AUSTIN, Texas--(BUSINESS WIRE)--Feb. 25, 2013--
USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the
“Partnership”) announced today its financial and operating results for
the fourth quarter and full year 2012.
Fourth Quarter and Full Year 2012 Summary
Results
(in thousands except operational data and percentages)
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Record levels of revenue for both the fourth quarter of 2012 and the
full year 2012
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Record levels of Adjusted EBITDA for the full year 2012
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Contract operations revenue in fourth quarter 2012 increased 23.7%
over fourth quarter 2011
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Gross operating margin, as a percentage of revenue, improved from
59.3% in the fourth quarter 2011 to 68.9% in the fourth quarter 2012
-
Increased size of fleet horsepower by 27.3% from year-end 2011 to
year-end 2012
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Three Months Ended
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Year Ended
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December 31,
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December 31,
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2012
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2011
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2012
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2011
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Operational Data
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Fleet Horsepower at period end
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919,121
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722,201
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919,121
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722,201
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Revenue Generating Horsepower at period end
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794,324
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649,285
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794,324
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649,285
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Average Revenue Generating Horsepower
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792,368
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628,903
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749,821
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570,900
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Revenue Generating Compression Units at period end
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978
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888
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978
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888
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Horsepower Utilization at period end (1)
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92.8
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%
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95.7
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%
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92.8
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%
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95.7
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%
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Average Horsepower Utilization for the period (1)
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92.9
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%
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94.7
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%
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94.5
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%
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92.3
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%
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Financial Data
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Revenue
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$
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31,771
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$
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28,394
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$
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118,787
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$
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98,720
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Average Revenue Per Horsepower Per Month
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$
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13.39
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$
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13.67
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$
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13.39
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$
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14.07
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Gross Operating Margin
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$
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21,903
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$
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16,846
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$
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80,991
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$
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59,115
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Adjusted EBITDA
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$
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16,808
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$
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14,125
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$
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63,484
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$
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51,285
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Distributable Cash Flow
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$
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9,183
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$
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5,910
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$
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34,928
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$
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22,789
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Gross Operating Margin Percentage
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68.9
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%
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59.3
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%
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68.2
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%
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59.9
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%
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Adjusted EBITDA Percentage
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52.9
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%
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49.7
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%
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53.4
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%
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51.9
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%
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(1)
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Horsepower utilization is calculated as (i)(a) revenue generating
horsepower plus (b) horsepower in the Partnership's fleet that is
under contract, but is not yet generating revenue plus (c)
horsepower not yet in the Partnership's fleet that is under contract
not yet generating revenue and that is subject to a purchase order,
divided by (ii) total available horsepower less idle horsepower that
is under repair. Horsepower utilization based on revenue generating
horsepower and fleet horsepower at each applicable period end was
86.4% and 89.9% for the quarters and years ended December 31, 2012
and 2011, respectively. Average horsepower utilization was 88.9% and
86.3% for the years ended December 31, 2012 and 2011, respectively,
and 87.1% and 88.5% for the quarters ended December 31, 2012 and
2011, respectively.
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Fourth Quarter 2012 Operating Performance
Revenue in the fourth quarter of 2012 was $31.8 million as compared to
$28.4 million for the same period in 2011, an increase of 11.9%. This
increase was primarily the result of contract operations revenue, which
excludes retail parts and services, of $31.1 million for the fourth
quarter of 2012 as compared to $25.1 million in the fourth quarter of
2011, an increase of 23.7%. The fourth quarter of 2011 also included
incremental retail parts and service revenue that did not recur in the
fourth quarter of 2012.
“We are very pleased to report record levels of revenue for both the
fourth quarter of 2012 and the full year 2012,” said Eric D. Long, P.E.,
USA Compression President and Chief Executive Officer. “The demand for
our services remains strong and higher levels of gross operating margin
continue to improve our financial performance.”
Average revenue generating horsepower (“HP”) was 792,368 for the fourth
quarter of 2012 as compared to 628,903 for the fourth quarter of 2011,
an increase of 26.0%. Average revenue per revenue generating HP per
month was $13.39 for the fourth quarter 2012 as compared to $13.67 for
the fourth quarter of 2011, a decrease of 2.0%. Lower average monthly
revenue per revenue generating HP in 2012 resulted, in part, from the
increase in the average HP per revenue generating compression unit,
which was 811 for the fourth quarter of 2012 as compared to 720 for the
fourth quarter of 2011. Gross operating margin in the fourth quarter of
2012 was $21.9 million as compared to $16.8 million for the fourth
quarter of 2011, an increase of 30.0%. Gross operating margin, as a
percentage of total revenues, increased from 59.3% in the fourth quarter
of 2011 to 68.9% in the fourth quarter of 2012 primarily due to
increasing operating leverage by adding large HP compression units to
the Partnership’s revenue generating HP portion of the fleet and the
elimination of expenses relating to an operating lease with Caterpillar.
On December 15, 2011, the Partnership purchased the compression units
that were previously subject to the Caterpillar operating lease for
$43.0 million. Excluding the operating lease expense of $0.8 million
during the fourth quarter of 2011, the gross operating margin percentage
was 62.0%. Adjusted EBITDA for the fourth quarter of 2012 was $16.8
million as compared to $14.1 million for the fourth quarter of 2011, an
increase of 19.0%.
Maintenance capital expenditures and cash interest expense were $3.5
million and $3.8 million, respectively, for the fourth quarter of 2012,
while expansion capital expenditures were $28.0 million for this period
and were used primarily to purchase new compression units. Distributable
cash flow in the fourth quarter of 2012 was $9.2 million as compared to
$5.9 million in the fourth quarter of 2011, an increase of 55.4%.
2012 Highlights
Revenue for 2012 was $118.8 million versus $98.7 million in 2011, an
increase of 20.3%. The increase was primarily due to a 23.9% increase in
contract operations revenue of $116.4 million in 2012 as compared to
$93.9 million in 2011, which was driven almost exclusively by the growth
in revenue generating HP. Gross operating margin for 2012 was $81.0
million as compared to $59.1 million for last year, an increase of
37.0%. Gross operating margin, as a percentage of total revenues,
increased to 68.2% in 2012 from 59.9% in 2011, primarily due to
increasing operating leverage by adding large HP compression units to
the Partnership’s revenue generating HP portion of the fleet and the
elimination of expenses relating to an operating lease with Caterpillar.
Excluding the Caterpillar operating lease expense of $4.1 million during
2011, the gross operating margin percentage was 64.0%. Adjusted EBITDA
for 2012 was $63.5 million as compared to $51.3 million for 2011, an
increase of 23.8%.
Maintenance capital expenditures and cash interest expense were $13.3
million and $14.1 million, respectively, for 2012 while expansion
capital expenditures were $166.7 million for this period and were used
primarily to purchase new compression units. Distributable cash flow was
$34.9 million in 2012 and $22.8 million in 2011, an increase of 53.3%.
Initial Public Offering and Credit Facility
USA Compression closed its initial public offering (“IPO”) on January
18, 2013 and used the net proceeds of $180.8 million to repay a portion
of the outstanding balance under its revolving credit facility. The
Partnership maintains a $600.0 million revolving credit facility with a
syndicate of banks that matures in October 2015. As of December 31,
2012, the outstanding balance under the revolving credit facility was
approximately $502.3 million compared to $363.8 million as of December
31, 2011. As of December 31, 2012, on a pro forma basis after giving
effect to the application of the net proceeds from the Partnership’s
IPO, the Partnership had $321.5 million in borrowings outstanding under
its revolving credit facility.
In addition, on January 30, 2013, the registration statement on Form S-1
relating to the Partnership’s Distribution Reinvestment Plan was
declared effective by the Securities and Exchange Commission.
Full Year 2013 Outlook
USA Compression is confirming its 2013 forecast of revenue, net income
and Adjusted EBITDA of $145.4 million, $19.9 million and $82.1 million,
respectively, as contained in its final IPO prospectus filing with the
Securities and Exchange Commission, and expects to generate
distributable cash flow of $56.0 million for that period.
Conference Call
USA Compression Partners, LP will host a conference call on February 26,
2013, beginning at 9:00 a.m. Central Time, to discuss its fourth quarter
and full year 2012 performance. Interested parties within the United
States and Canada may participate in the call by dialing (866) 314-4865
and entering passcode 56463737. Callers dialing from outside the U.S.
and Canada can access the call by dialing (617) 213-8050 and also
entering passcode 56463737. The conference call will also be webcast
live and can be accessed through the Investor Relations section on the
Partnership’s website at www.usacpartners.com
(specifically, at http://investors.usacpartners.com/phoenix.zhtml?c=248195&p=irol-calendar).
A webcast replay will be available shortly after the conference call and
can be accessed at http://investors.usacpartners.com/phoenix.zhtml?c=248195&p=irol-calendarPast.
In addition, a telephone replay of the call will be available through
March 5, 2013, to callers from inside the U.S. and Canada by dialing
(888) 286-8010 (passcode: 62603427). Callers dialing from outside the
U.S. and Canada can access the telephone replay by dialing (617)
801-6888 (passcode: 62603427).
About USA Compression Partners, LP
USA Compression Partners, LP (NYSE: USAC) is a growth-oriented Delaware
limited partnership that is one of the nation’s largest independent
providers of compression services in terms of total compression unit HP.
The company partners with a broad customer base comprised of producers,
processors, gatherers and transporters of natural gas. USA Compression
focuses on deploying large HP infrastructure applications primarily in
high volume gathering systems, processing facilities and transportation
applications. More information on USA Compression is available at www.usacpartners.com.
Non-GAAP Financial Measures
This news release includes the non-GAAP financial measures of Adjusted
EBITDA, gross operating margin and distributable cash flow.
The Partnership’s management views Adjusted EBITDA as one of its primary
management tools, and the Partnership tracks this item on a monthly
basis both as an absolute amount and as a percentage of revenue compared
to the prior month, year-to-date and prior year and to budget. Adjusted
EBITDA is defined as net income before interest expense, income taxes,
depreciation expense, impairment of compression equipment, share-based
compensation expense, restructuring charges, management fees and
expenses under an operating lease with Caterpillar (which the
Partnership terminated on December 15, 2011). Adjusted EBITDA is used as
a supplemental financial measure by the Partnership’s management and
external users of its financial statements, such as investors and
commercial banks, to assess:
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the financial performance of the Partnership’s assets without regard
to the impact of financing methods, capital structure or historical
cost basis of the Partnership’s assets;
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the viability of capital expenditure projects and the overall rates of
return on alternative investment opportunities;
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the ability of the Partnership’s assets to generate cash sufficient to
make debt payments and to make distributions; and
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the Partnership’s operating performance as compared to those of other
companies in its industry without regard to the impact of financing
methods and capital structure.
The Partnership believes that Adjusted EBITDA provides useful
information to investors because, when viewed with GAAP results and the
accompanying reconciliations, it provides a more complete understanding
of the Partnership’s performance than GAAP results alone. The
Partnership also believes that external users of its financial
statements benefit from having access to the same financial measures
that management uses in evaluating the results of the Partnership’s
business.
Adjusted EBITDA should not be considered an alternative to, or more
meaningful than, net income, operating income, cash flows from operating
activities or any other measure of financial performance presented in
accordance with GAAP as measures of operating performance and liquidity.
Moreover, Adjusted EBITDA as presented may not be comparable to
similarly titled measures of other companies.
Gross operating margin, a non-GAAP financial measure, is defined as
revenue less cost of operations, exclusive of depreciation and
amortization expense. The Partnership’s management believes that gross
operating margin is useful as a supplemental measure of the
Partnership’s operating profitability. Gross operating margin is
impacted primarily by the pricing trends for service operations and cost
of operations, including labor rates for service technicians, volume and
per unit costs for lubricant oils, quantity and pricing of routine
preventative maintenance to compression units and property tax rates on
compression units. Gross operating margin should not be considered an
alternative to, or more meaningful than, operating income or any other
measure of financial performance presented in accordance with GAAP.
Moreover, gross operating margin as presented may not be comparable to
similarly titled measures of other companies. Because the Partnership
capitalizes assets, depreciation and amortization of equipment is a
necessary element of its costs. To compensate for the limitations of
gross operating margin as a measure of the Partnership’s performance,
the Partnership’s management believes that it is important to consider
operating income determined under GAAP, as well as gross operating
margin, to evaluate the Partnership’s operating profitability.
Distributable cash flow, a non-GAAP measure, is defined as net income
(loss) plus non-cash interest expense, depreciation and amortization
expense, impairment of compression equipment charges and non-cash SG&A
costs, less maintenance capital expenditures. The Partnership’s
management believes distributable cash flow is an important measure of
operating performance because it allows management, investors and others
to compare basic cash flows the Partnership generates (prior to the
establishment of any retained cash reserves by the Partnership’s general
partner and the effect of the Partnership’s Distribution Reinvestment
Plan) to the cash distributions the Partnership expects to pay its
unitholders. See “Reconciliation of Non-GAAP Financial Measures” for
Adjusted EBITDA reconciled to net income and net cash provided by
operating activities, and net income reconciled to distributable cash
flow.
Forward-Looking Statements
Some of the information in this news release may contain forward-looking
statements. These statements can be identified by the use of
forward-looking terminology including “may,” “believe,” “expect,”
“intend,” “anticipate,” “estimate,” “continue,” or other similar words,
and include the Partnership’s expectation of future performance
contained herein. These statements discuss future expectations, contain
projections of results of operations or of financial condition, or state
other “forward-looking” information. These forward-looking statements
can be affected by assumptions used or by known risks or uncertainties.
Consequently, no forward-looking statements can be guaranteed. When
considering these forward-looking statements, you should keep in mind
the risk factors and other cautionary statements in this news release.
The risk factors and other factors noted throughout this news release
could cause actual results to differ materially from those contained in
any forward-looking statement. You are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of the
date of this news release. You should also understand that it is not
possible to predict or identify all such factors and should not consider
the following list to be a complete statement of all potential risks and
uncertainties. Factors that could cause the Partnership’s actual results
to differ materially from the results contemplated by such
forward-looking statements include:
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changes in general economic conditions;
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competitive conditions in the industry;
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changes in the long-term supply of and demand for natural gas;
-
actions taken by the Partnership’s customers, competitors and third
party operators;
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changes in the availability and cost of capital;
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operating hazards, natural disasters, weather-related delays, casualty
losses and other matters beyond the Partnership’s control;
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the effects of existing and future laws and governmental regulations;
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the effects of future litigation; and
-
other factors discussed in the Partnership’s filings with the
Securities and Exchange Commission.
All forward-looking statements are expressly qualified in their entirety
by the foregoing cautionary statements. Unless legally required, the
Partnership undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. Unpredictable or unknown factors not
discussed herein also could have material adverse effects on
forward-looking statements.
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USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands – Unaudited)
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Three Months Ended
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Year Ended
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December
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September
|
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December
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December
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December
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31,
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30,
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31,
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31,
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31,
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2012
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2012
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2011
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2012
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2011
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Revenues:
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Contract operations
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$
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31,088
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$
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30,379
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$
|
25,135
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$
|
116,373
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$
|
93,896
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Parts and service
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|
683
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|
642
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|
3,259
|
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|
|
2,414
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|
|
|
4,824
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Total revenues
|
|
|
|
31,771
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|
|
|
31,021
|
|
|
|
28,394
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|
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|
118,787
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|
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|
98,720
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|
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Cost of operations, exclusive of depreciation and amortization
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|
|
|
9,868
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|
|
9,784
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|
11,548
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|
|
|
37,796
|
|
|
|
39,605
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|
|
Gross operating margin
|
|
|
|
21,903
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|
|
|
21,237
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|
|
16,846
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|
|
|
80,991
|
|
|
|
59,115
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|
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Other operating and administrative costs and expenses:
|
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|
|
|
|
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|
|
|
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|
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Selling, general and administrative
|
|
|
|
5,341
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|
|
|
4,509
|
|
|
|
4,225
|
|
|
|
18,269
|
|
|
|
12,726
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|
|
Restructuring charges
|
|
|
|
-
|
|
|
|
-
|
|
|
|
300
|
|
|
|
-
|
|
|
|
300
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|
|
Depreciation and amortization
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|
|
|
11,290
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|
|
|
10,929
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|
|
|
8,694
|
|
|
|
41,880
|
|
|
|
32,738
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|
|
Loss (Gain) on sale of assets
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|
|
|
8
|
|
|
|
54
|
|
|
|
20
|
|
|
|
266
|
|
|
|
178
|
|
|
Total other operating and administrative costs and expenses
|
|
|
|
16,639
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|
|
|
15,492
|
|
|
|
13,239
|
|
|
|
60,415
|
|
|
|
45,942
|
|
|
Operating income
|
|
|
|
5,264
|
|
|
|
5,745
|
|
|
|
3,607
|
|
|
|
20,576
|
|
|
|
13,173
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
(4,268
|
)
|
|
|
(4,389
|
)
|
|
|
(3,546
|
)
|
|
|
(15,905
|
)
|
|
|
(12,970
|
)
|
|
Other
|
|
|
|
4
|
|
|
|
8
|
|
|
|
4
|
|
|
|
28
|
|
|
|
21
|
|
|
Total other expense
|
|
|
|
(4,264
|
)
|
|
|
(4,381
|
)
|
|
|
(3,542
|
)
|
|
|
(15,877
|
)
|
|
|
(12,949
|
)
|
|
Net income before income tax expense
|
|
|
|
1,000
|
|
|
|
1,364
|
|
|
|
65
|
|
|
|
4,699
|
|
|
|
224
|
|
|
Income tax expense
|
|
|
|
52
|
|
|
|
48
|
|
|
|
44
|
|
|
|
196
|
|
|
|
155
|
|
|
Net Income
|
|
|
$
|
948
|
|
|
$
|
1,316
|
|
|
$
|
21
|
|
|
$
|
4,503
|
|
|
$
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings allocated to general partner
|
|
|
$
|
9.5
|
|
|
$
|
13.2
|
|
|
$
|
0.2
|
|
|
$
|
45.0
|
|
|
$
|
0.7
|
|
|
Earnings available for limited partners
|
|
|
$
|
938.5
|
|
|
$
|
1,302.8
|
|
|
$
|
20.8
|
|
|
$
|
4,458.0
|
|
|
$
|
68.3
|
|
|
|
|
|
|
|
|
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|
|
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|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA TO NET INCOME
AND NET CASH PROVIDED BY OPERATING ACTIVITIES
(In thousands
– Unaudited)
The following table reconciled Adjusted EBITDA to net income and net
cash provided by operating activities, its most directly comparable GAAP
financial measures, for each of the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2012
|
|
2011
|
|
|
2012
|
|
2011
|
|
Net income
|
|
|
$
|
948
|
|
|
$
|
21
|
|
|
|
$
|
4,503
|
|
|
$
|
69
|
|
|
Interest expense
|
|
|
|
4,268
|
|
|
|
3,546
|
|
|
|
|
15,905
|
|
|
|
12,970
|
|
|
Depreciation and amortization
|
|
|
|
11,290
|
|
|
|
8,694
|
|
|
|
|
41,880
|
|
|
|
32,738
|
|
|
Income taxes
|
|
|
|
52
|
|
|
|
44
|
|
|
|
|
196
|
|
|
|
155
|
|
|
Equipment operating lease expense(1)
|
|
|
|
-
|
|
|
|
770
|
|
|
|
|
-
|
|
|
|
4,053
|
|
|
Riverstone management fee(2)
|
|
|
|
250
|
|
|
|
750
|
|
|
|
|
1,000
|
|
|
|
1,000
|
|
|
Restructuring charges(3)
|
|
|
|
-
|
|
|
|
300
|
|
|
|
|
-
|
|
|
|
300
|
|
|
Adjusted EBITDA
|
|
|
$
|
16,808
|
|
|
$
|
14,125
|
|
|
|
$
|
63,484
|
|
|
$
|
51,285
|
|
|
Interest expense
|
|
|
|
(4,268
|
)
|
|
|
(3,546
|
)
|
|
|
|
(15,905
|
)
|
|
|
(12,970
|
)
|
|
Income tax expense
|
|
|
|
(52
|
)
|
|
|
(44
|
)
|
|
|
|
(196
|
)
|
|
|
(155
|
)
|
|
Equipment operating lease expense
|
|
|
|
-
|
|
|
|
(770
|
)
|
|
|
|
-
|
|
|
|
(4,053
|
)
|
|
Riverstone management fee
|
|
|
|
(250
|
)
|
|
|
(750
|
)
|
|
|
|
(1,000
|
)
|
|
|
(1,000
|
)
|
|
Restructuring charge
|
|
|
|
-
|
|
|
|
(300
|
)
|
|
|
|
-
|
|
|
|
(300
|
)
|
|
Other
|
|
|
|
406
|
|
|
|
(51
|
)
|
|
|
|
(58
|
)
|
|
|
(920
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
1,818
|
|
|
|
(834
|
)
|
|
|
|
169
|
|
|
|
(976
|
)
|
|
Inventory
|
|
|
|
(54
|
)
|
|
|
872
|
|
|
|
|
(1,004
|
)
|
|
|
1,974
|
|
|
Prepaids
|
|
|
|
(1,017
|
)
|
|
|
(956
|
)
|
|
|
|
(153
|
)
|
|
|
(219
|
)
|
|
Other non-current assets
|
|
|
|
(509
|
)
|
|
|
(457
|
)
|
|
|
|
(1,315
|
)
|
|
|
(2,601
|
)
|
|
Accounts payable
|
|
|
|
805
|
|
|
|
202
|
|
|
|
|
(5,340
|
)
|
|
|
1,987
|
|
|
Accrued liabilities and deferred revenue
|
|
|
|
(2,088
|
)
|
|
|
(2,381
|
)
|
|
|
|
3,292
|
|
|
|
1,730
|
|
|
Net cash provided by operating activities
|
|
|
$
|
11,599
|
|
|
$
|
5,110
|
|
|
|
$
|
41,974
|
|
|
$
|
33,782
|
|
|
(1)
|
|
|
Represents expenses for the respective periods under the operating
lease facility with Caterpillar, from which the Partnership
historically leased compression units and other equipment. On
December 15, 2011, the Partnership purchased the compression units
that were previously leased from Caterpillar for $43 million and
terminated all the lease schedules and covenants under the
facility. As such, the Partnership believes it is useful to
investors to view its results excluding these lease payments.
|
|
(2)
|
|
|
Represents management fees paid to Riverstone for services performed
during 2012 and 2011. As these fees will not be paid by the
Partnership as a public company, the Partnership believes it is
useful to investors to view its results excluding these fees.
|
|
(3)
|
|
|
During the year ended December 31, 2011, the Partnership incurred
$0.3 million of restructuring charges for severance and retention
benefits related to the termination of certain administrative
employees. These charges are reflected as restructuring charges in
the Partnership's consolidated statement of operations. The
Partnership paid approximately $0.1 million of these restructuring
charges in the three months ended March 31, 2012, and paid the
remaining $0.2 million in the three months ended June 30, 2012. The
Partnership believes that it is useful to investors to view its
results excluding this non-core expense.
|
|
|
|
|
|
|
|
|
|
|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
RECONCILIATION
OF NON-GAAP FINANCIAL MEASURES
NET INCOME TO DISTRIBUTABLE
CASH FLOW
(In thousands – Unaudited)
The following table reconciles distributable cash flow to net income,
its most directly comparable GAAP financial measure, for each of the
periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
Net income
|
|
|
$
|
948
|
|
|
$
|
21
|
|
|
|
$
|
4,503
|
|
|
$
|
69
|
|
|
Plus: Non-cash interest expense
|
|
|
|
477
|
|
|
|
(70
|
)
|
|
|
|
1,855
|
|
|
|
(1,057
|
)
|
|
Plus: Depreciation and amortization
|
|
|
|
11,290
|
|
|
|
8,694
|
|
|
|
|
41,880
|
|
|
|
32,738
|
|
|
Less: Maintenance capital expenditures(1)
|
|
|
|
3,532
|
|
|
|
2,735
|
|
|
|
|
13,310
|
|
|
|
8,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow
|
|
|
$
|
9,183
|
|
|
$
|
5,910
|
|
|
|
$
|
34,928
|
|
|
$
|
22,789
|
|
|
(1)
|
|
|
Reflects actual maintenance capital expenditures for the period
presented. Maintenance capital expenditures are capital expenditures
made to replace partially or fully depreciated assets, to maintain
the operating capacity of the Partnership's assets and extend their
useful lives, or other capital expenditures that are incurred in
maintaining the Partnership's existing business and related cash
flow.
|
|
|
|
|
|
|
|
|
|
|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
FULL YEAR
2013 ADJUSTED EBITDA GUIDANCE
RECONCILIATION TO NET INCOME
AND DISTRIBUTABLE CASH FLOW
(In thousands – Unaudited)
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
82,101
|
|
Depreciation and Amortization
|
|
|
|
50,009
|
|
Interest expense
|
|
|
|
11,941
|
|
Income tax provision
|
|
|
|
242
|
|
Net Income
|
|
|
$
|
19,909
|
|
Plus: Non-cash interest expense
|
|
|
|
1,464
|
|
Plus: Depreciation and amortization
|
|
|
|
50,009
|
|
Less: Maintenance capital expenditures
|
|
|
|
15,400
|
|
Distributable cash flow
|
|
|
$
|
55,982
|
|
|
|
|
|
|
This press release contains a forward-looking estimate of Adjusted
EBITDA projected to be generated by the Partnership in its 2013 fiscal
year. A reconciliation to GAAP net cash provided by operating activities
is not provided because GAAP net cash provided by operating activities
is not accessible on a forward-looking basis. The items necessary to
estimate GAAP net cash provided by operating activities that are not
included in net income, in particular the change in operating assets and
liabilities amounts, are not accessible or estimable at this time. The
Partnership does not anticipate the changes in operating assets and
liabilities amounts to be material, but changes in accounts receivable,
accounts payable, accrued liabilities and deferred revenue could be
significant, such that the amount of net cash provided by operating
activities would vary substantially from the amount of projected
Adjusted EBITDA and net income.
Source: USA Compression Partners, LP
USA Compression Partners, LP
Joseph “Jody” C. Tusa, Jr.,
512-473-2662
jtusa@usacompression.com
|
