secwatch.observer — SEC 8-K summary
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Issuer:     Kodiak Gas Services, Inc. (KGS)
CIK:        0001767042
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0001193125-23-207474
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Kodiak Gas Services restates Q1 2022 financials due to mark-to-market error; material weakness identified
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1767042/000119312523207474/0001193125-23-207474-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1767042/000119312523207474/d876674d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-207474

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