Kodiak Gas Services Inc

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 7, 2024

KGS$42.26-5.4%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(in thousands)

	Nine Months Ended September 30,
	2024	2023
Cash flows from operating activities:
Net income	$30,734	$26,940
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	189,859	136,414
Long-lived asset impairment	9,921	—
Equity compensation expense	12,064	3,452
Amortization of debt issuance costs	8,079	11,260
Non-cash lease expense	3,164	3,132
Provision for credit losses	4,625	2,047
Inventory reserve	476	375
(Gain) loss on sale of property, plant and equipment	9,203	(721)
Change in fair value of derivatives	13,219	13,551
Deferred tax provision	4,821	6,312
Loss on extinguishment of debt	—	4,359
Changes in operating assets and liabilities, exclusive of effects of business acquisition:
Accounts receivable	(126,941)	(21,371)
Inventories	(7,895)	1,174
Contract assets	3,934	(6,053)
Prepaid expenses and other current assets	(747)	(3,733)
Accounts payable	40,204	3,257
Accrued and other liabilities	9,593	8,497
Contract liabilities	5,068	14,807
Other assets	121	—
Net cash provided by operating activities	209,502	203,699
Cash flows from investing activities:
Net cash acquired in acquisition of CSI Compressco LP	9,458	—
Purchase of property, plant and equipment	(263,719)	(145,573)
Proceeds from sale of property, plant and equipment and sale of entity	14,977	1,055
Other	(35)	(45)
Net cash used in investing activities	(239,319)	(144,563)
Cash flows from financing activities:
Borrowings on debt instruments	2,297,435	756,418
Payments on debt instruments	(2,114,013)	(1,021,556)
Principal payments on other borrowings	(3,721)	—
Payment of debt issuance cost	(16,346)	(32,759)
Dividends paid to stockholders	(97,506)	—
Repurchase of common shares	(25,000)	—
Principal payments on finance leases	(870)	—
Proceeds from initial public offering, net of underwriter discounts	—	277,840
Offering costs	(1,162)	(9,247)
Loss on extinguishment of debt	—	(1,835)
Cash paid for shares withheld to cover taxes	(2,665)	—
Net effect on deferred taxes and taxes payable related to the vesting of restricted stock	418	—
Distribution to parent	—	(42,300)
Distributions to noncontrolling interest	(4,881)	—
Net cash provided by (used in) financing activities	31,689	(73,439)
Net increase (decrease) in cash and cash equivalents	1,872	(14,303)
Cash and cash equivalents - beginning of period	5,562	20,431
Cash and cash equivalents - end of period	$7,434	$6,128
Supplemental cash disclosures:
Cash paid for interest	$106,463	$173,006
Cash paid for taxes	$10,333	$5,946
Supplemental disclosure of non-cash investing activities:
(Increase) decrease in accrued capital expenditures	$2,961	$(6,498)
Supplemental disclosure of non-cash financing activities:
Dividends equivalent	$687	$—
Issuance of common shares in acquisition of CSI Compressco LP	$188,167	$—
Issuance of preferred shares and noncontrolling interest in acquisition of CSI Compressco LP	$154,118	$—
Non-cash debt novation	$—	$(689,829)
Non-cash loss on extinguishment of debt	$—	$(563)
Non-cash offering costs	$—	$(792)

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