|
| (28 | ) |
|
| 4 |
|
|
| 171 |
|
|
| (24 | ) |
|
| 353 |
|
Income tax expense |
|
| 425 |
|
|
| 82 |
|
|
| 159 |
|
|
| 507 |
|
|
| 167 |
|
EBITDA |
|
| 2,192 |
|
|
| 3,355 |
|
|
| 148 |
|
|
| 5,547 |
|
|
| 3,433 |
|
Special items* |
|
| (82 | ) |
|
| (252 | ) |
|
| (224 | ) |
|
| (334 | ) |
|
| (55 | ) |
Adjusted EBITDA |
| $ | 2,110 |
|
| $ | 3,103 |
|
| $ | (76 | ) |
| $ | 5,213 |
|
| $ | 3,378 |
|
*Special items for all periods presented consist of adjustments related to unrealized (gain)/loss on natural gas derivatives.
SOURCE: Stabilis Solutions
View the original press release on accesswire.com
FAQ
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