Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | Kodiak Gas Services, Inc. | |
Entity Central Index Key | 0001767042 | |
Entity File Number | 001-41732 | |
Entity Tax Identification Number | 83-3013440 | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | KGS | |
Security Exchange Name | NYSE | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 15320 Highway 105 W | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Montgomery | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77356 | |
City Area Code | 936 | |
Local Phone Number | 539-3300 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 77,400,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 41,371 | $ 20,431 |
Accounts receivable, net | 119,254 | 97,551 |
Inventories, net | 76,813 | 72,155 |
Fair value of derivative instruments | 823 | |
Contract assets | 4,513 | 3,555 |
Prepaid expenses and other current assets | 20,201 | 9,520 |
Total current assets | 262,152 | 204,035 |
Property, plant and equipment, net | 2,486,846 | 2,488,682 |
Operating lease right-of-use assets, net | 34,799 | 9,827 |
Goodwill | 305,553 | 305,553 |
Identifiable intangible assets, net | 127,625 | 132,362 |
Fair value of derivative instruments | 43,811 | 64,517 |
Other assets | 577 | 564 |
Total assets | 3,261,363 | 3,205,540 |
Current liabilities: | ||
Accounts payable | 35,100 | 37,992 |
Accrued liabilities | 88,440 | 93,873 |
Contract liabilities | 86,258 | 57,109 |
Total current liabilities | 209,798 | 188,974 |
Long-term debt, net of unamortized debt issuance cost | 2,769,355 | 2,720,019 |
Operating lease liabilities | 29,970 | 6,754 |
Deferred tax liabilities | 57,916 | 57,155 |
Other liabilities | 1,449 | 3,545 |
Total liabilities | 3,068,488 | 2,976,447 |
Commitments and contingencies (Note 13) | ||
Stockholders' Equity: | ||
Common stock, par value $ 0.01 per share; 750,000,000 shares of common stock authorized, 59,000,000 shares of common stock issued and outstanding as of June 30, 2023 and December 31, 2022 | 590 | 590 |
Additional paid-in capital | 33,189 | |
Retained earnings | 192,285 | 195,314 |
Total stockholders' equity | 192,875 | 229,093 |
Total liabilities and stockholders' equity | $ 3,261,363 | $ 3,205,540 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, Per share value | $ 0.01 | $ 0.01 |
Common stock, Shares authorized | 750,000,000 | 750,000,000 |
Common stock, Shares issued | 59,000,000 | 59,000,000 |
Common stock, Shares outstanding | 59,000,000 | 59,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Total revenues | $ 203,306 | $ 177,151 | $ 393,418 | $ 345,492 |
Cost of operations (exclusive of depreciation and amortization shown below): | ||||
Depreciation and amortization | 45,430 | 43,397 | 90,327 | 85,802 |
Selling, general and administrative expenses | 13,438 | 11,740 | 26,523 | 21,570 |
Gain on sale of fixed assets | (738) | (721) | (7) | |
Total operating expenses | 141,246 | 125,247 | 271,003 | 239,239 |
Income from operations | 62,060 | 51,904 | 122,415 | 106,253 |
Other income (expenses): | ||||
Interest expense, net | (60,964) | (36,829) | (119,687) | (62,469) |
Realized gain on derivatives | 25,835 | 25,835 | ||
Unrealized (loss) gain on derivatives | (3,595) | (3,386) | (21,529) | 32,822 |
Other income (expense) | 32 | (7) | 1 | 9 |
Total other expenses | (38,692) | (40,222) | (115,380) | (29,638) |
Income before income taxes | 23,368 | 11,682 | 7,035 | 76,615 |
Income tax expense | 5,851 | 2,781 | 1,861 | 18,159 |
Net income | $ 17,517 | $ 8,901 | $ 5,174 | $ 58,456 |
Earnings per share: | ||||
Earnings per share, basic | $ 0.3 | $ 0.15 | $ 0.09 | $ 0.99 |
Earnings per share, diluted | $ 0.3 | $ 0.15 | $ 0.09 | $ 0.99 |
Weighted-average shares outstanding, basic | 59,000,000 | 59,000,000 | 59,000,000 | 59,000,000 |
Weighted-average shares outstanding, diluted | 59,000,000 | 59,000,000 | 59,000,000 | 59,000,000 |
Compression Operations [Member] | ||||
Revenues: | ||||
Total revenues | $ 181,619 | $ 162,808 | $ 359,316 | $ 320,303 |
Cost of operations (exclusive of depreciation and amortization shown below): | ||||
Cost of operations | 65,017 | 58,336 | 127,787 | 111,273 |
Other Services [Member] | ||||
Revenues: | ||||
Total revenues | 21,687 | 14,343 | 34,102 | 25,189 |
Cost of operations (exclusive of depreciation and amortization shown below): | ||||
Cost of operations | $ 18,099 | $ 11,774 | $ 27,087 | $ 20,601 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2021 | $ 960,071 | $ 590 | $ 871,403 | $ 88,078 |
Beginning balance, shares at Dec. 31, 2021 | 59,000,000 | |||
Equity compensation | 483 | (136) | 619 | |
Net income (loss) | 49,555 | 49,555 | ||
Ending balance at Mar. 31, 2022 | 1,010,109 | $ 590 | 871,267 | 138,252 |
Ending balance, shares at Mar. 31, 2022 | 59,000,000 | |||
Beginning balance at Dec. 31, 2021 | 960,071 | $ 590 | 871,403 | 88,078 |
Beginning balance, shares at Dec. 31, 2021 | 59,000,000 | |||
Net income (loss) | 58,456 | |||
Ending balance at Jun. 30, 2022 | 181,010 | $ 590 | 33,267 | 147,153 |
Ending balance, shares at Jun. 30, 2022 | 59,000,000 | |||
Beginning balance at Mar. 31, 2022 | 1,010,109 | $ 590 | 871,267 | 138,252 |
Beginning balance, shares at Mar. 31, 2022 | 59,000,000 | |||
Distribution to parent | (838,000) | (838,000) | ||
Net income (loss) | 8,901 | 8,901 | ||
Ending balance at Jun. 30, 2022 | 181,010 | $ 590 | 33,267 | 147,153 |
Ending balance, shares at Jun. 30, 2022 | 59,000,000 | |||
Beginning balance at Dec. 31, 2022 | 229,093 | $ 590 | 33,189 | 195,314 |
Beginning balance, shares at Dec. 31, 2022 | 59,000,000 | |||
Equity compensation | 686 | (193) | 879 | |
Net income (loss) | (12,343) | (12,343) | ||
Ending balance at Mar. 31, 2023 | 217,436 | $ 590 | 32,996 | 183,850 |
Ending balance, shares at Mar. 31, 2023 | 59,000,000 | |||
Beginning balance at Dec. 31, 2022 | 229,093 | $ 590 | 33,189 | 195,314 |
Beginning balance, shares at Dec. 31, 2022 | 59,000,000 | |||
Net income (loss) | 5,174 | |||
Ending balance at Jun. 30, 2023 | 192,875 | $ 590 | 192,285 | |
Ending balance, shares at Jun. 30, 2023 | 59,000,000 | |||
Beginning balance at Mar. 31, 2023 | 217,436 | $ 590 | 32,996 | 183,850 |
Beginning balance, shares at Mar. 31, 2023 | 59,000,000 | |||
Distribution to parent | (42,300) | (33,189) | (9,111) | |
Equity compensation | 222 | $ 193 | 29 | |
Net income (loss) | 17,517 | 17,517 | ||
Ending balance at Jun. 30, 2023 | $ 192,875 | $ 590 | $ 192,285 | |
Ending balance, shares at Jun. 30, 2023 | 59,000,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 5,174 | $ 58,456 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 90,327 | 85,802 |
Stock-based compensation expense | 908 | 619 |
Amortization of debt issuance costs | 11,071 | 5,212 |
Non-cash lease expense | 1,786 | 1,365 |
Provision for credit losses | 2 | 85 |
Inventory reserve | 250 | 250 |
Gain on sale of fixed assets | (721) | (7) |
Unrealized loss (gain) on derivatives | 21,529 | (32,822) |
Deferred tax provision | 761 | 14,974 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (21,705) | (11,367) |
Inventories | (4,907) | (5,302) |
Contract assets | (958) | (3,051) |
Prepaid expenses and other current assets | (10,681) | (314) |
Accounts payable | 10,954 | 6,436 |
Accrued and other liabilities | (14,971) | 854 |
Contract liabilities | 29,149 | 6,457 |
Net cash provided by operating activities | 117,968 | 127,647 |
Cash flows from investing activities: | ||
Purchase of capital assets | (94,034) | (145,952) |
Proceeds from sale of capital assets | 1,055 | 13 |
Investment in fund | (24) | (24) |
Other | 10 | 13 |
Net cash used in investing activities | (92,993) | (145,950) |
Cash flows from financing activities: | ||
Borrowings on debt instruments | 499,279 | 1,221,161 |
Payments on debt instruments | (428,812) | (345,465) |
Payment of debt issuance cost | (32,202) | (27,561) |
Distributions to parent | (42,300) | (838,000) |
Net cash (used in) provided by financing activities | (4,035) | 10,135 |
Net increase (decrease) in cash and cash equivalents | 20,940 | (8,168) |
Cash and cash equivalents - beginning of period | 20,431 | 28,795 |
Cash and cash equivalents - end of period | 41,371 | 20,627 |
Supplemental cash disclosures: | ||
Cash paid for interest | 116,370 | 52,204 |
Cash paid for taxes | 5,726 | 1,836 |
Supplemental disclosure of non-cash investing activities: | ||
Change in accrued capital expenditures | $ 9,946 | $ 1,931 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Kodiak Gas Services, Inc. (together with its subsidiaries, referred to as “Kodiak” or the “Company”) began its operations in 2011. On February 8, 2019, Kodiak was acquired by entities affiliated with EQT AB Group. On October 24, 2019, the Company acquired Pegasus Optimization Managers, LLC, a provider of natural gas compression operations. The Company is an operator of contract compression infrastructure in the U.S, primarily in the Permian Basin and Eagle Ford Shale with additional operations in the Powder River Basin, Mid-Continent Stock Split On June 20, 2023, Kodiak’s board of directors approved a 590,000-for-1 of the Company’s d to . As a result of the Stock Split, shares of common stock were outstanding. All share and per share data shown in the accompanying condensed consolidated financial statements and related notes has been retroactively revised to give effect to the Stock Split for all periods presented. IPO On June 28, 2023, Kodiak’s Registration Statement on Form S-1 after deducting expenses and underwriting discounts and commissions payable by the Company. |
Basis of Presentation and Conso
Basis of Presentation and Consolidation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Consolidation | 2. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on the accrual basis using accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP are not required in these interim financial statements and have been condensed or omitted. Management believes that the information furnished reflects all normal recurring adjustments necessary to fairly present the Company’s consolidated financial position, results of operations and cash flows for the periods indicated. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements presented in Kodiak’s latest annual financial statements included in Kodiak’s final prospectus filed with the SEC on June 30, 2023 pursuant to Rule 424(b)(4) (the "IPO Prospectus"), which contain a more comprehensive summary of the Company’s accounting policies. The interim results reported herein are not necessarily indicative of results for a full year. These unaudited condensed consolidated financial statements include the accounts of Kodiak and its wholly owned Restatement of Previously Issued Financial Statements During the preparation and review of the unaudited interim condensed consolidated financial statements for the three and six month periods ended June 30, 2023 and 2022, the Company identified a previously corrected adjusting entry that should have been recorded in the three months ended March 31, 2022. This entry was specific to the unrealized (loss) gain on derivatives and does not impact the six month period ended June 30, 2022 financial statements and does not impact the Company’s Consolidated Financial Statements as of and for the year ended December 31, 2022. See Note 10—Derivative Instruments. The The Company assessed the materiality of the error in its historical unaudited interim condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, and concluded that the previously issued unaudited condensed consolidated financial statements for the three months ended March 31, 2022 should be restated. The Company corrected for the error by restating amounts previously presented and disclosed in the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022. A summary of the effect of the restatements on the unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022 is as follows ( in thousands, except per share data Unaudited Condensed Consolidated Statement of Operations For the three months ended March 31, 2022 As Previously Restatement As Restated Unrealized gain on derivatives $ 7,838 $ 28,370 $ 36,208 Income Tax Expense 8,624 6,754 15,378 Net Income 27,939 21,616 49,555 Basic and diluted earnings per share $ 279,390 $ 216,160 $ 495,550 Unaudited Condensed Consolidated Statement of Shareholders’ Equity As of March 31, 2022 As Previously Restatement As Restated Retained Earnings $ 116,636 $ 21,616 $ 138,252 Total stockholder’s equity $ 988,493 $ 21,616 $ 1,010,109 Unaudited Condensed Consolidated Statement of Cash Flows For the three months ended March 31, 2022 As Previously Restatement As Restated Net income $ 27,939 $ 21,616 $ 49,555 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Unrealized loss (gain) on derivatives (7,838 ) (28,370 ) (36,208 ) Deferred tax provision 7,104 6,754 13,858 Changes in Operating assets and liabilities Prepaid Expenses and other current assets 1,032 (14,185 ) (13,153 ) Accrued and other liabilities (6,713 ) 14,185 7,472 Net cash provided by operating activities $ 54,796 $ — $ 54,796 Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments held-to-maturity solid |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The following table disaggregates the Company’s revenue by type and timing of provision of services or transfer of goods (in thousands) Three Months Ended June 30, 2023 2022 Services provided over time: Compression O $ 179,740 $ 159,788 Other S 18,357 13,422 Total services provided over time 198,097 173,210 Services provided or goods transferred at a point in time: Compression O 1,879 3,020 Other S 3,330 921 Total services provided or goods transferred at a point in time 5,209 3,941 Total revenue $ 203,306 $ 177,151 Six Months Ended June 30, 2023 2022 Services provided over time: Compression O $ 354,616 $ 315,361 Other S 28,275 22,770 Total services provided over time 382,891 338,131 Services provided or goods transferred at a point in time: Compression O 4,700 4,942 Other S 5,827 2,419 Total services provided or goods transferred at a point in time 10,527 7,361 Total revenue $ 393,418 $ 345,492 The Company derives its revenue from contracts with customers, which comprise the following revenue streams: Compression Operations Compression Operations consists of operating Company-owned and customer-owned compression infrastructure for the Company’s customers, pursuant to fixed-revenue contracts enabling the production, gathering and transportation of natural gas and oil. Compression Operations for Company-owned, as well as customer-owned, compressors are generally satisfied over time as services are rendered at selected customer locations on a monthly basis and based upon specific performance criteria identified in the applicable contract. Terms are typically one to seven years and at the end of the term, transition to a month-to-month If variable consideration exists, it is allocated to the distinct monthly service within the series to which such variable consideration relates. The Company has elected to apply the invoicing practical expedient to recognize revenue for such variable consideration, as the invoice corresponds to the value transferred to the customer based on the Company’s performance completed to date. Service revenue earned primarily on freight and crane charges that are directly reimbursable by the Company’s customers is recognized at the point in time the service is provided and control is transferred to the customer. At such time, the customer has the ability to direct the use of the benefits of such service after the performance obligation is satisfied. The amount of consideration the Company receives and revenue the Company recognizes is based upon the invoice amount. There are typically no material obligations for returns, refunds, or warranties. The Company’s standard contracts do not usually include non-cash Other Services This revenue stream primarily relates to compressor station construction services provided to certain customers and services provided based on time, parts and/or materials with customers. For most of the Company’s construction contracts, the Company integrates a significant set of tasks and components into a single contract for its customers. Hence, the entire contract is accounted for as one performance obligation. The Company recognizes revenue over time as the Company performance creates or enhances an asset that the customer controls. For construction services, revenue is recognized using an input method. Measure of the progress towards satisfaction of the performance obligation is based on the actual amount of labor and material costs incurred. The amount of the transaction price recognized as revenue is determined by multiplying the transaction price by the ratio of actual costs incurred to total estimated costs expected for the construction services. Judgment is involved in the estimation of the progress toward completion. Any adjustments to the measure of the progress toward completion is accounted for on a prospective basis. Changes to the scope of service are recognized as an adjustment to the transaction price in the period in which the change occurs. Services provided based on time spent, parts and/or materials is generally short-term in nature and labor rates and parts pricing is agreed upon prior to commencing the service. As revenue is recognized when time passes, this revenue is recognized at the point and time when the service is rendered. Contract Assets and Liabilities The Company recognizes a contract asset when the Company has the right to consideration in exchange for goods or services transferred to a customer. Contract assets are transferred to trade receivables when the rights become unconditional. The Company had contract assets of $ million, $1.1 million and $ million as of June 30, 2023, March 31, 2023 and December 31, 2022 , respectively. The Company records contract liabilities when cash payments are received or due in advance of performance. The Company’s contract liabilities w ere million, as of June 30, 2023 and December 31, 2022, respectively. As of January 1, 2023 and 2022, the beginning balance s liabilities were million, respectively, all of which was recognized as revenue in the six months ended June 30, 2023 and 2022, respectively. Performance Obligations As of June 30, 2023, the aggregate amount of transaction price allocated to unsatisfied p (in thousands) Remainder of 2023 2024 2025 2026 2027 and thereafter Total Remaining performance obligations $ 312,116 $ 461,662 $ 221,345 $ 94,796 $ 50,984 $ 1,140,903 |
Accounts Receivable, net
Accounts Receivable, net | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts Receivable, net | 4. Accounts Receivable, net Accounts receivable, net consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Accounts receivable $ 120,203 $ 98,500 Allowance for credit losses 949 949 Accounts receivable, net $ 119,254 $ 97,551 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Non-serialized $ 66,252 $ 61,082 Serialized parts 10,561 11,073 Total inventories $ 76,813 $ 72,155 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. Property, Plant and Equipment, Net Property, plant and equipment, net consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Compression equipment $ 3,049,309 $ 2,973,599 Trailers and vehicles 8,341 7,193 Field equipment 17,919 15,501 Technology hardware and software 9,736 6,698 Leasehold improvements 2,646 1,947 Shipping containers 3,267 3,137 Furniture and fixtures 1,564 1,519 Capital lease 683 981 Total property and equipment, gross 3,093,465 3,010,575 Less: accumulated depreciation (606,619 ) (521,893 ) Property, plant and equipment, net $ 2,486,846 $ 2,488,682 Depreciation expense was $43.0 million and $85.6 million for the three and six months ended June 30, 2023, respectively, and is recorded within depreciation and amortization on the accompanying condensed consolidated statements of operations. Depreciation expense was $41.0 million and $81.1 million for the three and six months ended June 30, 2022, respectively. |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets, Net | 7. Goodwill and Identifiable Intangible Assets, Net There were no changes in the carrying amount of goodwill during the six months ended June 30, 2023. All of the goodwill was allocated to the Company’s Compression Operations reporting unit. The Company’s identifiable intangible assets consist of the following as of June 30, 2023 and December 31, 2022 ( in thousands As of June 30, 2023 Original Cost Accumulated Amortization Net Amount Remaining Weighted Average Amortization Period (years) Trade name $ 13,000 $ (2,856 ) $ 10,144 15.6 Customer relationships 150,000 (32,519 ) 117,481 13.3 Total identifiable intangible assets $ 163,000 $ (35,375 ) $ 127,625 As of December 31, 2022 Original Cost Accumulated Amortization Net Amount Remaining Weighted Average Amortization Period (years) Trade name $ 13,000 $ (2,531 ) $ 10,469 16.1 Customer relationships 150,000 (28,107 ) 121,893 13.8 Total identifiable intangible assets $ 163,000 $ (30,638 ) $ 132,362 Amortization expense was $2.4 million and $4.7 million for each of the three and six months ended June 30, 2023 and 2022 and is recorded within depreciation and amortization on the condensed consolidated statements of operations. At June 30, 2023, the following is a summary of future minimum amortization expense for identified in t in thousands Amount Years ending December 31, Remainder of 2023 $ 4,737 2024 9,474 2025 9,474 2026 9,474 2027 9,474 Thereafter 84,992 Total $ 127,625 |
Long-Lived and Other Asset Impa
Long-Lived and Other Asset Impairment | 6 Months Ended |
Jun. 30, 2023 | |
Asset Impairment Charges [Abstract] | |
Long-Lived and Other Asset Impairment | 8. Long-Lived and Other Asset Impairment Long-lived assets, including property, plant, and equipment, and other finite-lived identifiable intangible assets, are reviewed for impairment whenever events or changes in circumstances, including the removal of compressors from the active fleet, indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy, among others. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to estimated future undiscounted net cash flows expected to be generated by the asset. Impairment losses are recognized in the period in which the impairment occurs and represent the excess of the asset carrying value over its estimated future discounted net cash flows. No impairment was recorded for the six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023 and 2022, no triggering event for any long-lived assets was identified. |
Debt and Credit Facilities
Debt and Credit Facilities | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | 9. Debt and Credit Facilities Debt consists of the following (in thousands) As of June 30, As of December 31, 2023 2022 ABL Facility $ 1,824,691 $ 1,754,224 Term loan 1,000,000 1,000,000 Total debt outstanding 2,824,691 2,754,224 Less: unamortized debt issuance cost (55,336 ) (34,205 ) Long-term debt, net of unamortized debt issuance cost $ 2,769,355 $ 2,720,019 ABL Facility As of January 1, 2022, a wholly-owned subsidiary of Kodiak had a revolving-asset backed loan credit facility (the “ABL Facility”) with unaffiliated secured lenders and JPMorgan Chase Bank, N.A., as administrative agent. On May 19, 2022, wholly-owned subsidiaries of Kodiak entered into the Third Amendment to the Third Amended and Restated Credit Agreement which mainly served to amend the applicable rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”) and allow for the return of capital to the stockholders of Kodiak in the amount of $838 million by increasing borrowings on the ABL Facility by $225 million, increasing the Term Loan by $600 million and utilizing $13 million of cash on hand. In addition million were incurred as a result of the amendment and will be amortized over the life of the loans to interest expense. On March 22, 2023, wholly-owned subsidiaries of Kodiak entered into the Fourth Amended and Restated Credit Agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended or restated from time to time, the “ABL Credit Agreement”) which mainly served to extend the maturity date from June 2024 to March 2028. The total facility size was increased written-off Pursuant to the ABL Credit Agreement, the Company must comply with certain restrictive covenants, including a minimum fixed charge coverage ratio of 1.1x and a maximum Leverage Ratio Leverage Ratio x in the second quarter of 2024 and thereafter. All loan amounts are collateralized by essentially all the assets of the Company. The Company was in compliance with all covenants as of June 30, 2023 and December 31, 2022. The ABL Credit Agreement also restricts the Company’s ability to: incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions or repurchase or redeem equity interests; prepay, redeem or repurchase certain debt; issue certain preferred units or similar equity securities; make loans and investments; sell, transfer or otherwise dispose of assets; incur liens; enter into transactions with affiliates; enter into agreements restricting the Company’s restricted subsidiaries’ ability to pay dividends; enter into certain swap agreements; amend certain organizational documents; enter into sale and leaseback transactions; and consolidate, merge or sell all or substantially all of the Company’s assets. The applicable interest rates as of June 30, 2023 were 10.25% (prime rate plus 2.00% plus 2.00% The ABL Facility is a “revolving credit facility” that includes a lock box arrangement whereby, under certain events, remittances from customers are forwarded to a bank account controlled by the administrative agent and are applied to reduce borrowings under the facility. One such event includes “Cash Dominion” and occurs when availability under the agreement falls below a specified threshold (i.e., the greater of $200.0 million or 10% of the aggregate commitments at such time of event). As of June 30, 2023 and December 31, 2022, availability under the agreement was in excess of the specified threshold and as such the entire balance was classified as long-term in accordance with its maturity. Term Loan As of January 1, 2022, a wholly-owned subsidiary of Kodiak had a term loan (the “Term Loan”) pursuant to a credit agreement with unaffiliated unsecured lenders and Wells Fargo Bank, N.A., as administrative agent. In May 2022, the Company completed a recapitalization and return of Agreement”) and utilizing $13 million of cash on hand. On March 31, 2023, the Company’s wholly-owned subsidiary entered into the First Amendment to the Amended and Restated Term Loan Credit Agreement pursuant to which the maturity date was extended to September 22, 2028. Lender fees and costs totaling $0.75 million were incurred for this amendment and will be amortized over the life of the loans to interest expense. Pursuant to the First Amendment to the Amended and Restated Term Loan Credit Agreement, the Company must comply with certain restrictive covenants, including a maximum Leverage Ratio Leverage Ratio Borrowings under the Term Loan bear are The applicable interest rates were Commencing with the fiscal year ending December 31, 2023, an excess cash flow payment that would reduce the principal balance of the Term Loan would have potentially been due 120 days following the end of each fiscal year. This excess cash flow payment was based on the Leverage Ratio (calculated based on the ratio of Consolidated Total Debt to Consolidated EBITDA, each as defined in the Term Loan Credit Agreement) at year end. Based on the calculated ratio, a payment percentage would have been applied to the excess cash flow to determine the amount, if any, due. The Term Loan Credit Agreement restricts : As of June 30, 2023, the scheduled maturities, without consideration of potential mandatory prepayments, of the long-term debt were as follows ( in thousands Amount Years ended December 31, Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 2,824,691 Total $ 2,824,691 On July 3, 2023, in connection with the IPO, a subsidiary of Kodiak entered into a Novation, Assignment, and Assumption Agreement with Kodiak Holdings, pursuant to which all of the Company’s remaining obligations under the Term Loan were assumed by Kodiak Holdings, and the Company’s obligations thereunder were terminated effective July 3, 2023. The Company is no longer a borrower or guarantor under, nor otherwise obligated with respect to the debt outstanding under the Term Loan. See Note 19 (“Subsequent Events”) for further details. Deferred Financing Costs There were unamortized debt issuance costs of $55.3 million and $34.2 million at June 30, 2023 and December 31, 2022, respectively, which are being amortized over the terms of the ABL Facility and Term Loan. Amortization expense related to these costs of $5.6 million and $11.1 million for the three and six months ended June 30, 2023, are included in interest expense in the accompanying condensed consolidated statements of operations. Amortization expense was $3.4 million and $5.2 million for the three and six months ended June 30, 2022. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | 10. Derivative Instruments The Company has entered into interest rate swaps exchanging variable interest rates for fixed interest rates and interest rate collars that fix interest rates within a range through the simultaneous purchase of an interest rate cap and sale of an interest rate floor. The Company has not designated any derivative instruments as hedges for accounting purposes and does not enter into such instruments for speculative or trading purposes. The Company’s cash flow is only impacted when the actual settlements under the derivative contracts result in the Company making a payment to or receiving a payment from the counterparty. Cash flows from all derivative activity for the periods presented appear in the operating section on the condensed consolidated statements of cash flows. As a result of the increase to the ABL Facility and Term Loan during the year ended 2022, the Company entered into an additional $975.0 million notional amounts of interest rate swaps to comply with hedging requirements set forth in the credit agreements. On June 29, 2023, the Company terminated all interest rate swaps and collars attributable to the Term Loan and recognized a realized gain of $25.8 million during the period ended June 30, 2023 (the “Term Loan Derivative Settlement”). The table below summarizes information related to the notional amount and maturity dates for interest rate swaps at June 30, 2023: Notional Amount Maturities $125,000,000 12/4/2024 $225,000,000 12/5/2024 $200,000,000 6/14/2025 $125,000,000 12/6/2025 $175,000,000 6/14/2026 $125,000,000 6/22/2026 $125,000,000 12/6/2026 $75,000,000 5/18/2027 $100,000,000 5/19/2027 $200,000,000 5/19/2027 $125,000,000 12/6/2027 Of the total notional amount of $1.6 b l i n b i The following tables set forth the Company’s assets that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy and classification of the Company’s derivative instruments not designated as hedging instruments on the accompanying condensed consolidated balance sheets ( in thousands As on June 30, 2023 Level 1 Level 2 Level 3 Total Current assets: Interest rate swaps $ — $ — $ — $ — Total current assets $ — $ — $ — $ — Non-current Interest rate swaps $ — $ 43,811 $ — $ 43,811 Total non-current $ — $ 43,811 $ — $ 43,811 Total $ — $ 43,811 $ — $ 43,811 As of December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Interest rate swaps $ — $ 823 $ — $ 823 Total current assets $ — $ 823 $ — $ 823 Non-current Interest rate swaps $ — $ 48,955 $ — $ 48,955 Interest rate collars — 15,562 — 15,562 Total non-current $ — $ 64,517 $ — $ 64,517 Total $ — $ 65,340 $ — $ 65,340 The following table summarizes the effects of the Company’s derivative instruments in the condensed consolidated statements of operations ( in thousands Derivative Instruments Not Designated as Hedging Instrument Location of Gain (Loss) Recognized Three Months Ended June 30, 2023 2022 Interest rate swaps Unrealized (loss) gain on derivatives $ 8,863 $ (7,459 ) Interest rate collars Unrealized (loss) gain on derivatives (12,458 ) 4,073 Total unrealized loss on derivative (3,595 ) (3,386 ) Interest rate swaps Realized gain on derivatives 13,350 — Interest rate collars Realized gain on derivatives 12,485 — Total realized gain on derivatives 25,835 — Total $ 22,240 $ (3,386 ) Derivative Instruments Not Designated as Hedging Instrument Location of Gain (Loss) Recognized Six Months Ended June 30, 2023 2022 Interest rate swaps Unrealized (loss) gain on derivatives $ (5,967 ) $ 16,413 Interest rate collars Unrealized (loss) gain on derivatives (15,562 ) 16,409 Total unrealized (loss) gain on derivative (21,529 ) 32,822 Interest rate swaps Realized gain on derivatives 13,350 — Interest rate collars Realized gain on derivatives 12,485 — Total realized gain on derivatives 25,835 — Total $ 4,306 $ 32,822 The following table summarizes the effects of correcting the restatement in the condensed consolidated statement of operations for the period ended March 31, 2022, as disclosed in Note 2 – Basis of Presentation and Consolidation: Derivative Instruments Not Designated as Hedging Instrument Location of Gain Recognized Three Months Ended March 31, As Previously Restatement As Restated Interest rate swaps Unrealized gain on derivatives $ 4,371 $ 19,501 $ 23,872 Interest rate collars Unrealized gain on derivatives 3,467 8,869 12,336 Total $ 7,838 $ 28,370 $ 36,208 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 11. Fair Value Measurements The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, derivative instruments and long-term debt. The carrying amounts of cash and cash equivalents, accounts receivable, accrued liabilities, and accounts payable are representative of their respective fair values due to the short-term maturity of these instruments. The fair value of debt and contingent consideration are considered Level 3 measurements. These fair value measurements are based on unobservable inputs. The fair value of variable rate long-term debt is based upon the current market rates for debt with similar credit risk and maturity which approximates fair value. Debt includes the ABL Facility and the Term Loan and is shown net of unamortized debt issuance cost in the tables below. The contingent consideration liability is measured at fair value each reporting period and changes in estimates of fair value are recognized in earnings. The fair value estimate reflects the contractual terms of the purchase agreement (e.g., potential payment amounts, length of measurement periods, manner of calculating any amounts due) and utilizes assumptions with regard to future cash flows, probabilities of achieving such future cash flows and a discount rate. Depending on the contractual terms of the purchase agreement, the probability of achieving future cash flows generally represents the only significant unobservable input. There was As on June 30, 2023 Level 1 Level 2 Level 3 Total Debt $ — $ — $ 2,769,355 $ 2,769,355 Contingent Consideration — — 3,700 3,700 Total $ — $ — $ 2,773,055 $ 2,773,055 As of December 31, 2022 Level 1 Level 2 Level 3 Total Debt $ — $ — $ 2,720,019 $ 2,720,019 Contingent Consideration — — 3,700 3,700 Total $ — $ — $ 2,723,719 $ 2,723,719 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 12. Stockholders’ Equity Holders of the Company’s common stock are entitled to one vote for each share. As of June 30, 2023 and December 31, 2022, there were shares of common stock issued and outstanding. Holders of common stock are entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the stockholders after payment of all liabilities. As stated in Note 19 (“Subsequent Events”), on July 3, 2023, 16,000,000 shares of common stock were issued and sold as part of the closing of the IPO and on July 13, 2023, the underwriters exercised in full their option to purchase an additional 2,400,000 shares of common stock. After giving effect to these transactions, Kodiak had 77,400,000 shares of common stock issued and outstanding. Class B and C Profits Interests Prior to the IPO, Kodiak Holdings issued incentive awards to certain employees of Kodiak Gas Services, LLC (a wholly-owned subsidiary of the Company) in the form of Class B incentive units (“Class B Units”). The Company records a stock-based compensation expense associated with the Class B Units because of the employment relationship of the grantees with Kodiak Gas Services, LLC. On March 6, 2019, 61,098.4 Class B Units were authorized under the Kodiak Holdings 2019 Class B Unit Incentive Plan for grants to certain employees and non-employee (25 There are no performance hurdles associated with the Time-Vesting Units. The fair value of each incentive award was estimated on its applicable grant date using an option pricing model. Stock compensation expense is recognized ratably over the vesting period of the awards. During the six months ended June 30, 2023 and 2022, approximately $0.9 million and $0.6 million, respectively, in stock compensation expense was recognized in selling, general and administrative expenses. As of June 30, 2023, there were 3,170.7 unvested Time-Vesting Units, representing $1.3 million in unrecognized stock compensation expense. 2023 Omnibus Incentive Plan On June 20, 2023, Kodiak’s board of directors authorized and adopted the Kodiak Gas Services, Inc. Omnibus Incentive Plan (the “Omnibus Plan”) for employees, consultants and directors. The Omnibus Plan enables Kodiak’s board of directors (or a committee authorized by Kodiak’s board of directors) to award incentive and non-qualified On June 29, 2023, Kodiak granted 1,297,188 shares of common stock to certain employees, including Kodiak’s named executive officers, pursuant to awards under the Omnibus Plan. 985,313 of the shares were granted pursuant to awards of time-based restricted stock units (“RSUs”) that vest ratably over a three-year period, subject to continuous service through each vesting date. 311,875 of the shares were granted pursuant to awards of performance stock units (“PSUs”) that cliff vest at the end of a three-year performance period, with the ultimate number of shares earned and issued ranging from 0-190% The following table summarizes award activity under the Omnibus Plan for the six-month RSUs PSUs Number of RSUs Weighted- Average Price Number of PSUs Weighted- Average Price Outstanding at December 31, 2022 — — — — Granted 985,313 $ 16.00 311,875 $ 16.00 Vested or exercised — — — — Forfeited — — — — Outstanding at June 30, 2023 985,313 $ 16.00 311,875 $ 16.00 Restricted stock awards expected to vest 985,313 $ 16.00 311,875 $ 16.00 As of June 30, 2023, the total future compensation cost related to unvested equity awards was approximately $20.8 million assuming the performance-based restricted stock units vest at 100% per the terms of the applicable award. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Purchase Commitments Purchase commitments of $129.2 million primarily consist of commitments to purchase compression units that Contingent Consideration The Company agreed to pay, as contingent consideration, up to $3.7 million of certain past due accounts receivable acquired in connection with a prior acquisition, to the seller if collected. The Company records contingent consideration at the acquisition and end of reporting periods at fair value in accrued liabilities. As of June 30, 2023 and December 31, 2022, none of the outstanding receivables had been collected. Sales Tax Contingency Between October 2019 and April 2023, the Company received notices from the Texas Comptroller’s office in regards to audits for periods ranging from December 2015 through December 2022. The audits pertain to whether the Company may owe sales tax on certain of its compression equipment that it had purchased during that time period. As of December 31, 2022, the Company had accrued a total amount of $27.8 million for this contingent liability. During the six months ended June 30, 2023, based on current information the Company accrued an additional $0.6 million and as of June 30, 2023, the Company had accrued a total of $28.4 million for this contingent liability. Legal Matters From time to time, the Company may become involved in various legal matters. Management believes that there are no legal matters as of June 30, 2023 whose resolution could have a material adverse effect on the unaudited condensed consolidated financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 14. Prepaid Expenses and Other Current Assets The prepaid expenses and other current assets consis t in thousands As of June 30, 2023 As of December 31, 2022 Prepaid insurance $ 6,047 $ 3,997 Prepaid rent 799 589 Deferred IPO issuance costs 8,462 3,047 Other 4,893 1,887 Total prepaid expenses and other current assets $ 20,201 $ 9,520 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 15. Accrued Liabilities Accrued liabilities consist of the following ( in thousands As of June 30, 2023 As of December 31, 2022 Sales tax liability $ 28,406 $ 27,820 Accrued interest 7,678 16,347 Accrued bonus 9,034 7,764 Accrued taxes 10,534 9,667 Accrued payroll 2,674 2,744 Accrued legal fee 4,183 1,906 Lease liabilities - current portion 4,853 3,090 Contingent consideration 3,673 3,673 Accrued accounts payable 13,549 14,080 Accrued insurance 710 2,231 Other 3,146 4,551 Total accrued liabilities $ 88,440 $ 93,873 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes For the three and six months ended June 30, 2023, the Company recorded income tax expense of $5.9 million and $1.9 million, respectively. Income tax expense for the three and six months ended June 30, 2022 was $2.8 In August 2022, the U.S. Inflation Reduction Act of 2022 and the CHIPS and Science Act of 2022 were signed into law. These acts include, among other provisions, a corporate alternative minimum tax of 15%, an excise tax on the repurchase of corporate stock, various climate and energy provisions, and incentives for investment in semiconductor manufacturing. These provisions are not expected to have a material impact on the Company’s results of operations or financial position. The Company did not have any uncertain tax benefits as of June 30, 2023 and December 31, 2022. For the three and six months ended June 30, 2023 and 2022, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts had been recognized in the condensed consolidated statement of operations. |
Defined Contribution Plan
Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2023 | |
Defined Contribution Plan [Abstract] | |
Defined Contribution Plan | 17. Defined Contribution Plan The Company maintains a defined contribution savings plan for its employees. The Company contributed $0.8 million and $1.6 million to the plan for the three and six months ended June 30, 2023, respectively. The Company contributed $0.7 million and $1.4 million to the plan for the three and six months ended June 30, 2022, respectively. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | 18. Segments The Company manages its business through two operating segments: Compression Operations and Other Services. Compression Operations consists of operating Company-owned and customer-owned compression infrastructure for its customers, pursuant to fixed-revenue contracts to enable the production, gathering and transportation of natural gas and oil. Other Services consists of a full range of contract services to support the needs of customers, including station construction, maintenance and overhaul, and other ancillary time and material based offerings. The Company evaluates performance and allocates resources based on the gross margin of each segment, which includes revenues directly attributable to the specific segment and all costs of service directly attributable to the specific segment, which includes cost of operations and depreciation and amortization. Depreciation and amortization for the Compression Operations segment was $ The following table represents financial metrics by segment ( in thousands Compression Operations Other Services Total Three Months Ended June 30, 2023 Revenue $ 181,619 $ 21,687 $ 203,306 Gross margin 71,172 3,588 74,760 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 45,453 — 45,453 Three Months Ended June 30, 2022 Revenue $ 162,808 $ 14,343 $ 177,151 Gross margin 61,075 2,569 63,644 Total assets 3,051,426 17,743 3,069,169 Capital expenditures 74,129 — 74,129 Compression Operations Other Services Total Six Months Ended June 30, 2023 Revenue $ 359,316 $ 34,102 $ 393,418 Gross margin 141,202 7,015 148,217 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 94,034 — 94,034 Six Months Ended June 30, 2022 Revenue $ 320,303 $ 25,189 $ 345,492 Gross margin 123,228 4,588 127,816 Total assets 3,051,426 17,743 3,069,169 Capital expenditures 145,952 — 145,952 The following table reconciles total gross margin to income before income taxes ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total gross margin $ 74,760 $ 63,644 $ 148,217 $ 127,816 Selling, general and administrative expenses (13,438 ) (11,740 ) (26,523 ) (21,570 ) Gain on sale of fixed assets 738 — 721 7 Interest expense, net (60,964 ) (36,829 ) (119,687 ) (62,469 ) Realized gain on derivatives 25,835 — 25,835 — Unrealized (loss) gain on derivatives (3,595 ) (3,386 ) (21,529 ) 32,822 Other (expense) income 32 (7 ) 1 9 Income before income taxes $ 23,368 $ 11,682 $ 7,035 $ 76,615 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events The following events occurred subsequent to the date the condensed financial statements were available to be issued: On July 3, 2023, the Company issued and sold 16,000,000 shares of common stock as part of the closing of the IPO, resulting in net proceeds of approximately $231.4 million, after deducting expenses and underwriting discounts and commissions payable by us. The Company subsequently used the net proceeds, together with the proceeds resulting from the Term Loan Derivative Settlement and borrowings under the ABL Facility, to repay $300 million of borrowings outstanding under the Term Loan. Additionally, a subsidiary of Kodiak entered into a Novation, Assignment, and Assumption Agreement with Kodiak Holdings, pursuant to which all of the Company’s remaining obligations under the Term Loan were assumed by Kodiak Holdings, and the Company’s obligations thereunder were terminated. The Company is no longer a borrower or guarantor under, nor otherwise obligated with respect to the debt outstanding under the Term Loan. On July 1 3 payable. The net proceeds were used for repayment of existing indebtedness and general corporate purposes. |
Basis of Presentation and Con_2
Basis of Presentation and Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (“Topic 326”): Measurement of Credit Losses on Financial Instruments held-to-maturity solid |
Basis of Presentation and Con_3
Basis of Presentation and Consolidation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Condensed Consolidated Statement of Operations | Unaudited Condensed Consolidated Statement of Operations For the three months ended March 31, 2022 As Previously Restatement As Restated Unrealized gain on derivatives $ 7,838 $ 28,370 $ 36,208 Income Tax Expense 8,624 6,754 15,378 Net Income 27,939 21,616 49,555 Basic and diluted earnings per share $ 279,390 $ 216,160 $ 495,550 |
Schedule of Condensed Consolidated Statement of Shareholders' Equity | Unaudited Condensed Consolidated Statement of Shareholders’ Equity As of March 31, 2022 As Previously Restatement As Restated Retained Earnings $ 116,636 $ 21,616 $ 138,252 Total stockholder’s equity $ 988,493 $ 21,616 $ 1,010,109 |
Schedule of Condensed Consolidated Statement of Cash Flows | Unaudited Condensed Consolidated Statement of Cash Flows For the three months ended March 31, 2022 As Previously Restatement As Restated Net income $ 27,939 $ 21,616 $ 49,555 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Unrealized loss (gain) on derivatives (7,838 ) (28,370 ) (36,208 ) Deferred tax provision 7,104 6,754 13,858 Changes in Operating assets and liabilities Prepaid Expenses and other current assets 1,032 (14,185 ) (13,153 ) Accrued and other liabilities (6,713 ) 14,185 7,472 Net cash provided by operating activities $ 54,796 $ — $ 54,796 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by type and timing of provision of services or transfer of goods (in thousands) Three Months Ended June 30, 2023 2022 Services provided over time: Compression O $ 179,740 $ 159,788 Other S 18,357 13,422 Total services provided over time 198,097 173,210 Services provided or goods transferred at a point in time: Compression O 1,879 3,020 Other S 3,330 921 Total services provided or goods transferred at a point in time 5,209 3,941 Total revenue $ 203,306 $ 177,151 Six Months Ended June 30, 2023 2022 Services provided over time: Compression O $ 354,616 $ 315,361 Other S 28,275 22,770 Total services provided over time 382,891 338,131 Services provided or goods transferred at a point in time: Compression O 4,700 4,942 Other S 5,827 2,419 Total services provided or goods transferred at a point in time 10,527 7,361 Total revenue $ 393,418 $ 345,492 |
Summary of Revenue Remaining Performance Obligations | The Company expects to recognize these remaining performance obligations as follows (in thousands) Remainder of 2023 2024 2025 2026 2027 and thereafter Total Remaining performance obligations $ 312,116 $ 461,662 $ 221,345 $ 94,796 $ 50,984 $ 1,140,903 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Summary of Accounts Receivable, Net | Accounts receivable, net consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Accounts receivable $ 120,203 $ 98,500 Allowance for credit losses 949 949 Accounts receivable, net $ 119,254 $ 97,551 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Non-serialized $ 66,252 $ 61,082 Serialized parts 10,561 11,073 Total inventories $ 76,813 $ 72,155 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consist of the following ( in thousands As of June 30, As of December 31, 2023 2022 Compression equipment $ 3,049,309 $ 2,973,599 Trailers and vehicles 8,341 7,193 Field equipment 17,919 15,501 Technology hardware and software 9,736 6,698 Leasehold improvements 2,646 1,947 Shipping containers 3,267 3,137 Furniture and fixtures 1,564 1,519 Capital lease 683 981 Total property and equipment, gross 3,093,465 3,010,575 Less: accumulated depreciation (606,619 ) (521,893 ) Property, plant and equipment, net $ 2,486,846 $ 2,488,682 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the Company's Identifiable Intangible Assets | The Company’s identifiable intangible assets consist of the following as of June 30, 2023 and December 31, 2022 ( in thousands As of June 30, 2023 Original Cost Accumulated Amortization Net Amount Remaining Weighted Average Amortization Period (years) Trade name $ 13,000 $ (2,856 ) $ 10,144 15.6 Customer relationships 150,000 (32,519 ) 117,481 13.3 Total identifiable intangible assets $ 163,000 $ (35,375 ) $ 127,625 As of December 31, 2022 Original Cost Accumulated Amortization Net Amount Remaining Weighted Average Amortization Period (years) Trade name $ 13,000 $ (2,531 ) $ 10,469 16.1 Customer relationships 150,000 (28,107 ) 121,893 13.8 Total identifiable intangible assets $ 163,000 $ (30,638 ) $ 132,362 |
Summary of Future Minimum Amortization Expense for Identified Intangible Assets | At June 30, 2023, the following is a summary of future minimum amortization expense for identified in t in thousands Amount Years ending December 31, Remainder of 2023 $ 4,737 2024 9,474 2025 9,474 2026 9,474 2027 9,474 Thereafter 84,992 Total $ 127,625 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt consists of the following (in thousands) As of June 30, As of December 31, 2023 2022 ABL Facility $ 1,824,691 $ 1,754,224 Term loan 1,000,000 1,000,000 Total debt outstanding 2,824,691 2,754,224 Less: unamortized debt issuance cost (55,336 ) (34,205 ) Long-term debt, net of unamortized debt issuance cost $ 2,769,355 $ 2,720,019 |
Schedule of Maturities of Long-term Debt | As of June 30, 2023, the scheduled maturities, without consideration of potential mandatory prepayments, of the long-term debt were as follows ( in thousands Amount Years ended December 31, Remainder of 2023 $ — 2024 — 2025 — 2026 — 2027 — Thereafter 2,824,691 Total $ 2,824,691 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Information Related To Notional Amount And Maturities Dates For Interest Rate Swaps | The table below summarizes information related to the notional amount and maturity dates for interest rate swaps at June 30, 2023: Notional Amount Maturities $125,000,000 12/4/2024 $225,000,000 12/5/2024 $200,000,000 6/14/2025 $125,000,000 12/6/2025 $175,000,000 6/14/2026 $125,000,000 6/22/2026 $125,000,000 12/6/2026 $75,000,000 5/18/2027 $100,000,000 5/19/2027 $200,000,000 5/19/2027 $125,000,000 12/6/2027 |
Summary of Company's Assets And Liabilities Were Measured At Fair Value On Recurring Basis | The following tables set forth the Company’s assets that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy and classification of the Company’s derivative instruments not designated as hedging instruments on the accompanying condensed consolidated balance sheets ( in thousands As on June 30, 2023 Level 1 Level 2 Level 3 Total Current assets: Interest rate swaps $ — $ — $ — $ — Total current assets $ — $ — $ — $ — Non-current Interest rate swaps $ — $ 43,811 $ — $ 43,811 Total non-current $ — $ 43,811 $ — $ 43,811 Total $ — $ 43,811 $ — $ 43,811 As of December 31, 2022 Level 1 Level 2 Level 3 Total Current assets: Interest rate swaps $ — $ 823 $ — $ 823 Total current assets $ — $ 823 $ — $ 823 Non-current Interest rate swaps $ — $ 48,955 $ — $ 48,955 Interest rate collars — 15,562 — 15,562 Total non-current $ — $ 64,517 $ — $ 64,517 Total $ — $ 65,340 $ — $ 65,340 |
Summary of Effects of Company's Derivative Instruments | The following table summarizes the effects of the Company’s derivative instruments in the condensed consolidated statements of operations ( in thousands Derivative Instruments Not Designated as Hedging Instrument Location of Gain (Loss) Recognized Three Months Ended June 30, 2023 2022 Interest rate swaps Unrealized (loss) gain on derivatives $ 8,863 $ (7,459 ) Interest rate collars Unrealized (loss) gain on derivatives (12,458 ) 4,073 Total unrealized loss on derivative (3,595 ) (3,386 ) Interest rate swaps Realized gain on derivatives 13,350 — Interest rate collars Realized gain on derivatives 12,485 — Total realized gain on derivatives 25,835 — Total $ 22,240 $ (3,386 ) Derivative Instruments Not Designated as Hedging Instrument Location of Gain (Loss) Recognized Six Months Ended June 30, 2023 2022 Interest rate swaps Unrealized (loss) gain on derivatives $ (5,967 ) $ 16,413 Interest rate collars Unrealized (loss) gain on derivatives (15,562 ) 16,409 Total unrealized (loss) gain on derivative (21,529 ) 32,822 Interest rate swaps Realized gain on derivatives 13,350 — Interest rate collars Realized gain on derivatives 12,485 — Total realized gain on derivatives 25,835 — Total $ 4,306 $ 32,822 |
Summary of Effects of Correcting the Restatement in Statement of Financial Performance | The following table summarizes the effects of correcting the restatement in the condensed consolidated statement of operations for the period ended March 31, 2022, as disclosed in Note 2 – Basis of Presentation and Consolidation: Derivative Instruments Not Designated as Hedging Instrument Location of Gain Recognized Three Months Ended March 31, As Previously Restatement As Restated Interest rate swaps Unrealized gain on derivatives $ 4,371 $ 19,501 $ 23,872 Interest rate collars Unrealized gain on derivatives 3,467 8,869 12,336 Total $ 7,838 $ 28,370 $ 36,208 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule of Fair Value of Liabilities | As on June 30, 2023 Level 1 Level 2 Level 3 Total Debt $ — $ — $ 2,769,355 $ 2,769,355 Contingent Consideration — — 3,700 3,700 Total $ — $ — $ 2,773,055 $ 2,773,055 As of December 31, 2022 Level 1 Level 2 Level 3 Total Debt $ — $ — $ 2,720,019 $ 2,720,019 Contingent Consideration — — 3,700 3,700 Total $ — $ — $ 2,723,719 $ 2,723,719 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Omnibus Plan [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Award Activity Under Omnibus Plan | The following table summarizes award activity under the Omnibus Plan for the six-month RSUs PSUs Number of RSUs Weighted- Average Price Number of PSUs Weighted- Average Price Outstanding at December 31, 2022 — — — — Granted 985,313 $ 16.00 311,875 $ 16.00 Vested or exercised — — — — Forfeited — — — — Outstanding at June 30, 2023 985,313 $ 16.00 311,875 $ 16.00 Restricted stock awards expected to vest 985,313 $ 16.00 311,875 $ 16.00 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses and Other Current Assets [Member] | |
Schedule of Other Current Assets | The prepaid expenses and other current assets consis t in thousands As of June 30, 2023 As of December 31, 2022 Prepaid insurance $ 6,047 $ 3,997 Prepaid rent 799 589 Deferred IPO issuance costs 8,462 3,047 Other 4,893 1,887 Total prepaid expenses and other current assets $ 20,201 $ 9,520 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following ( in thousands As of June 30, 2023 As of December 31, 2022 Sales tax liability $ 28,406 $ 27,820 Accrued interest 7,678 16,347 Accrued bonus 9,034 7,764 Accrued taxes 10,534 9,667 Accrued payroll 2,674 2,744 Accrued legal fee 4,183 1,906 Lease liabilities - current portion 4,853 3,090 Contingent consideration 3,673 3,673 Accrued accounts payable 13,549 14,080 Accrued insurance 710 2,231 Other 3,146 4,551 Total accrued liabilities $ 88,440 $ 93,873 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Financial Metrics by Segment | The following table represents financial metrics by segment ( in thousands Compression Operations Other Services Total Three Months Ended June 30, 2023 Revenue $ 181,619 $ 21,687 $ 203,306 Gross margin 71,172 3,588 74,760 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 45,453 — 45,453 Three Months Ended June 30, 2022 Revenue $ 162,808 $ 14,343 $ 177,151 Gross margin 61,075 2,569 63,644 Total assets 3,051,426 17,743 3,069,169 Capital expenditures 74,129 — 74,129 Compression Operations Other Services Total Six Months Ended June 30, 2023 Revenue $ 359,316 $ 34,102 $ 393,418 Gross margin 141,202 7,015 148,217 Total assets 3,219,556 41,807 3,261,363 Capital expenditures 94,034 — 94,034 Six Months Ended June 30, 2022 Revenue $ 320,303 $ 25,189 $ 345,492 Gross margin 123,228 4,588 127,816 Total assets 3,051,426 17,743 3,069,169 Capital expenditures 145,952 — 145,952 |
Summary of Total Gross Margin to Income Before Income Taxes | The following table reconciles total gross margin to income before income taxes ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total gross margin $ 74,760 $ 63,644 $ 148,217 $ 127,816 Selling, general and administrative expenses (13,438 ) (11,740 ) (26,523 ) (21,570 ) Gain on sale of fixed assets 738 — 721 7 Interest expense, net (60,964 ) (36,829 ) (119,687 ) (62,469 ) Realized gain on derivatives 25,835 — 25,835 — Unrealized (loss) gain on derivatives (3,595 ) (3,386 ) (21,529 ) 32,822 Other (expense) income 32 (7 ) 1 9 Income before income taxes $ 23,368 $ 11,682 $ 7,035 $ 76,615 |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jul. 13, 2023 | Jul. 03, 2023 | Jun. 20, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] | |||||
Stockholders equity note stock split | 590,000-for-1 | ||||
Common stock, Shares authorized | 750,000,000 | 750,000,000 | 750,000,000 | ||
Kodiak Holdings [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock issued during period shares, Stock splits | 59,000,000 | ||||
Subsequent Event [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock issued during period shares new issues | 2,400,000 | 16,000,000 | |||
Proceeds from issuance initial public offering | $ 231.4 | ||||
IPO [Member] | Subsequent Event [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock issued during period shares new issues | 16,000,000 | ||||
Per share price | $ 16 | ||||
Parent [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of ownership held before initial public offering. | 100% |
Basis of Presentation and Con_4
Basis of Presentation and Consolidation - Schedule of Condensed Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Unrealized (loss) gain on derivatives | $ (3,595) | $ (3,386) | $ 36,208 | $ (21,529) | $ 32,822 | |
Income tax expense | 5,851 | 2,781 | 15,378 | 1,861 | 18,159 | |
Net income | $ 17,517 | $ (12,343) | $ 8,901 | $ 49,555 | $ 5,174 | $ 58,456 |
Earnings per share, basic | $ 0.3 | $ 0.15 | $ 495,550 | $ 0.09 | $ 0.99 | |
Earnings per share, diluted | $ 0.3 | $ 0.15 | $ 495,550 | $ 0.09 | $ 0.99 | |
As Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Unrealized (loss) gain on derivatives | $ 7,838 | |||||
Income tax expense | 8,624 | |||||
Net income | $ 27,939 | |||||
Earnings per share, basic | $ 279,390 | |||||
Earnings per share, diluted | $ 279,390 | |||||
Adjustments | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Unrealized (loss) gain on derivatives | $ 28,370 | |||||
Income tax expense | 6,754 | |||||
Net income | $ 21,616 | |||||
Earnings per share, basic | $ 216,160 | |||||
Earnings per share, diluted | $ 216,160 |
Basis of Presentation and Con_5
Basis of Presentation and Consolidation - Schedule of Condensed Consolidated Statement of Shareholders' Equity (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | $ 192,285 | $ 195,314 | $ 138,252 | |||
Total stockholders' equity | $ 192,875 | $ 217,436 | $ 229,093 | $ 181,010 | 1,010,109 | $ 960,071 |
As Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | 116,636 | |||||
Total stockholders' equity | 988,493 | |||||
Adjustments | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | 21,616 | |||||
Total stockholders' equity | $ 21,616 |
Basis of Presentation and Con_6
Basis of Presentation and Consolidation - Schedule of Condensed Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Net income | $ 17,517 | $ (12,343) | $ 8,901 | $ 49,555 | $ 5,174 | $ 58,456 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Unrealized (loss) gain on derivatives | $ 3,595 | $ 3,386 | (36,208) | 21,529 | (32,822) | |
Deferred tax provision | 13,858 | 761 | 14,974 | |||
Changes in operating assets and liabilities: | ||||||
Increase (Decrease) in Prepaid Expense and Other Assets | (13,153) | 10,681 | 314 | |||
Accrued and other liabilities | 7,472 | (14,971) | 854 | |||
Net cash provided by operating activities | 54,796 | $ 117,968 | $ 127,647 | |||
As Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Net income | 27,939 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Unrealized (loss) gain on derivatives | (7,838) | |||||
Deferred tax provision | 7,104 | |||||
Changes in operating assets and liabilities: | ||||||
Increase (Decrease) in Prepaid Expense and Other Assets | 1,032 | |||||
Accrued and other liabilities | (6,713) | |||||
Net cash provided by operating activities | 54,796 | |||||
Adjustments | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Net income | 21,616 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Unrealized (loss) gain on derivatives | (28,370) | |||||
Deferred tax provision | 6,754 | |||||
Changes in operating assets and liabilities: | ||||||
Increase (Decrease) in Prepaid Expense and Other Assets | (14,185) | |||||
Accrued and other liabilities | 14,185 | |||||
Net cash provided by operating activities | $ 0 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 203,306 | $ 177,151 | $ 393,418 | $ 345,492 |
Compression Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 181,619 | 162,808 | 359,316 | 320,303 |
Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21,687 | 14,343 | 34,102 | 25,189 |
Transferred over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 198,097 | 173,210 | 382,891 | 338,131 |
Transferred over time [Member] | Compression Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 179,740 | 159,788 | 354,616 | 315,361 |
Transferred over time [Member] | Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 18,357 | 13,422 | 28,275 | 22,770 |
Transferred at point in time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,209 | 3,941 | 10,527 | 7,361 |
Transferred at point in time [Member] | Compression Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,879 | 3,020 | 4,700 | 4,942 |
Transferred at point in time [Member] | Other Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,330 | $ 921 | $ 5,827 | $ 2,419 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenue Remaining Performance Obligations (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 1,140,903 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 312,116 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 461,662 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 221,345 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | 94,796 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 50,984 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Revenue from Contract with Customer [Abstract] | |||||
Contract with customer assets net current | $ 4,513 | $ 1,100 | $ 3,555 | ||
Contract with customer liability current | 86,258 | $ 57,100 | $ 57,109 | $ 51,200 | |
Revenue remaining performance obligation amount | $ 1,100,000 |
Accounts Receivable, net - Summ
Accounts Receivable, net - Summary of Accounts Receivable, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Accounts receivable | $ 120,203 | $ 98,500 |
Allowance for credit losses | 949 | 949 |
Accounts receivable, net | $ 119,254 | $ 97,551 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Total inventories | $ 76,813 | $ 72,155 |
Non-serialized parts [Member] | ||
Inventory [Line Items] | ||
Total inventories | 66,252 | 61,082 |
Serialized parts [Member] | ||
Inventory [Line Items] | ||
Total inventories | $ 10,561 | $ 11,073 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 3,093,465 | $ 3,010,575 |
Less: accumulated depreciation | (606,619) | (521,893) |
Property, plant and equipment, net | 2,486,846 | 2,488,682 |
Compression equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3,049,309 | 2,973,599 |
Trailers and vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 8,341 | 7,193 |
Field equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 17,919 | 15,501 |
Technology hardware and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 9,736 | 6,698 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 2,646 | 1,947 |
Shipping containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3,267 | 3,137 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,564 | 1,519 |
Capital lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 683 | $ 981 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 43 | $ 41 | $ 85.6 | $ 81.1 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets, Net - Summary of the Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Original Cost | $ 163,000 | $ 163,000 |
Accumulated Amortization | (35,375) | (30,638) |
Net Amount | 127,625 | 132,362 |
Trade name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Original Cost | 13,000 | 13,000 |
Accumulated Amortization | (2,856) | (2,531) |
Net Amount | $ 10,144 | $ 10,469 |
Remaining Weighted Average Amortization Period (years) | 15 years 7 months 6 days | 16 years 1 month 6 days |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Original Cost | $ 150,000 | $ 150,000 |
Accumulated Amortization | (32,519) | (28,107) |
Net Amount | $ 117,481 | $ 121,893 |
Remaining Weighted Average Amortization Period (years) | 13 years 3 months 18 days | 13 years 9 months 18 days |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets, Net - Summary of Future Minimum Amortization Expense for Identified Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 4,737 | |
2024 | 9,474 | |
2025 | 9,474 | |
2026 | 9,474 | |
2027 | 9,474 | |
Thereafter | 84,992 | |
Total | $ 127,625 | $ 132,362 |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Increase (decrease) in goodwill during the period | $ 0 | |||
Amortization expense | $ 2,400 | $ 2,400 | $ 4,700 | $ 4,700 |
Long-Lived and Other Asset Im_2
Long-Lived and Other Asset Impairment - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Asset Impairment Charges [Abstract] | ||
Asset impairment charges | $ 0 | $ 0 |
Debt and Credit Facilities - Sc
Debt and Credit Facilities - Schedule of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt outstanding | $ 2,824,691 | $ 2,754,224 |
Less: unamortized debt issuance cost | (55,336) | (34,205) |
Long-term debt, net of unamortized debt issuance cost | 2,769,355 | 2,720,019 |
ABL credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | 1,824,691 | 1,754,224 |
Term loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt outstanding | $ 1,000,000 | $ 1,000,000 |
Debt and Credit Facilities - _2
Debt and Credit Facilities - Schedule of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Remainder of 2023 | $ 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 2,824,691 | |
Total | $ 2,824,691 | $ 2,754,224 |
Debt and Credit Facilities - Ad
Debt and Credit Facilities - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | May 19, 2022 USD ($) | May 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 22, 2023 USD ($) | Jan. 01, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Payments of capital distribution | $ 42,300 | $ 838,000 | ||||||||||
Unamortized debt issuance costs net | $ 55,336 | $ 34,205 | $ 55,336 | 55,336 | $ 34,205 | |||||||
Amortization of debt issuance costs | $ 5,600 | $ 3,400 | $ 11,071 | $ 5,212 | ||||||||
Wholly Owned Subsidiaries [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments of capital distribution | $ 838,000 | $ 838,000 | ||||||||||
Cash on hand utilized | 13,000 | 13,000 | ||||||||||
Wholly Owned Subsidiaries [Member] | Increase in the Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument face value | 600,000 | 600,000 | ||||||||||
Debt issuance costs gross | 14,600 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt percentage bearing variable rate | 12.16% | 10.67% | 12.16% | 12.16% | 10.67% | |||||||
Debt issuance costs gross | $ 750 | |||||||||||
Long term debt number of days by which the repayment would have been deferred | 120 days | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | Until the First Quarter of 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 7.5 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the Second Quarter of Two Thousand and Twenty Three Till the Third Quarter of Two Thousand and Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 7.25 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the Fourth Quarter of Two Thousand and Twenty Three Till the First Quarter of Two Thousand and Twenty Four [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 7 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the Second Quarter of Two Thousand and Twenty Four Till First Quarter of Thousand and Twenty Five [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6.75 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the Second Quarter of Two Thousand and Twenty Five Till the First Quarter of Two Thousand and Twenty Six [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6.5 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the First Quarter of Two Thousand and Twenty Seven and Thereafter [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | From the Second Quarter of Two Thousand and Twenty Six Till the Fourth Quarter of Two Thousand and Twenty Six [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6.25 | |||||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | Alternate Base Rate for Alternate Base Rate Loans and Eurocurrency Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt base rate percentage | 7% | 7% | 7% | |||||||||
Wholly Owned Subsidiaries [Member] | Term Loan Facility as per Amendment Agreement One [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt base rate percentage | 6% | 6% | 6% | |||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Increase in the line of credit | 225,000 | $ 225,000 | ||||||||||
Line of credit maximum borrowing capacity | $ 1,875,000 | |||||||||||
Minimum fixed charge coverage ratio | 1.1 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | Until the First Quarter of 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 7.25 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | From the Second Quarter of Two Thousand and Twenty Three Till the Third Quarter of Two Thousand and Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 7 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | From the Fourth Quarter of Two Thousand and Twenty Three Till the First Quarter of Two Thousand and Twenty Four [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6.75 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | From the Second Quarter of Two Thousand and Twenty Four and Thereafter [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum ratio of consolidated debt to earnings before interest tax depreciation and amortization | 6.5 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | Third Amendment and Restated Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit maximum borrowing capacity | $ 2,050,000 | 2,050,000 | $ 2,050,000 | |||||||||
Line of credit facility issuance costs gross | $ 13,200 | |||||||||||
Write off debt issuance costs | $ 1,200 | |||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | Fourth Amendment and Restated Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit maximum borrowing capacity | $ 2,200,000 | |||||||||||
Line of credit facility issuance costs gross | $ 31,800 | |||||||||||
Interest expense | 4,200 | |||||||||||
Payment of accrued interest | 4,200 | |||||||||||
Maximum threshold limit value beyond which cash dominion is triggered | $ 200,000 | $ 200,000 | $ 200,000 | |||||||||
Percentage of aggregate commitments beyond which cash dominion is triggered | 10% | 10% | 10% | |||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | Fourth Amendment and Restated Credit Agreement [Member] | Prime Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt percentage bearing fixed rate | 10.25% | 9.50% | 10.25% | 10.25% | 9.50% | |||||||
Debt instrument variable interest rate spread | 2% | 2% | ||||||||||
Wholly Owned Subsidiaries [Member] | Asset Based Credit Facility [Member] | Fourth Amendment and Restated Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term debt percentage bearing variable rate | 8.34% | 7.60% | 8.34% | 8.34% | 7.60% | |||||||
Debt instrument variable interest rate spread | 0.10% | 0.10% | ||||||||||
Debt instrument additional variable interest rate spread | 3% | 3% |
Derivative Instruments - Summar
Derivative Instruments - Summary of Information Related To Notional Amount And Maturities Dates For Interest Rate Swaps (Detail) - Interest Rate Swap And Interest Rate Collars [Member] | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
12/4/2024 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 125,000,000 |
Maturities | Dec. 04, 2024 |
12/5/2024 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 225,000,000 |
Maturities | Dec. 05, 2024 |
6/14/2025 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 200,000,000 |
Maturities | Jun. 14, 2025 |
12/6/2025 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 125,000,000 |
Maturities | Dec. 06, 2025 |
6/14/2026 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 175,000,000 |
Maturities | Jun. 14, 2026 |
6/22/2026 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 125,000,000 |
Maturities | Jun. 22, 2026 |
12/6/2026 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 125,000,000 |
Maturities | Dec. 06, 2026 |
5/18/2027 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 75,000,000 |
Maturities | May 18, 2027 |
5/19/2027 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 100,000,000 |
Maturities | May 19, 2027 |
5/19/2027 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 200,000,000 |
Maturities | May 19, 2027 |
12/6/2027 [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 125,000,000 |
Maturities | Dec. 06, 2027 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Company's Assets And Liabilities Were Measured At Fair Value On Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total current assets | $ 823 | |
Total non-current assets | $ 43,811 | 64,517 |
Not Designated as Hedging Instrument [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total current assets | 823 | |
Total non-current assets | 43,811 | 64,517 |
Total | 43,811 | 65,340 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total current assets | 823 | |
Total non-current assets | 43,811 | 48,955 |
Not Designated as Hedging Instrument [Member] | Interest Rate Collars [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total non-current assets | 15,562 | |
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total current assets | 823 | |
Total non-current assets | 43,811 | 64,517 |
Total | 43,811 | 65,340 |
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total current assets | 823 | |
Total non-current assets | $ 43,811 | 48,955 |
Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Interest Rate Collars [Member] | ||
Disclosure In Tabular Form Of Derivative Instruments At Fair Value [Line Items] | ||
Total non-current assets | $ 15,562 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Effects of Company's Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivatives, Fair Value [Line Items] | |||||
Unrealized (loss) gain on derivatives | $ (3,595) | $ (3,386) | $ 36,208 | $ (21,529) | $ 32,822 |
Realized gain on derivatives | 25,835 | 25,835 | |||
Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Unrealized (loss) gain on derivatives | (3,595) | (3,386) | 36,208 | (21,529) | 32,822 |
Realized gain on derivatives | 25,835 | 25,835 | |||
Total | 22,240 | (3,386) | 4,306 | 32,822 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Unrealized (loss) gain on derivatives | 8,863 | (7,459) | 23,872 | (5,967) | 16,413 |
Realized gain on derivatives | 13,350 | 13,350 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Collars [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Unrealized (loss) gain on derivatives | (12,458) | $ 4,073 | $ 12,336 | (15,562) | $ 16,409 |
Realized gain on derivatives | $ 12,485 | $ 12,485 |
Derivative Instruments - Summ_4
Derivative Instruments - Summary of Effects of Correcting the Restatement in Statement of Financial Performance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | $ (3,595) | $ (3,386) | $ 36,208 | $ (21,529) | $ 32,822 |
Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | (3,595) | (3,386) | 36,208 | (21,529) | 32,822 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 8,863 | (7,459) | 23,872 | (5,967) | 16,413 |
Interest Rate Collars [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | $ (12,458) | $ 4,073 | 12,336 | $ (15,562) | $ 16,409 |
As Reported | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 7,838 | ||||
As Reported | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 7,838 | ||||
As Reported | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 4,371 | ||||
As Reported | Interest Rate Collars [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 3,467 | ||||
Adjustments | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 28,370 | ||||
Adjustments | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 28,370 | ||||
Adjustments | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | 19,501 | ||||
Adjustments | Interest Rate Collars [Member] | Not Designated as Hedging Instrument [Member] | |||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||
Unrealized (loss) gain on derivatives | $ 8,869 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivatives, Fair Value [Line Items] | |||
Realized gain loss on derivatives | $ 25,835 | $ 25,835 | |
Term Loan Derivative Settlement [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Realized gain loss on derivatives | 25,800 | ||
Interest Rate Swap [Member] | Asset Based Credit Facility And Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | $ 975,000 | ||
Forward Dated Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | 1,600,000 | 1,600,000 | |
Forward Dated Interest Rate Swaps [Member] | After Thirtieth June Two Thousand And Twenty Three [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative notional amount | $ 400,000 | $ 400,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | ||
Change in the fair value of contingent consideration | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | $ 2,773,055 | $ 2,723,719 |
Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 2,769,355 | 2,720,019 |
Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 3,700 | 3,700 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 2,773,055 | 2,723,719 |
Level 3 [Member] | Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 2,769,355 | 2,720,019 |
Level 3 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | $ 3,700 | $ 3,700 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Award Activity Under Omnibus Plan (Detail) - Omnibus Plan [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Restricted Stock Units (RSUs) [Member] | |
Number of RSUs | |
Outstanding at December 31, 2022 | shares | 0 |
Granted | shares | 985,313 |
Vested or exercised | shares | 0 |
Forfeited | shares | 0 |
Outstanding at June 30, 2023 | shares | 985,313 |
Restricted stock awards expected to vest | shares | 985,313 |
Weighted-Average Price | |
Outstanding at December 31, 2022 | $ / shares | $ 0 |
Granted | $ / shares | 16 |
Vested or exercised | $ / shares | 0 |
Forfeited | $ / shares | 0 |
Outstanding at June 30, 2023 | $ / shares | 16 |
Restricted stock awards expected to vest | $ / shares | $ 16 |
Performance Share Units [Member] | |
Number of RSUs | |
Outstanding at December 31, 2022 | shares | 0 |
Granted | shares | 311,875 |
Vested or exercised | shares | 0 |
Forfeited | shares | 0 |
Outstanding at June 30, 2023 | shares | 311,875 |
Restricted stock awards expected to vest | shares | 311,875 |
Weighted-Average Price | |
Outstanding at December 31, 2022 | $ / shares | $ 0 |
Granted | $ / shares | 16 |
Vested or exercised | $ / shares | 0 |
Forfeited | $ / shares | 0 |
Outstanding at June 30, 2023 | $ / shares | 16 |
Restricted stock awards expected to vest | $ / shares | $ 16 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |||||||
Jul. 13, 2023 | Jul. 03, 2023 | Jun. 29, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 20, 2023 | Dec. 31, 2022 | Mar. 06, 2019 | |
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Common stock, shares, issued | 59,000,000 | 59,000,000 | ||||||
Common stock, shares, outstanding | 59,000,000 | 59,000,000 | ||||||
Subsequent Event [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Common stock, shares, issued | 77,400,000 | |||||||
Common stock, shares, outstanding | 77,400,000 | |||||||
Stock issued during period shares | 2,400,000 | 16,000,000 | ||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Share based payment arrangement, expense | $ 0.9 | $ 0.6 | ||||||
Omnibus Plan [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Share based compensation arrangement by share based payment award, shares issued in period | 1,297,188 | |||||||
Common stock, capital shares reserved for future issuance | 6,375,000 | |||||||
Class B Incentive Units [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Share based compensation arrangement by share based payment award, number of shares authorized | 61,068 | 60,363.4 | ||||||
Share based compensation arrangement by share based payment award, shares issued in period | 0 | 0 | ||||||
Class B Incentive Units [Member] | Time Vesting [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Number of unvested time vesting units | 3,170.7 | |||||||
Unrecognized stock compensation expense of time vesting units | $ 1.3 | |||||||
Percentage of award vesting rights | 25% | |||||||
Class B Incentive Units [Member] | Performance Vesting [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Percentage of award vesting rights | 75% | |||||||
Class B Incentive Units [Member] | 2019 Class B Unit Incentive Plan [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Share based compensation arrangement by share based payment award, number of shares authorized | 61,098.4 | |||||||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Number of shares granted from RSU activity | 985,313 | |||||||
Award vesting period of RSU activity | 3 years | |||||||
Performance Share Units [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Unrecognized stock compensation expense of time vesting units | $ 20.8 | |||||||
Percentage of award vesting rights | 100% | |||||||
Performance Share Units [Member] | Minimum [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Percentage of shares issued | 0% | |||||||
Performance Share Units [Member] | Maximum [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Percentage of shares issued | 190% | |||||||
Performance Share Units [Member] | Omnibus Plan [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Number of shares granted from RSU activity | 311,875 | |||||||
Award vesting period of RSU activity | 3 years | |||||||
IPO [Member] | Subsequent Event [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Stock issued during period shares | 16,000,000 | |||||||
IPO [Member] | Common Stock [Member] | Subsequent Event [Member] | ||||||||
Schedule Of Stock By Class And Share Based Arrangement [Line Items] | ||||||||
Number of shares issued | 16,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase commitments | $ 129,200 | |
Contingent consideration | 3,700 | |
Outstanding receivables | 0 | $ 0 |
Sales tax contingency | 28,406 | $ 27,820 |
Additional sales tax contingency for the period | $ 600 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 6,047 | $ 3,997 |
Prepaid rent | 799 | 589 |
Deferred IPO issuance costs | 8,462 | 3,047 |
Other | 4,893 | 1,887 |
Total prepaid expenses and other current assets | $ 20,201 | $ 9,520 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Sales tax liability | $ 28,406 | $ 27,820 |
Accrued interest | 7,678 | 16,347 |
Accrued bonus | 9,034 | 7,764 |
Accrued taxes | 10,534 | 9,667 |
Accrued payroll | 2,674 | 2,744 |
Accrued legal fee | 4,183 | 1,906 |
Lease liabilities - current portion | 4,853 | 3,090 |
Contingent consideration | 3,673 | 3,673 |
Accrued accounts payable | 13,549 | 14,080 |
Accrued insurance | 710 | 2,231 |
Other | 3,146 | 4,551 |
Total accrued liabilities | $ 88,440 | $ 93,873 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 5,851 | $ 2,781 | $ 15,378 | $ 1,861 | $ 18,159 | |
Effective tax rate | 25% | 23.80% | 26.50% | 23.70% | ||
Statutory tax rate | 21% | 21% | 21% | 21% | ||
Corporate alternative minimum tax | 15% | |||||
Uncertain tax benefits | $ 0 | $ 0 | $ 0 | |||
Uncertain tax positions, accrued interest and penalties | 0 | $ 0 | 0 | $ 0 | ||
Uncertain tax positions, interest and penalties | $ 0 | $ 0 | $ 0 | $ 0 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Contribution Plan [Abstract] | ||||
Defined contribution plan cost | $ 0.8 | $ 0.7 | $ 1.6 | $ 1.4 |
Segments - Summary of Financial
Segments - Summary of Financial Metrics by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 203,306 | $ 177,151 | $ 393,418 | $ 345,492 | |
Gross margin | 74,760 | 63,644 | 148,217 | 127,816 | |
Total assets | 3,261,363 | 3,069,169 | 3,261,363 | 3,069,169 | $ 3,205,540 |
Capital expenditures | 45,453 | 74,129 | 94,034 | 145,952 | |
Compression Operations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 181,619 | 162,808 | 359,316 | 320,303 | |
Gross margin | 71,172 | 61,075 | 141,202 | 123,228 | |
Total assets | 3,219,556 | 3,051,426 | 3,219,556 | 3,051,426 | |
Capital expenditures | 45,453 | 74,129 | 94,034 | 145,952 | |
Other Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 21,687 | 14,343 | 34,102 | 25,189 | |
Gross margin | 3,588 | 2,569 | 7,015 | 4,588 | |
Total assets | $ 41,807 | $ 17,743 | $ 41,807 | $ 17,743 |
Segments - Summary of Total Gro
Segments - Summary of Total Gross Margin to Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting [Abstract] | |||||
Total gross margin | $ 74,760 | $ 63,644 | $ 148,217 | $ 127,816 | |
Selling, general and administrative expenses | (13,438) | (11,740) | (26,523) | (21,570) | |
Gain on sale of fixed assets | 738 | 721 | 7 | ||
Interest expense, net | (60,964) | (36,829) | (119,687) | (62,469) | |
Realized gain on derivatives | 25,835 | 25,835 | |||
Unrealized (loss) gain on derivatives | (3,595) | (3,386) | $ 36,208 | (21,529) | 32,822 |
Other (expense) income | 32 | (7) | 1 | 9 | |
Income before income taxes | $ 23,368 | $ 11,682 | $ 7,035 | $ 76,615 |
Segments - Additional Informati
Segments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 90,327 | $ 85,802 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Jul. 13, 2023 | Jul. 03, 2023 |
Subsequent Event [Line Items] | ||
Number of shares issued | 2,400,000 | 16,000,000 |
Proceeds from issuance of common stock | $ 36.2 | $ 231.4 |
Sale of stock, price per share | $ 16 | |
Term Loan [Member] | ||
Subsequent Event [Line Items] | ||
Repayment of debt | $ 300 |