Loading...
•
Jun 30, 2024
Kodiak Gas Services Q2 2024 Earnings Report
Kodiak Gas Services announced record revenues and Adjusted EBITDA, completed the acquisition of CSI Compressco, and raised full-year Adjusted EBITDA guidance.
Key Takeaways
Kodiak Gas Services reported record second-quarter results, driven by the acquisition of CSI Compressco. Total revenues reached $309.7 million, and Adjusted EBITDA was $154.3 million. The company increased its full-year Adjusted EBITDA guidance to $590 to $610 million and raised its estimate of cost synergies to over $30 million.
Total revenues were $309.7 million, compared to $203.3 million in Q2 2023.
Contract Services segment revenues were $276.3 million with a 64.0% Adjusted Gross Margin.
Adjusted EBITDA reached a record $154.3 million, compared to $107.9 million in Q2 2023.
The company increased full-year 2024 Adjusted EBITDA guidance to a range of $590 to $610 million.
Kodiak Gas Services
Kodiak Gas Services
Kodiak Gas Services Revenue by Segment
Revenue by Segment
Contract Services Revenue
CapyFin.comOther Services Revenue
CapyFin.com Forward Guidance
Kodiak Gas Services raised its full-year 2024 Adjusted EBITDA guidance to a range of $590 to $610 million and expects to generate Discretionary Cash Flow in the range of $365 to $385 million.
Positive Outlook
- Raised full-year 2024 Adjusted EBITDA guidance to a range of $590 to $610 million, a $10 million increase to the low end of the range
- Expect to generate Discretionary Cash Flow in the range of $365 to $385 million in 2024
- Expect Contract Services revenues between $1,000 and $1,040 million
- Expect Other Services revenues between $120 and $140 million
- New unit deliveries are effectively fully contracted through 2025
Challenges Ahead
- Unable to reconcile projected Adjusted EBITDA to projected net income (loss)
- Unable to reconcile Discretionary Cash Flow to projected net cash provided by operating activities
- Components of the calculations are inherently unpredictable
- The inability to project certain components of the calculation would significantly affect the accuracy of the reconciliations
- Discretionary Cash Flow assumes no change to Secured Overnight Financing Rate futures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income