AUSTIN, Texas--(BUSINESS WIRE)--Nov. 7, 2013--
USA Compression Partners, LP (NYSE:
USAC) (“USA Compression” or the “Partnership”), announced today its
financial and operating results for the third quarter of 2013.
Third Quarter 2013 Summary Results
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Record levels of revenue, up 23.7% over third quarter 2012
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Record levels of Adjusted EBITDA, up 19.0% over third quarter 2012
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Record levels of Adjusted distributable cash flow, up 29.7% over third
quarter 2012
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Gross operating margin as a percentage of revenue improved to 68.9%
from 68.5% in third quarter 2012
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Quarterly cash distribution of $0.46 per common unit, an increase of
4.5% over the second quarter 2013 and 8.2% over the minimum quarterly
distribution
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Increased size of fleet horsepower by 30.7% over third quarter 2012
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Completed the $182 million acquisition of assets from S&R Compression,
LLC (“S&R”)
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Three Months Ended
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September 30,
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June 30,
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September 30,
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2013
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2013
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2012
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Operational Data
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Fleet Horsepower at period end
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1,162,353
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968,178
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889,099
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Revenue Generating Horsepower at period end
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1,035,664
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836,427
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786,750
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Average Revenue Generating Horsepower
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919,202
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829,684
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788,668
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Revenue Generating Compression Units at period end
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2,053
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1,001
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964
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Horsepower Utilization at period end (1)
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94.5
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%
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94.0
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%
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93.4
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%
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Average Horsepower Utilization for the period (1)
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94.3
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%
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94.1
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%
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93.9
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%
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Financial Data
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Revenue
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$
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38,362
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$
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33,310
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$
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31,021
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Average Revenue Per Horsepower Per Month
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$
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14.13
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$
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13.55
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$
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13.33
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Gross Operating Margin
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$
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26,440
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$
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23,179
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$
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21,237
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Gross Operating Margin Percentage
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68.9
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%
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69.6
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%
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68.5
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%
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Adjusted EBITDA
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$
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20,151
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$
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18,122
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$
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16,933
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Adjusted EBITDA Margin Percentage
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52.5
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%
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54.4
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%
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54.6
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%
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Adjusted Distributable Cash Flow
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$
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13,658
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$
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11,867
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$
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10,533
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Earnings per Common Unit
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$
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0.05
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$
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0.08
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$
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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
89.1%, 86.4% and 88.5% for the quarters ended September 30, 2013,
June 30, 2013 and September 30, 2012, respectively. Average
horsepower utilization was 87.8%, 86.3% and 89.4% for the quarters
ended September 30, 2013, June 30, 2013 and September 30, 2012,
respectively.
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Third Quarter 2013 Financial and Operating
Performance
Revenue in the third quarter of 2013 rose 23.7% to $38.4 million as
compared to $31.0 million for the same period in 2012. This was
primarily the result of a 24.8% increase in contract operations revenue
(excluding retail parts and services) to $37.9 million, compared to
$30.4 million in the third quarter of 2012. Adjusted EBITDA rose 19.0%
to $20.2 million as compared to $16.9 million for the third quarter of
2012. Adjusted distributable cash flow increased 29.7% to $13.7 million,
compared to $10.5 million in the third quarter last year. Net income was
$1.7 million, or $0.05 per common and subordinated unit, compared with
net income of $1.3 million for the third quarter of 2012.
“We are very pleased to report another quarter of record revenue,
Adjusted EBITDA and Adjusted distributable cash flow for the third
quarter of 2013,” said Eric D. Long, USA Compression President and Chief
Executive Officer. “We’re continuing to see solid demand for our
compression services, and we continue to improve our gross operating
margins and our overall financial performance. We are also making
excellent progress on the integration of the assets acquired from S&R on
August 30, 2013 (the “S&R Acquisition”).
“We have customer contracts for 97% of the new compression units that
were delivered primarily during the first three quarters of this year,
comprised of 95,000 horsepower. In our base midstream business, we have
ordered approximately 107,000 horsepower of new compression units for
delivery in December 2013 through May 2014 and are evaluating additional
orders of new compression units for the second half of 2014,” he said.
“In addition, during the fourth quarter of 2013, we plan to take
delivery of approximately 18,000 horsepower of gas lift compression
units, which are used in crude oil production, and expect to take
delivery of approximately 50,000 horsepower of gas lift compression
units in 2014.”
Average revenue generating horsepower increased 16.6% to 919,202 for the
third quarter of 2013, primarily due to growth in our core midstream
compression business along with the S&R Acquisition, as compared to
788,668 for the third quarter of 2012. Average revenue per revenue
generating horsepower per month increased 6.0% to $14.13 for the third
quarter of 2013, as compared to $13.33 for the third quarter of 2012.
Gross operating margin increased 24.5% to $26.4 million for the third
quarter of 2013 as compared to $21.2 million for the third quarter of
2012. Gross operating margin as a percentage of total revenues increased
only slightly to 68.9% for the third quarter of 2013 from 68.5% in the
third quarter of 2012, primarily due to improved margins from our core
midstream compression units, partially offset by one month’s
contribution from the S&R assets, which consist of gas lift compression
assets that have lower gross operating margin percentages.
Expansion capital expenditures (used primarily to purchase new
compression units) were $52.2 million for the third quarter of 2013,
excluding the acquisition purchase price of the S&R compression units,
while maintenance capital expenditures totaled $3.9 million, and cash
interest expense was $2.6 million. The Partnership issued $182 million
of USAC common units to an affiliate of George B. Kaiser (and certain
other accredited investors) as consideration for the assets included in
the S&R Acquisition.
On October 24, 2013, the Partnership announced a cash distribution of
$0.46 per unit on its common and subordinated units. This third quarter
distribution corresponds to an annualized distribution rate of $1.84 per
unit. The distribution will be paid on November 14 to unitholders of
record as of the close of business on November 4. USA Compression
Holdings, LLC, the owner of 50.4% of the Partnership’s outstanding
limited partnership units, and Argonaut Private Equity and certain other
related unitholders, the owners of 19.2% of the Partnership’s
outstanding limited partnership units, have elected to reinvest all of
this distribution with respect to their units pursuant to the
Partnership’s Distribution Reinvestment Plan. Adjusted distributable
cash flow coverage for the third quarter of 2013 was 0.90x, calculated
to account for the fact that the USAC common units issued in connection
with the S&R Acquisition were outstanding for only one month during the
quarter ended September 30, 2013.
Liquidity and Credit Facility
The Partnership maintains a $600.0 million revolving credit facility
with a syndicate of banks that matures in October 2015. As of
September 30, 2013, the outstanding balance under the revolving credit
facility was approximately $390.3 million, compared to $353.0 million as
of June 30, 2013.
In addition, on September 27, 2013, the registration statement on Form
S-1 (as amended to incorporate by reference the Partnership’s Form 10-Q
for the six months ended June 30, 2013) 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 previously issued guidance for full
year 2013, which takes into account four months of operations relating
to the S&R Acquisition:
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Adjusted EBITDA range of $82.0 million to $86.0 million
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Adjusted distributable cash flow range of $56.6 million to $60.6
million
We currently expect to trend to the low end of this guidance range for
2013. We expect year-end debt-to-Adjusted EBITDA leverage ratio to be
approximately 4.5x, which reflects a full year 2013 Adjusted EBITDA,
including the pro forma effect of the S&R acquisition.
Conference Call
USA Compression Partners, LP will host a conference call on November 7,
beginning at 9:00 a.m. Central Time, to discuss its third quarter 2013
financial and operating performance. The call will be broadcast live
over the internet. Investors may participate either by phone or audio
webcast.
By Phone: Dial 877-941-1465 inside the U.S. and Canada at least 10
minutes before the call and ask for the USA Compression Partners
Earnings Call. Investors outside the U.S. and Canada should dial
480-629-9868. The passcode for both is 4646166.
A replay of the call will be available through November 14, 2013.
Callers inside the U.S. and Canada may access the replay by dialing
800-406-7325. Investors outside the U.S. and Canada should dial
303-590-3030. The passcode for both is 4646166.
By Webcast: Connect to the webcast via the “Events” page of USA
Compression’s Investor Relations website at http://investors.usacpartners.com.
Please log in at least 10 minutes in advance to register and download
any necessary software. A replay will be available shortly after the
call.
About USA Compression Partners, LP
USA Compression Partners, LP 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 horsepower. The
company partners with a broad customer base composed of producers,
processors, gatherers and transporters of natural gas and crude oil. USA
Compression focuses on providing compression services to infrastructure
applications primarily in high volume gathering systems, processing
facilities and transportation applications. More information 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
financial measures that management uses in evaluating the results of the
Partnership’s business, 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,
unit-based compensation expense, restructuring charges, management fees
and transaction fees related to the S&R Acquisition. 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. Adjusted distributable
cash flow is distributable cash flow plus certain one-time transaction
fees relating to the S&R Acquisition. The Partnership’s management
believes distributable cash flow and adjusted distributable cash flow
are important measures of operating performance because such measures
allow 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 and adjusted 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 and
crude oil;
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our ability to realize the anticipated benefits of the S&R Acquisition
and to integrate the acquired assets with our existing fleet;
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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
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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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September 30,
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June 30,
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September 30,
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2013
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2013
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2012
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Revenues:
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Contract operations
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$
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37,925
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$
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33,144
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$
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30,379
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Parts and service
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437
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166
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642
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Total revenues
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38,362
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33,310
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31,021
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Cost of operations, exclusive of depreciation and amortization
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11,922
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10,131
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9,784
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Gross operating margin
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26,440
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23,179
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21,237
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Other operating and administrative costs and expenses:
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Selling, general and administrative
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8,313
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5,548
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4,509
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Depreciation and amortization
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13,377
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12,173
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10,929
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Loss (Gain) on sale of assets
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(52
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)
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130
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53
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Total other operating and administrative costs and expenses
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21,638
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17,851
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|
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|
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15,491
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Operating income
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|
|
4,802
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|
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|
|
5,328
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|
|
|
|
5,746
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Other Income (Expense)
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Interest expense
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(3,029
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)
|
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|
|
(2,871
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)
|
|
|
|
(4,389
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)
|
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Other
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|
|
2
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|
|
|
|
2
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|
|
|
|
8
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Total other expense
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|
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(3,027
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)
|
|
|
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(2,869
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)
|
|
|
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(4,381
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)
|
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Net income before income tax expense
|
|
|
|
1,775
|
|
|
|
|
2,459
|
|
|
|
|
1,365
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|
|
Income tax expense
|
|
|
|
63
|
|
|
|
|
58
|
|
|
|
|
48
|
|
|
Net Income
|
|
|
$
|
1,712
|
|
|
|
$
|
2,401
|
|
|
|
$
|
1,317
|
|
|
|
|
|
|
|
|
|
|
|
|
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Less:
|
|
|
|
|
|
|
|
|
|
|
Earnings allocated to general partner prior to initial public
offering on January 18, 2013
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
13
|
|
|
Earnings available for limited partners prior to initial public
offering on January 18, 2013
|
|
|
$
|
-
|
|
|
|
$
|
-
|
|
|
|
$
|
1,304
|
|
|
Net income subsequent to initial public offering on January 18, 2013
|
|
|
$
|
1,712
|
|
|
|
$
|
2,401
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income subsequent to initial public offering allocated to:
|
|
|
|
|
|
|
|
|
|
|
General partner's interest in net income
|
|
|
$
|
34
|
|
|
|
$
|
48
|
|
|
|
$
|
-
|
|
|
Common units interest in net income
|
|
|
$
|
941
|
|
|
|
$
|
1,227
|
|
|
|
$
|
-
|
|
|
Subordinated units interest in net income
|
|
|
$
|
737
|
|
|
|
$
|
1,126
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
17,947,198
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|
|
|
|
15,196,880
|
|
|
|
|
-
|
|
|
Diluted
|
|
|
|
17,988,650
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|
|
|
|
15,241,866
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|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average subordinated units outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
14,048,588
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|
|
|
|
14,048,588
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.05
|
|
|
|
$
|
0.08
|
|
|
|
$
|
-
|
|
|
Diluted
|
|
|
$
|
0.05
|
|
|
|
$
|
0.08
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per subordinated unit:
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
0.05
|
|
|
|
$
|
0.08
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared and paid per limited partner unit in
respective periods
|
|
|
$
|
0.440
|
|
|
|
$
|
0.348
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 reconciles 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
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
Net income
|
|
|
$
|
1,712
|
|
|
|
$
|
2,401
|
|
|
|
$
|
1,317
|
|
|
|
|
Interest expense
|
|
|
|
3,029
|
|
|
|
|
2,871
|
|
|
|
|
4,389
|
|
|
|
|
Depreciation and amortization
|
|
|
|
13,377
|
|
|
|
|
12,173
|
|
|
|
|
10,929
|
|
|
|
|
Income taxes
|
|
|
|
63
|
|
|
|
|
58
|
|
|
|
|
48
|
|
|
|
|
Share based compensation expense
|
|
|
|
337
|
|
|
|
|
489
|
|
|
|
|
-
|
|
|
|
|
Riverstone management fee (1)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
250
|
|
|
|
|
Transaction expenses for S&R Acquisition (2)
|
|
|
|
1,481
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Other
|
|
|
|
152
|
|
|
|
|
130
|
|
|
|
|
-
|
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
20,151
|
|
|
|
$
|
18,122
|
|
|
|
$
|
16,933
|
|
|
|
|
Interest expense
|
|
|
|
(3,029
|
)
|
|
|
|
(2,871
|
)
|
|
|
|
(4,389
|
)
|
|
|
|
Income tax expense
|
|
|
|
(63
|
)
|
|
|
|
(58
|
)
|
|
|
|
(48
|
)
|
|
|
|
Share based compensation expense
|
|
|
|
(337
|
)
|
|
|
|
(489
|
)
|
|
|
|
-
|
|
|
|
|
Riverstone management fee
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(250
|
)
|
|
|
|
S&R transaction expenses
|
|
|
|
(1,481
|
)
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
Other
|
|
|
|
605
|
|
|
|
|
959
|
|
|
|
|
(51
|
)
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(3,347
|
)
|
|
|
|
(471
|
)
|
|
|
|
(1,154
|
)
|
|
|
|
Inventory
|
|
|
|
(1,468
|
)
|
|
|
|
(634
|
)
|
|
|
|
(725
|
)
|
|
|
|
Prepaids
|
|
|
|
(154
|
)
|
|
|
|
465
|
|
|
|
|
366
|
|
|
|
|
Other non-current assets
|
|
|
|
-
|
|
|
|
|
(4
|
)
|
|
|
|
(215
|
)
|
|
|
|
Accounts payable
|
|
|
|
(4,489
|
)
|
|
|
|
285
|
|
|
|
|
(963
|
)
|
|
|
|
Accrued liabilities and deferred revenue
|
|
|
|
9,781
|
|
|
|
|
845
|
|
|
|
|
2,849
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
16,169
|
|
|
|
$
|
16,149
|
|
|
|
$
|
12,353
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Represents management fees paid to Riverstone for services performed
during 2013 and 2012. As these fees are not paid by the Partnership
as a public company, the Partnership believes it is useful to
investors to view its results excluding these fees.
|
|
|
|
|
|
(2)
|
|
Represents transaction expenses for the S&R Acquisition during the
third quarter. As these fees are not recurring, the Partnership
believes it is useful to investors to view its results excluding
these fees.
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
September 30,
|
|
|
|
|
|
|
2013
|
|
|
2013
|
|
|
2012
|
|
Net income
|
|
|
$
|
1,712
|
|
|
$
|
2,401
|
|
|
$
|
1,317
|
|
|
|
Plus: Non-cash interest expense
|
|
|
|
472
|
|
|
|
471
|
|
|
|
612
|
|
|
|
Plus: Depreciation and amortization
|
|
|
|
13,377
|
|
|
|
12,173
|
|
|
|
10,929
|
|
|
|
Plus: Share-based compensation
|
|
|
|
337
|
|
|
|
489
|
|
|
|
-
|
|
|
|
Less: Maintenance capital expenditures (1)
|
|
|
|
3,873
|
|
|
|
3,667
|
|
|
|
2,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow
|
|
|
$
|
12,025
|
|
|
$
|
11,867
|
|
|
$
|
10,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction expenses for S&R Acquisition and other (2)
|
|
|
|
1,633
|
|
|
|
-
|
|
|
|
-
|
|
Adjusted distributable cash flow
|
|
|
$
|
13,658
|
|
|
$
|
11,867
|
|
|
$
|
10,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions for coverage ratio
|
|
|
$
|
17,079
|
|
|
$
|
12,929
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage ratio
|
|
|
|
0.69
|
|
|
|
0.90
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted distributions for coverage ratio (3)
|
|
|
$
|
14,851
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted coverage ratio
|
|
|
|
0.90
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
(2)
|
|
Reflects $1.5 million of transaction expenses for the S&R
Acquisitions and $0.1 million of nonrecurring expenses.
|
|
|
|
|
|
(3)
|
|
Represents for the three months ended period cash distributions
declared for common and subordinated units outstanding, as
determined on the record date for the quarter. Adjusted
distributions for coverage ratio calculates S&R common units for one
month outstanding during the quarter ended September 30, 2013.
Distributions with respect to the common units and subordinated
units owned by USA Compression Holdings, LLC and S&R outstanding on
the record date for each quarter will be reinvested into newly
issued common units under the Partnership’s Distribution
Reinvestment Plan.
|
|
|
|
|
|
|
|
|
|
|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
|
|
|
|
Full Year 2013 Adjusted EBITDA Guidance Range
|
|
Reconciliation to Distributable Cash Flow
|
|
(In millions – Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
Adjusted EBITDA
|
|
|
$
|
82.0 to 86.0
|
|
Less: Cash interest expense
|
|
|
|
10.7
|
|
Less: Income tax provision
|
|
|
|
0.2
|
|
Less: Maintenance capital expenditures
|
|
|
|
14.5
|
|
Adjusted distributable cash flow
|
|
|
$
|
56.6 to 60.6
|
|
Less: Transaction expenses
|
|
|
|
1.5
|
|
Distributable cash flow
|
|
|
$
|
55.1 to 59.1
|
Source: USA Compression Partners, LP
USA Compression Partners, LP
Joseph “Jody” C. Tusa,
Jr., 512-473-2662
Chief Financial Officer
jtusa@usacompression.com
or
Dennard-Lascar
Associates
Jack Lascar, 713-529-6600
jlascar@dennardlascar.com
or
Anne
Pearson, 210-408-6321
apearson@dennardlascar.com
|
