Kodiak Gas Services, Inc. (KGS): auditor change — Kodiak Gas Services restates Q1 2022 financials due to mark-to-market error; material weakness identified

Kodiak Gas Services, Inc.

Non-cash error overstated unrealized gain on derivatives by $28.4M; restated net income rises from $27.9M to $49.6M for Q1 2022.
Unrealized gain on derivatives corrected from $7.8M to $36.2M; income tax expense increased from $8.6M to $15.4M.
Basic and diluted EPS restated from $279,390 to $495,550 for the three months ended March 31, 2022.
Error limited to Q1 2022; no impact on revenue, cash, or financial covenants; no effect on FY 2022 annual statements.
Material weakness in internal controls over financial reporting identified; remediation to be reported in Q2 2023 10-Q.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Kodiak Gas Services, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.A.

Exact text from the filing

should no longer be relied upon due to a non-cash error in the mark-to-market adjustment for the Company’s interest rate swap derivatives

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Source: SEC EDGAR

accession 0001193125-23-207474

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