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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.
Revenue by Segment
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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