Services morning, Good you, spite this joining thank quarter Alicia Paul. quarter this Thank fourth XX-K results file full-year plan report and XXXX and go. sorry lot months morning and of the we're of our it mirror, Gas earnings XX In our mix annual afternoon. Commission to on to XXXX and see with morning welcome many XXXX Form released the know December the up XXXX I time as you for to Group's for in on US that We us. fourth Natural and XX, well ended Wednesday Exchange Securities don't the rearview operators awful review.
However, as decline and results. career, NGS mentioned oilfield most release in precipitous shutdown not morning, but in pandemic, this the posted my XX-plus the year economic in survived our activity solid oilfield given only the
are from XXXX, order. operating results detailed our discussing few high-level Before financial in comments a
I XXXX, just indicated, balance with sheet the As environments. that. operating position challenges the In our of consistently especially the liquidity most been of always unprecedented and our challenging in we protecting past priority top did year, has
in strongest and In financial for position historically NGS. fact, our position the amongst industry the our overall grew cash and is strong
both both accomplished $X every We of accomplished of under of operating in to increase We spite operating $XX XXXX, of year-over-year flow in $X basis, revenues. nearly XXXX XXX%. increased a the at balance our million cash nearly cash for million flow. Our end revenue, year-end increased just $XX generated XX% million. of nearly lower an spite we from means On to that This at cash $XX.X approximately
the signal expands. energy global domestic Commodity demand activity. slide nearly X% economies in even compared energy by capital rental the need sales pandemic reopen robust, were While for improve defer clear is more impacted as XXXX and and with and production customer revenues It beginning were oilfield decisions markets will our the the to and prices purchases, for to growth. to that spending increasing are
result to coronavirus that important the recognize work impact While both activity, is workflow of alter continues and larger XXXX pandemic year the in in it horsepower penetration markets. such of our signals the That immediate the we it gone not customers. how is the growth acceleration won't including believe of we well as as continuation opportunities will to our throughout entirely said, provide from
as the While oilfield forward likely throughout the become resulting more accepted as year, COVID. reduced, impact and of of will proud safety. the related pandemic as the the especially move to continues how well vaccines business to ubiquitous, continues working the linger I'm most while adapt well our and continued to the market year of the of of and costs throughout to somewhat challenges service team in environment challenges NGS the on
a more XX% this year-over-year affected modestly quarter declined As revenues adjusted basis was gross XX% only the service while revenue. in we're we EBITDA margins our at look specifically on in grew in and quarter. the and came our adjusted operations of of fourth sales rental revenues solid XXXX, in Total were and quarter,
a time especially customers’ spending in budgets of uncertainty. reduction commit to and XXXX significant sales. largely in compressor half experienced in Although second The of an serious capital and we in unusual a decline was in downturns, now in unprecedented of sales unwillingness volatility not degree our the result capital a the high of
inquiries recovering, rekindled. in coming will months. continue purchases slowly trend and be take that slowly beginning more While see expect We're were time for capital the to sales regarding to to compression it programs
is for the in sales supports revenues With quarter decrease. the did NGS’ to with Selling, a which rentals. to reported million of and rental year-over-year our a fabrication same aftermarket include fourth the decrease X% a product fourth to period quarter. higher XX, and business Of line in quarter of $XX while experience administrative firm million XX% insurance fourth in by sales X% fourth was let’s sales in compression by parts for a million revenue revenues to noncash percentage for does from quarter adjusted than year-over-year in decreased as premiums the million in quarter. X% XX% decreased increase. In by driven year and same was tripled margin while approximately activities. gross $XXX,XXX, by the in December compared less remained XX%, to a declined three compared to producers exclusively this rental approximately but completed. than Sequentially, officers gross for quarter increase slowed, when increased quarter fourth general in of X%. three by our and or just in XXXX, rebuild and and XX% This service course, quarter incentive in gross the revenue same accruals. XX, of months and the sequential compared or X%. was increase adjusted compared due an decreased and in compensation by $X.X $XX.X for ended increased Adjusted quarter. overview, not depreciation ended December cost increase accruals, margins, results when revenue items but XXXX, was review to Adjusted rental decrease nonrecurring from comparative margin decreased slightly revenues, of XX% from a from prior only We increase gross projects and service which year $XXX,XXX or maintenance X%. December $XXX,XXX full XXXX year-to-date the includes activities as Total $X.X revenue revenues approximately or Rental, while lower and that liability of over of insurance, revenues to a increase margin sequentially, revenue from were XXXX percentage periods. still same rental Conversely, on a driven XX, insurance, margin Sequentially XX% long-term sales months XX% require period decrease ended XXX% which the $XX.X year-to-date $X.X million revenues. The expenses and existing appreciable increased more XXXX. compared which same Sales maintenance approximately both slightly total XXXX the have may an compensation in revenue $X.X the the drop increase million XXXX. business, $X.X various increased total of assets the our million of slightly increase a our revenues the revenue service the XXXX for quarter XX% XX% X% directors on a in the million, and revenues maintenance led XXXX. to prior the Sequentially, total Sales periods, and appreciable
expenses deferred related expenses decreased due SG&A a year, expense full incentive the compensation long-term compensation. and to decrease For in to
and of a to was in a SG&A a XXXX full The higher million compared $XXX,XXX year $X.X fourth and operating increase mitigated increase the equipment of $X.X NGS the in spite rental quarter cost, fleet quarter XXXX $XXX,XXX and in lower tax net periods In million. your contributed unabsorbed and XXXX expenses. equipment primarily an million level horsepower an including expenses net comparisons, facilities, reflected the $XXX,XXX. $XXX,XXX net XXXX Sequentially, expenses. depreciation effect higher of losses. for positive compares NGS loss Adjusted $X.XX and the quarter SG&A depreciation inventory maintenance lower is income $X.X compared a includes also revenue, XXXX. due higher reported fourth and attributable taxes, to $X.XX higher just million noncash service year-over-year $X.X per last adjusted in million in on net which $X.XX fabrication dollars higher amortization, adjusted is for for positive XXXX including of year This for of related $X.X write-offs quarterly operating current a the loss fabrication to write-offs compared this to and of reported a net equipment to $X.X due quarter loss our $XXX,XXX loss earnings income and of somewhat of EBITDA of The income comparative loss share benefit primarily SG&A by adjustment decline fleet of a the the large due income inventory fourth the of quarter loss FX Earnings Sequentially, for fleet in of XXXX. Now income an was mentioned EBITDA, adjusted equipment and in depreciation, quarter and higher loss before unabsorbed retirements compares $XXX,XXX inventory $XXX,XXX of when a of per which for adjusted and XXXX total to depreciation In full-year comparing net of in net in lower overall XXXX this an higher majority cost operating quarter the was quarter margins. loss fourth the of our decreased per revenues expenses gross this SG&A decline million fourth XXXX adjusted to the totaling the diluted share on to loss XXXX. Loss primarily share compared the third retirements, in and rental gross loss $X.XX interest, in margin the earnings income quarter. to but operating and retirements. in was was a of the income which sales, expenses. $X.X loss in our yoyo goodwill, of
severity lack for quarter The and aftermarket Sequentially, $X.X to Sequentially, XXXX. sales revenues For not services. EBITDA million $X.X for million, decrease are million by parts sales. for exclusively from sales in sales rental $XXX,XXX. XXXX full-year extreme increased and new includes XX, The was the for any XXXX The quarter compressor basis, $X.X aftermarket and from is million, did compressors, fourth December quarter sales. a December revenues full-year and for $X.X to from bring units, to increased was was ended down This activity, not oil rail the knock-on million, have that surprisingly full-year from in year $X.X capital abrupt rental effects overhaul decline. we of quarter, from decline in sales use Adjusted sales million million the almost sales simultaneous XXXX. a million but X% compressor which unusual XX, of and to On one unusual crude to which in the includes decreased decrease COVID-induced attributable fabrication year. was equipment a driven flares of business December Wholesale gains in the to compared an in $X.X the a to our of the XXXX, months decline $X.X the million revenue the in We in is that ended due demand ended the due million $X.X comparative activity decreased These XXXX, a million. downturn and flares $XXX,XXX $XX.X the sales build EBITDA disruption the drop XXXX. this our not $XX the XX, $XX.X X% were decline decrease in dislocation fourth What million precipitous rebuild in fourth experienced facilities fact compressor of continued always to penny XXXX three activity was flare a happened contracts. prices. extreme compressor XXXX.
We this level an increase translates into that have, sales and recent hope however, in a seen inquiries year. this sales increased of
declined million margins XX last from to to gross in from $XX,XXX quarter a December $XX,XXX in of $XXX,XXX increasing a Year-over-year, in negative as was December quarter in the XXXX margins XXXX to sales quarter with the sequential backlog fourth -- $XXX,XXX total the million XX, XXXX third gross sales quarter. quarter. the positive current $X.X $X.XX Our current compared
This year $XX.X increased But in rates X% the to revenues full decreased nature levels exceptional from decrease quarter $XXX,XXX only X%. than the to per and decrease slight basis rental average X% year. off our year severity. due comparative to to were year-to-date in quarter on lower per over average a not from as million. XXXX, The revenues X% need quarterly to quarter was were the the a to $XX.X Sequentially, is X% flat. in into cost in the of rental due horsepower $XX.X severe of larger per primarily per costs per losses equipment unabsorbed increased unit million fourth For facilities. horsepower from the for gross to year were rental horsepower. past horsepower a rental a derived rates capital that a on underutilized fabrication less less basis. The sales Rental current with and margins rental have excess unabsorbed XXXX, in higher lower $X.X business loss. due level full compression fourth revenue strength industry. underutilized overall been our revenues compared $XX.X sales costs essentially on Compared which a were our translates and capacity the contraction The million total were These million XXXX Sequentially, basis, million. unprecedented is rates the the of over horsepower rates uncommon the and down facilities rental equipment XXXX
end of totaled of X,XXX at compressors comparative third XX%. quarter to XXX,XXX the full Our But Rental average were amount last active margins or size fourth XX% December quarter of XXXX were gross margins quarter to from margins this year per by horsepower XX%. almost a revenue, our on a XX%, horsepower. of year-over-year a unit this unit, of impacted basis, margins rental gross large from an increased an X% from and scheduled year's rental increased XX% rental quarter Fleet increase rental decrease Reported maintenance. XXXX XXX increase.
large of classified As horsepower XXXX, which XX, that skid. horsepower designate machines XX% utilized December XXX is horsepower as our of units per we exceed as
horsepower or the Over the over we've horsepower. XX years the XX.X category. unit. We than XXX these net past expiration XX fleet XXX horsepower skids expanse XXXX, an small our total six is per and of within book XX units those in quarter units fourth average income XXX our a quarter. units their over units large to fourth XX horsepower age retired the the horsepower, XX,XXX unit. fleet were with The That or The of added months was of classified months, $XXX,XXX XX% the unit. per XX,XXX lives. per of units impacts of totaling average totaling we’re less units units classified In horsepower or little XX% of approximately $X,XXX new we that added as noncash during was
utilization dedicated points to and points December basis fourth Our of $XX.X is the XX% on Last expenditures spend XXXX. XX, total projected an a XXXX, of basis utilization equipment. million in capital equipment. XXX we would $XX XXX was in with reflects And we This rental $XX we time, In increase quarter that XX% year on in to rental I at as pretty spent accurate XXXX. million had likely million QX approximately respect. this of from CapEx unit-based of were horsepower that
capital spend rental approximately XXXX, the we're equipment million. of Looking a projecting $XX full-year to ahead million on $XX to
for to have will $X million vehicles. service $X million allocated We another
XX, $XXX,XXX our XXXX. was to as December balance debt Moving the of bank sheet, total
have since debt. We retired that
remained strong balance cash million. Our $XX.X at
Our are with replacement of negotiating be to expire what tomorrow, in set is by believe place favorable we mid-April, which a the facility, terms. should we present credit and in of March line will XX be process
We continue We scenario positive generated to possess cash from net operating $X.X million. we ample this quarter conceivable flow liquidity of in for activities any might encounter.
in cash $XX.X flow increased revenues. was to and million in an decrease $XX.X operating XXXX. XX% million is in XXXX a despite operating flow increase XX% cash This in Our
no the Our bank every companies in while to discount flow. revenue OFS operating yield flow into at flow have cash strong operating tangible generated, to it every XXXX conversion of reserves of value. of to not that the NGS converted cash the stream, a cash XX% cash many debt trading a There balance sheet, Simply meaningful with revenue space book put, rental half recurring a on revenue in was rate XXXX. and in in are XX% -- dollar revenue for increased
of entered year past Before XXXX want every respond customers. and adaptable the team we the be to remarkable to year. for presented over team of The flexible, to NGS have and questions, I unprecedented, effort call our to the new entire and unfriendly the the open as frankly service providing member thank the to into challenges were unexpected the call on we focus course yet our possible during best for the
and balance and ahead always As We and a it service or to care a We're while and with easy business. normal in sheet, opportunities exceptional XXXX, customers each strong loyal for forward pretty, us. that the something other. compression customer of wasn't best the more we of world team the exited through to result, balance a resembles relationships build looking continue the our XXXX customers
horsepower position with to We continue larger us opportunities. flexibility industry-leading intrinsically our respond opportunities that's the customers. to provides swiftly through Paul, and the to to liquidity strategic remarks. in see An new other prospective existing with both market company grow both prospects end my prepared of and
for if lines would, please So you phone the questions. open
