NGS - Earnings call transcript Q1 2022 | Natural Gas Services Group, Inc.

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Operator

Good morning, ladies and gentlemen, and welcome to the Natural Gas Services Group First Quarter 2022 Earnings Call. At this time, all participants will be in a listen-only mode. [Operator Instructions] Your call leaders for today's call are Alicia Dada, IR Coordinator and Steve Taylor, Chairman, President and CEO. I would now like to turn the call over to Ms. Dada.

begin. may You

Alicia Dada

information and made a Bailey, of Securities prior every Please provisions are in the one. commencing this outlined statements Thank conference as to morning's to good Reform the read Litigation XXXX. me call historical for Except moment earnings and statement Private herein, the allow Act the our in are you, forward-looking call. morning, contained pursuant following the to Harbor forward-looking Safe

by call Mr. Natural Group. Form Taylor, filed Exchange release such Having I know, limited may circumstances. to, and Chairman to included from Commission. Gas factors described cause not risks you governmental forward-looking materially also publicly caption as subsequent significant of our President, events call otherwise; known turn reflected this will Natural reflect and stated, Services regulations, Risk undertakes and loss Services in uncertainties statements, the and press of or Forward-looking over under other results. Securities or environmental Natural new results Gas Natural include, statements expectations Stephen? differ could make and risks the CEO Stephen are Group the this no involve as things, to or the with all the companies Services forward-looking to introduction the health results in to periods and obligation which include, The of which statements Gas Those date report to Important in are Services unknown but other from is safety, annual the update forecasted could require to cause of Gas that materially market may of among call, factors competition XX-K Factors conference in and who statements and share Group's actual made differ actual the recent future expenditures. forward-looking Company's through competing that capital on now technologies in

Stephen Taylor

with good Exchange Quarter Last and our and announcing and decision my XX-Q a results Bailey, and financial retire First found also press website. morning, Commission. and President Alicia the Officer announcing U.S. can release annual Earnings on issued as Securities to Review. be you, release morning, our quarter first Form additional filing filed Executive The report NGSG's operating welcome the and everyone, and our This Company. Thank press and on of Chief an we evening, to we release issued XXXX

decision this directors, is a and a easy, position, of for transition, there's and time the worked Natural good XX consultation we Company's In of While opportunity good like was COVID-related the issues, Services felt with in at our perfect right. a no business this for have through helm after never Group, big years most Gas we feels type the of providing transition.

during and now and closely and him the anything pledged that future a Exchange of with of While importantly, of and of commitment concern that unwavering say agreed to York happy I'm for does John step in my Chisholm, characterization our confidence can President President lead I will company. director, shareholder build laboratories. Executive and has doing as our to Chief my to shareholder and Flotek me value. Oilfield provide work I in significant I Officer. role my leading should about ProTechnics, to transition, both Interim comfort the of together Stock and core support us listed company continue independent in the John as in the he as everything I and and to by is New an the John continuing the a transition. will John's technology step Board responsibilities remain the a Most closely Company and will CEO Chairman adviser is of remain owned to work my willing former day-to-day reservoir while Service key the will Co-Founder needs. slow Directors it customers serve I to bit,

traveling some he is will solid today, take is join to I'm John look said, call. of introductory While the we end during a first pleased quarter comments for XXXX. results to start us what to more detailed a That believe the the at

on revenues strong release, Year-over-year, our flagship in also revenue basis. our grew continued total our a XX%, business both due grow overall primarily XX%, and earnings rental quarter. grew leading way. business sales to Sequentially, noted As has total a to sequentially with year-over-year the

market rental compression quarter driven with core Compression our sequentially X% a of Our rental XX% by year-over-year customers grew primarily revenue upstream in growth. share business revenue consecutive approximately gain our continued basis, horsepower. rental from increase and on active to rental an fifth

in quarter's recorded we expenses last XX% especially declined expenses Sequentially, on in As fourth peak. last from the quarter anticipated from quarter. experienced fourth call, a year, reduction the highs rental the rental

While chain to We cost we, of still efforts. with do end XXXX. have to meet XX% do everyone, our experiencing adjusted like rental business by inflationary the supply reduction across are however, business, our realize, the and pleased our margins work on we goal are we of pressures that

the adjusted sales over XXXX, XX% with experienced up Our the with almost of a revenue million good margins quarter fourth gross business during quarter. quarter compression of $X.X sales

an have were from energy non-traditional segment increasing future. driven are energy volume transition sales were We of in, a sales this this should yet not Instead, from in quarter This and customers, them our change customers. see quarter. traditional that recorded and types includes from by we this sales seen developing those we the expertise demand various upstream projects in

revenues, had million increase at of revenues $X.X in in From increase total $XXX,XXX a by XX% Now quarters, is in which XXXX, or a a result a the XX%. revenue for $X.X XXXX. and let's total in slightly million comparing of financial offset rental little total This in of increase driven and quarter. an $XX.X $XXX,XXX increase were in in quarter from the our revenues. This million or a the perspective, reported X% a $X.X first maintenance the details decrease NGS with revenue same look increase million revenues rental of over as $XXX,XXX is of sales. by service we consecutive When a increase sales quarter

While in $X.X our not sales adjusted million increased for consistently, million sequential five our revenue both three ended have revenues NGS gross quarters. rental XX, Significantly, months has increased rental grown margin, row. XXXX, March X% revenues which fluctuate XX%, last March were for Total margin XX% for include months quarter-to-quarter, in sales margins $X.X quarters from a of the three XXXX depreciation the to respectively, $X.X million compressor March to does period and margins and ended on to XX, XXXX. adjusted The the in from $X.X the margin the the increased quarter million first quarter of ended revenue. prior gross Adjusted quarter. primarily. in year-over-year Sequentially, increased for due same total for increase the was XX gross

a adjusted compared to gross also increased XX% percentage quarter. of the As margin XX% prior to revenue, in this quarter

and of manufacturing unabsorbed the increased higher prior commissioning pressure If start-up to extent, to our of you costs a costs costs was level rental the recall, margin increased gross mobilization, lesser an due in the shops. from and majority quarter, in

Sales, quarters reduction administrative compared the anticipate we everyone, pleased deferred decreased are we, was stock and further Year-over-year, sequential loss expense This in retirement increase from higher million of reduction just of operating and is efforts like $XXX,XXX non-cash increase of reduction the due is increase sequential and income QX. inventory comparative in an primarily fleet and XXXX. units slight first first SG&A. and in first X.X% in compensation to quarter of and $XXX,XXX depreciation year. in the margins throughout our loss aforementioned an a the While XXXX the sales for and to non-cash the $X.X deferred compensation with also Loss $XXX,XXX compensation experiencing quarter as and to respectively, of our the in This across loss on expense. expense in quarter quarter sales the operating increased of SG&A over as on XX.X%, rental margins of from driving to realized a decrease lower write general SG&A and improvement fourth in are in Operating business, the income million with due XXXX XXXX. well inflationary lower of $X.X of in cost $XXX,XXX. expenses periods. a year-over-year pressures Sequentially, we

per million to fourth $X.X EBITDA of in change I million $XXX,XXX product share energy EBITDA to in which, quarters diluted quarter, the March diluted of from of and approximately various in quarter per which million also Adjusted net XXXX, before was projects. EBITDA was increase $X.X after as to depreciation retirements of of revenues, normal the compressors, attributable share quarter a of sales first fourth quarter. XXXX. due for and primarily this earnings net to is expense, $X.XX to quarter year $X.X net and non-cash. of last due the period transitional last This is reported of This for was in We the the interest, Our of from but the year. increase in the XX, margins. inventory stock in and this includes and adjusted quarter components, loss last quarter. first mean is earnings the all -- this this excludes last year's $X.X ended $X.X comp and and compares $X.XX an the our three costs quarter million loss XXXX a the allowances, in for loss Total volatility months taxes, quarter compared of first million from diluted fourth $X.X EBITDA and as completion $X.X defined same of million, $X.X loss amortization, good million a year-over-year high-margin two share reminder, increased growth sequential tax compression improved XXXX. flares million sales per fleet to The for quarter $X.X in XXXX quarter an a revenue a from is $X.XX million lower sequentially are Adjusted sales, $XXX,XXX. year-over-year income

and in This For gross of $XXX,XXX or $XX,XXX this $XXX,XXX X% margin the XXXX the gross last sales current first quarter margins quarter, we had margin of total compares adjusted a quarter. XX%. to gross in negative or of

sales XXXX. for ago margins increased the same the compressor-only quarter to of fourth million of million of in loss were the XXXX, compressor and in $XXX,XXX from last compared to not a million ended period quarter a months three loss sales for quarter. of first the $X record $XXX,XXX XX, $X First any a March year XXXX. We quarter did sales XXXX Compressor-only $X.X slightly

And compression. mentioned, far As as seem customers seen purchase we allocation an traditional shifted compression owning rather demand in compression from customers increase upstream have have capital capital to than rental concerned, to for not as our compression. rental our to for allocating are

providers increases are and build seen from however, and demand in have, We non-traditional those interest working relationships. energy to

completion projects, energy March the our dropped to quarter's XX, as XXXX, of With of this sales $XXX,XXX. transitional backlog

sales that compressor of are quarter as million the projects of increase $XX.X quarter being of compared first scarce, an million almost first with be However, mentioned, through in XXXX million in $XX.X of year-over-year. though or this XXXX, our revenue to $XX to has gap of was backlog scheduled balance even year. XX% built Rental the filled rental built the compressors

XX%, gross sequential margins XX% million margin last a saw increase increase from $XXX,XXX an grew million decrease X% the gross $XX.X from year-over-year, this the a we quarter. revenue quarters, gross XX% last adjusted margin significant $X were X%. $XX.X of rental quarter, quarter the million Rental For from or

deployment in our horsepower. and noted, initial as non-repetitive well as antifreeze fourth margins can were larger commission XXXX quarter fills, previously significant, impacted especially which oil As and be expenses by

from additional sites While be encouraged of last oilfield and are to a in It in the significant above like the time new revenue cost room year of sustained and QX rising equipment we board and reflected is created mismatches Not are Permian is employees those wages higher living expense eventually the Permian, employees, expenses. headcount those only These new demand, the recover as it that pressures with finding as are time, travel our the expense. costs, where as in is and to result outside costs the equipment particularly activity, overtime results. training, personnel meet rotating provide we from transportation results reimbursement well prevalent has challenging. qualified experienced especially recognition our by we in and quarter. has were inflationary also to in increased and fourth XXXX Hiring

to rates and increases cost these increase some increases. offset possible, retain extent to to working are the of We rental cost these

generally but call, X.X% rental mentioned likes the increase that XX majority XX size still been horsepower, increase acceptance. have end also customers which accomplished. totaled units one was Rental the or an met have our compressors to We pretty at increases, have price XXXX approximately Obviously, first an universally on been ours fleet As no reflects May the in or we of implement, X,XXX XXX,XXX horsepower but X. of in with past effective quarter. instituted addition price some have over the March

Over the majority classified past of new months, horsepower XX horsepower category. XX,XXX with totaling we added in large units, XX our fleet the being that have horsepower approximately

larger five compressed XXX-horsepower our made the offered As the small medium small about our recognition that horsepower by per opportunities, of of is our equipment. is simultaneously intent growth years utilized the of XXXX, in horsepower. the of the We XX% market The the the horsepower large strategy towards to large rental fleet. as Currently, commoditized horsepower XX, our about component And you ago growth by with horsepower horsepower horsepower know, up segment capital and small fleet and in that is large greater of large fleet. horsepower. unit. go is We're may was XX% larger continuing of our XX% profile in horsepower operators. NGS vast balance approximately announced while fleet This March mom-and-pop dollars rental horsepower the becoming fleet our of minimizing excess driven of units the are horsepower shifting majority

So while market, horsepower the has continue can transition the to I we say a accomplished. The successful. provider to Company this penetrate think large will been strategy

compared at approximately of ago. On utilization this Our end year horsepower a quarter the unit basis, and at utilization was XX% utilization this quarter last approximately quarter. and is XX% approximately of end XX% XX% unit-based was the to XX% a

$XX which with for large in we market-leading capital progress, gas of expense are of of million. CapEx seeing at prices, oil does gas From cash year to fact, at of not horsepower capital include increased and $XX.X budget million year. compressor our With activity $X-plus increase, already $X.X Our have the in that, for quarter, we surprise approximately fleet been that cash balance first which the to year. total this dollar $XX.X the units million no revised perspective, in large $XX have has majority we XX% This debt This of compares quarter to million. the quarter, quarter Permian million and terms. rates approximately $XXX-plus up work our customers, and a and contracted rental new address at the last primarily end first first the the of capital a the of $XX.X is million. our compression approximately was in this budget Basin sheet end no compression, it's for balance expenditure ago continue to outstanding To prices at growth

utilized operations, stock of $XX.X In capital market past million open quarter over to funding our shares our X.X% and expenditures on from the equates our flows to of addition $X.X XXX,XXX of worth This common million repurchase outstanding year. the we shares. cash cash and over to this

operating ability stock strong Our committed capital our relatively our average cash all current our continued Combination in generated in consumable price. intrinsic flows. steady of cash $X nearly and of course the to XXXX strong million We scenario. below spending and liquidity our provide to our credit calculated value revenue. $XX.XX quarter positive In conversion. over quarterly XX% balance is buyback every ample comparative spite untapped per and or our net activities deliver share, strong rental to this This of quarters is purchase below balance due flow equipment flow our cash in our of continues from cash of has operating cash well line on a program,

appreciate taking introduce I he introduce and is like Interim join traveling today John Executive wanted a Before would John your and team. a questions, to taking Officer. John, the the welcome and to to closing to us the I incoming take to you Chisholm few today, himself. Chief time moment comments but President

John Chisholm

over and let you important opportunities ahead effort thank his know each incredible call said, what for Group. to want Natural you, XX-plus having the spend I'm I excited pilot Steve, the to time I thank and last of time. the to NGS. a seat take is at to Gas Services an about NGS. for thanks at acknowledge and years most in on your taking That the interest minute lot in you the morning just this is Steve a won't of

As I due stability NGS NGS, acknowledged Today, that epitome a located left oilfield Steve's arrived consistently compression we morning, concerns leader shape in of on led importantly, good has maintained said in a as corporate company, better few obscure Midland. he simply, the at were of should compression Steve service than of is more resilient this a the small, boroughs release when the strength leadership, founded. is leader the be. financial press when throughout has oilfield what the last oilfield Very to and has Steve cycle. He one the and in Company. He

we that, future. to and effort, continue you move service I and forward stakeholders forward for to Steve, your working grateful NGA NGS look as For into are your with Chairman all as the

more about My balance and across XXXX. of we no spectrum for the be my grow is do success is our coming In and NGS. hard. objectives reach opportunities first talk look goal and of capital leadership, of on CEO the to good for foremost, the oath to steward build a and hippocratic will the weeks, the as Interim there to oilfield, in President the mission While know is, Steve's

successes. for of quarter of for focus look first Again, of your and shareholders service. associates the of all will thank the forward success to are natural you nearly details on On of grateful service. behalf many However, your beyond today, two we you soon. decades the visiting with gas I Steve's services, Steve, and customers we

to As it back you my I'll what traveling. questions. turn Steve, job? answer a you, mentioned, I'm again, friend, And to

Stephen Taylor

Okay. years, my Chairman, NGS John I'll executive. with and I've a I to forward. I is to the we able our known where kind as My going you decade with that's been be my a In on and help Thanks forward and Halliburton as familiar new words. exceed over been the vital and X% over working and the very very relationships. Thanks, for XX shares. and the John of customer look Board is from for has NGS in transition position Company. can John. capable grow he assist advise outstanding maintain holdings days,

So assure committed the ongoing success Company. to I to that everyone want I'm the of

breakfast, If quality you reflects chicken between know the my chicken the breakfast. what's pig, of the eggs, joke only interested the about merely it the in pig? difference sentiments: ham-and-egg The chicken provides the is the a and the the in and but

provides game. pig the the pig. and is irretrievably I've got vitally the committed. skin the in ham However, I'm and

Rental quarter-to-quarter for blocks on comments. We the final strategy. and capitalize primarily and our the us, successful year, industry. before Now building had large a past horsepower place the think especially the revenues this to have quarter, being to was quarter grown I over in compared are opportunities good

this we transitional take that are energy good Our nontraditional there and were of. opportunities I can quarter, think sales revenues advantage

now. getting are Group strong of supply to costs a address quarter, end significant position flows. another we And take not Natural the rental those. the Services make few cash and consistently their last cost There debt, to for efforts oilfield least, our Natural we but remarks, year finally generate questions what the ability I'm recurring a and companies prices last stream, that's place are of commodity in under grateful have cooperating. priorities, as Gas successful Gas efforts -- chains I'm to we XXXX control, the our challenges, our Maybe demonstrated one margins are As and Services no Group. cash for plans and we employees my with meaningfully remains certainly the and ready continued are to are work said prepared operating but expanding. meaningful of

if phone lines. open So you would, the please

Operator

Rob will question Rob, [Operator our Instructions] And Lake state from come Street please question. with Brown your first Capital.

Rob Brown

the touching this And driver at a continuing? be that that there? sales here hard bit market is you energy should what's transition on Just is the at this Or a first sort the in point? business, to little say of

Stephen Taylor

type not a of they're projects. Yes. transition going from I there's in nothing competitive projects standpoint, I'm to tell -- the but guess exact just exotic you

high So, high call, mentioned what looking gas from, -- as the as say, typically business we of the time. on specialized lines expertise at is that. high-margin pressures, I far along projects. are They somewhat our type exotic sources. everybody our of in driving areas like things The the are -- projects natural tend it's as to over be transitional kind the using either And built those metals, sales revenue, niche that's

some to like positioned continuing those. We've well that. out. bids pursue advantage we're to got So take of We're projects

We But XX traditional doing haven't say. hard yes, other here. project that going like. volatile going sales to been to mean, heard. I've It's for I what years stuff. some is business be to been the business We're to has all hard it's be

is the to this positioned advantage right But of well out business now, predict is hard maybe and transitional them. think there's we energy in opportunities well nascent we're We to same. think It's just with this take So there. infancy. it especially qualified

continue to to out. kind piece see We've a have shape the to where of think of for But in done volume them. them to I and develop develop it's so business. the So, -- in going a some past degree that good to we're going greater comes higher we're year, we're to it

Rob Brown

And some up driving -- that? CapEx seeing then that guess color. guided gas Okay. demand it what the that? has bit. picking increase where just you I sounds further picked peer Are rental Maybe areas to, are quite the a what's like on driving the side, business And you well? Great. as up dry And

Stephen Taylor

with oilfield Obviously, but and pickup is in and the seeing Obviously, haven't be of of in it we're $X got seen primary the thought we'd there. never that's nowadays, years, dry there either gas, that areas. the again, growth are to our I which driving Permian large in areas. that the the gas we're actually anybody activity, in interest primarily we pickup see Yes, for horsepower want sort that's all seeing some operators

So we're you start look areas which been some Barnett up more like a -- flat down more decade. we're things. pick a a has And the sudden, little seeing do drilling, for but at we're Shale, all to and customers compression to seeing some some

So with There's this the going their to it's rush not still Appalachia where and at what in Central some but do operators a going and Texas conservative they're like land point. pickup seeing and -- pretty and we're stuff the are it, that. dollars they're Barnett, with

same committed. part your is horsepower. contractual, of about I is by already the horsepower that large Now and it's XX% think, is the question, that of CapEx large driven Like mentioned, XX%, I

our So signed what committed good in just the already terms. projects building up we're and about increase were talked rates good at

been medium and that time. to even small any ready for There's has standpoint, driver we it. call can we we're what by of range, out, going We've medium doing design that's spend equipment horsepower. just be a for don't which in CapEx a small need for horsepower four last it's years, that inventory and got that over continuing very has or to been CapEx way. CapEx make horsepower adequate put and really that. little So three It is horsepower on that From to but

continue strategy. market implementing goes majority growing I into capital So And we've our high to of horsepower, of that and strategy it that as successful piece matches mentioned, to in the our intend it. been

Rob Brown

margin on cost Or on level do know can of you are QX, I do in terms Is is sort level there in you pricing? but this it good improvement, structure? you Or increase? of things this there's get Okay. then margin the Great. margin margin rental? to costs And how one-time do get How the a this level?

Stephen Taylor

price It's be lower higher revenues, the going be going can be is to to increases. there's above all cost to going some and be

So every mean, on nowadays, like with lever X. place, in increase use we've chain about implement. But you've from issues still lot I I inflation, We've on a supply that, price we got. got to of X.X% and got pressures stuff them the upward put some mentioned others to cost got in. May you've

have price incremental increases. increases to these revenue these obviously, our we've add to infrastructure just some of then cost to do And cost horsepower additional reductions. So, to established got and

the again, that margins side up. gross quarter's XX% year, continue of And now. we they to margin be stuff to call, committed I intend mentioned, the at So we're I as at all last the those as rental by on end the

is So, trajectory in the the right direction.

that supply we're spite of issues, hit that's so we and And in do to intend chain cost mark and how going to it.

Operator

And our next Maxim question comes from with Group. Tate Sullivan

Tate Sullivan

Chairman customer a the continue next for and be facing. spot year and steps next the to great to your on congratulations transition Steve,

Stephen Taylor

Yes. Thank you.

Tate Sullivan

can general? customer that seeing bit it I mix customer down aggressive in your you last please And facing customer on you are comment Or ended customers than customers XX the -- are a some then year? Has in mix mean, in more the well, slightly, regarding larger the first you customers? had the quarter, as you and changed smaller

Stephen Taylor

and Most of the for expense pretty our standpoint we're to the And because horsepower bills. it growths seeing operating from it's revenue are decent is It's operator. a larger CapEx customers expensive stuff. larger

So it to staff takes and this like that. employ and company that a equipment stand things typically larger

drive of the most revenue drive are larger CapEx customers. the of most and So

to smaller to back of equipment, smaller where kind And migrated seeing we're these customers the areas dry in a have gas little those a the guys But those customers. in decade, again, out smaller more. is and up are bit smaller or those that's areas of customers, over smaller quite as over where of commoditized kind stuff that pop over little bit a I Now past we've surprisingly, it come tended down seeing time. become the mentioned, why has Not moved periods. we

It's to of gas driving it's -- not we're of pure so, just the mentioned, big natural ones seeing. the kind medium customers activity now. right deal are And a some not I the small as that

that some the up, over natural think split the then, to want we'll growth and some But still if larger, customers in say, and I medium to area. medium customers oil in the to gas the small it's ones time, large plays. you see in try plays

Tate Sullivan

earlier. following then question from Rob's up And

non-traditional nontraditional sales mentioned what was backlog? two -- these be the of you And rental customers? questions, please. customers compressors. You purchasers your Can So, potentially can energy

Stephen Taylor

this I'd like couple The is projects a $XXX,XXX, only up sales finished big quarter. say, backlog, of we

this If the you about. always quarter. recall, sales is talked of we the volatility reported sales piece no And last we've compressor

there are obviously, these that didn't book building stuff. we that Although revenues no building weren't this to we we quarter. mean recorded, able projects were were And

backlog incentives shops the a is their type is our right with per on now not getting that And and small. prices sales gas horsepower basis. admittedly because equipment these the so in mentioned, a side. in business But we've a a committed rental extraordinary business. They're that's there arena on for money. really in government business many are non-traditional rental The lot are Mcf swimming actually, that guys I large now of So rental pretty filled as much

that's in seems stuff, it tax-driven. payer-driven there's lot of money bounced, some But and like sometimes this obviously always not bounce tax So has whole a right? of

market. it's right a sales-type much So now, of pretty

market. gases, of that some very some highly of it's some have ultra-high sales or because some okay good equipment we're these pressures into a specialized. you where you make it And doesn't with areas that corrosive very to get stuff, being rental have you When

get never back, goes ever If it out. you it

on it refurbish So you've and got money refabricated, to actually. to it spend

may where part we more ups it, any. okay B&A right the are if of with the now, sales sales. be market. we'll and as learn So we're there But rental Obviously, opportunities, develop downs

that maybe sell and can We of like Some recurring see of although is not And They equipment, equipment the we a these maintenance. familiar of they're more know oilfield-type like lot out things we're business familiar revenues this. they how heavy-duty operate that. it. people don't the with not with say, it, need but dealing with, are to

starting out to inclines the some revenues maintenance some some stuff. we're see So of decent of of

or opportunities. we to rental them may to maintenance activities. just or But will This to the they now. depend also not. be will how seems recurring that's and again, try do be So market. right of be sales aware a We'll whether on be some we'll right -- primarily market, see it's now, but aware come But it revenue develops, not potentially sales a want

Operator

And next question Apollo comes with Kyle Krueger from Capital. our

Kyle Krueger

for Yes, any permanent -- taking thank a you is my find a question. a the underway search replacement position? Stephen, to CEO for plan there or

Stephen Taylor

-- imminently a to permanent. John's and take more on The all plan Obviously, come title, of the Board can. be expected put together got be John to has I'll is forward. or day-to-day. in we'll a with for be someone Board X- Obviously, looking I the the going not the put in But is to person. XX-year qualified sort assist and plan John Interim there, to

permanent Now again, right when in person that plan but place. a comes matter are question is of in these now,

focused And now, on really right I beyond John's anything we're that's transition the interim anything just now. can't forward. predict So a standpoint, from beyond going -- timing

Kyle Krueger

Okay.

closely and with a you're CEO with the departure. very Company long-time your major As shareholder, identified

ask Company? of me Board the has an outright the Let considered sale this,

Stephen Taylor

that. be like been the I the didn't irresistible those think That's along, and Chairman come people There's the Board, or what -- things years, would like us XX it on I'd say what board comes if too, things. that selling might certainly as we discussions always at we've got that. the our no remiss putting responsibility as Company, remiss, if an a and look current opportunity approach I've with Board But consider things sale be of up to Board. That's for we up,

are out the being focus to Board Company to year. the turn But is of now, going and the the the past. through there be right seen really in of Chair that transition, We've some some another opportunities I'm grow I'll Company, sometimes, be mentioned. the resistible. -- we've just Now as Make

current few help John discussions So concentrate providing and sale. at The it. the growing certainly, to I'm a transition, here areas. he discussions business wants, current no, assistance looking the are opportunities to grow aren't to continue particular on a But

Operator

are call turn I back there further this no Taylor. time. [Operator Mr. will at Instructions] over And questions the to

Stephen Taylor

Okay. Thank Bailey. you,

of touch. lot friends, confident for and in consider is learned Gas are future staying everyone but Obviously, these and over us the that voices a suppliers, you I'll I includes hear community, time the of Although, want Services on to pleasure customers with quarterly time, joining employees, this Company, analysts. to Natural our next bright. know all forward I the different you. set Thank and everyone. past look that most I we of your it to likely to Again, had thank I involved appreciate from getting I've Group investors to conference call. the Where be includes morning. a I years. you're continue also our thank investor

Operator

call. for conference today's attending. concludes This Thank you

Natural Gas Services (NGS) 17 May 222022 Q1 Earnings call transcript