AUSTIN, Texas--(BUSINESS WIRE)--May 7, 2014--
USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the
“Partnership”) announced today its financial and operating results for
the first quarter 2014.
First Quarter 2014 Summary Results
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Record levels of revenue; first quarter 2014 is up 54.0% over first
quarter 2013
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Adjusted EBITDA for the first quarter 2014 is up 44.4% over first
quarter 2013
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Adjusted distributable cash flow for the first quarter 2014 is up
44.9% over first quarter 2013
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Quarterly cash distribution of $0.49 per common unit, an increase of
2.1% over the fourth quarter 2013 and 12.6% over the first quarter 2013
-
Fleet horsepower for first quarter 2014 increased by 35.0% over first
quarter 2013
-
Average revenue per horsepower per month for first quarter 2014
increased 12.6% over first quarter 2013, due to higher revenue per
horsepower per month from gas lift compression units
-
Adjusted distributable cash flow coverage of 0.88x for the first
quarter 2014
-
Cash coverage of 2.95x for the first quarter 2014
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2014
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2013
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2013
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Operational Data
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Fleet Horsepower at period end
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1,272,299
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1,202,374
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942,642
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Revenue Generating Horsepower at period end
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1,107,218
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1,070,457
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807,988
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Average Revenue Generating Horsepower
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1,094,677
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1,058,213
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801,574
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Revenue Generating Compression Units at period end
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2,205
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2,137
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985
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Horsepower Utilization at period end(1)
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94.4
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%
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94.1
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%
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93.3
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%
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Average Horsepower Utilization for the period(1)
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94.0
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%
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94.2
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%
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92.4
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%
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Financial Data ($ in thousands, except
per-unit data)
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Revenue
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$
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50,202
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$
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48,643
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$
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32,604
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Average Revenue Per Horsepower Per Month
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$
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15.30
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$
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15.36
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$
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13.59
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Gross Operating Margin
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$
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32,485
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$
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33,019
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$
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22,184
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Gross Operating Margin Percentage
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64.7
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%
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67.9
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%
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68.0
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%
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Adjusted EBITDA
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$
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25,192
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$
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25,413
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$
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17,445
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Adjusted EBITDA Percentage
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50.2
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%
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52.2
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%
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53.5
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%
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Adjusted Distributable Cash Flow
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$
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16,833
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$
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18,943
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$
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11,613
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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
87.0%, 89.0% and 85.7% for the quarters ended March 31, 2014,
December 31, 2013 and March 31, 2013, respectively. Average
horsepower utilization was 87.8%, 89.0% and 86.1% for the quarters
ended March 31, 2014, December 31, 2013 and March 31, 2013,
respectively.
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First Quarter 2014 Financial and Operating
Performance
Revenue in the first quarter of 2014 rose 54.0% to $50.2 million as
compared to $32.6 million for the same period in 2013. This was
primarily the result of a 54.7% increase in contract operations revenue
(excluding retail parts and services) to $49.3 million in the first
quarter of 2014, compared to $31.9 million in the first quarter of 2013.
Adjusted EBITDA rose 44.4% to $25.2 million in the first quarter of 2014
as compared to $17.4 million for the first quarter of 2013. Adjusted
distributable cash flow increased 44.9% to $16.8 million in the first
quarter of 2014, compared to $11.6 million in the first quarter of last
year. Net income was $3.9 million in the first quarter of 2014, compared
with net income of $2.5 million for the first quarter of 2013.
“We are reporting another quarter of record revenue for the first
quarter of 2014,” said Eric D. Long, USA Compression President and Chief
Executive Officer. “We’re continuing to see solid demand for our
compression services, as demonstrated by our average utilization during
the quarter of 94%. This continued strong market demand resulted in
solid gross operating margins during the quarter and positions us well
for the remainder of the year. Due to the high level of our growth
capital expenditures in 2014, we are pleased to report that Riverstone,
through its ownership in USA Compression Holdings, LLC, and Argonaut
Private Equity, L.L.C., owners of 69% of the outstanding LP units, have
committed to receiving distributions in the form of additional common
units through the Partnership’s Distribution Reinvestment Plan on any
units owned as of each distribution date through the first quarter of
2015 in order to partially fund our continued deployment of growth
capital.”
“We have, at this time, ordered approximately 280,000 horsepower of new
compression units for delivery in 2014 and expect to order a total of
approximately 300,000 horsepower for 2014, as compared to our initial
expectations of 220,000 horsepower,” he said. “For the 180,000
horsepower that we initially ordered for 2014, which is primarily for
delivery in the first half of 2014, we have customer contracts for 65%
of those new compression units and strong customer indications for
another 16% of those deliveries. The additional 100,000 horsepower of
new compression unit orders is expected to be delivered primarily in the
second half of 2014.”
Average revenue generating horsepower increased 36.6% to 1,094,677 for
the first quarter of 2014, primarily due to growth in our midstream
compression assets along with the acquisition of gas lift compression
assets in August 2013, as compared to 801,574 for the first quarter of
2013. Average revenue per revenue generating horsepower per month
increased 12.6% to $15.30 for the first quarter of 2014, as compared to
$13.59 for the first quarter of 2013. The increase in average revenue
per revenue generating horsepower per month was primarily due to our gas
lift compression assets, which generate higher revenue per horsepower
per month as compared to our midstream compression assets.
Gross operating margin increased 46.4% to $32.5 million for the first
quarter of 2014 as compared to $22.2 million for the first quarter of
2013. Gross operating margin as a percentage of total revenues decreased
to 64.7% for the first quarter of 2014 from 68.0% in the first quarter
of 2013, due partly to our gas lift compression assets that have lower
gross operating margin percentages as compared to our midstream
compression assets and partly to the timing of certain operating
expenses in our midstream compression assets in the first quarter of
2014.
Expansion capital expenditures (used primarily to purchase new
compression units) were $81.5 million for the first quarter of 2014,
while maintenance capital expenditures totaled $5.3 million and cash
interest expense was $3.0 million. Maintenance capital expenditures were
at expected levels for the first quarter of 2014 and we continue to
expect approximately $19 million for the full year 2014.
On April 24, 2014, the Partnership announced a cash distribution of
$0.49 per unit on its common and subordinated units. This first quarter
distribution corresponds to an annualized distribution rate of $1.96 per
unit. The distribution will be paid on May 15, 2014 to unitholders of
record as of the close of business on May 5, 2014. USA Compression
Holdings, LLC, the owner of 50.8% of the Partnership’s outstanding
limited partnership units, and Argonaut Private Equity, L.L.C. and
certain other related unitholders, the owners of 19.4% 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 first quarter of 2014 was 0.88x
and the cash coverage ratio was 2.95x.
Liquidity and Credit Facility
As reported last quarter, the Partnership entered into its Fifth Amended
and Restated Credit Agreement on December 13, 2013. The amendment
provides for an increase in the facility capacity from $600 million to
$850 million and an extension of the maturity to 2018. In addition, the
revolving credit facility contains an accordion feature whereby it can
be expanded to $950 million under certain conditions. As of March 31,
2014, the outstanding balance under the revolving credit facility was
approximately $504 million, compared to approximately $421 million as of
December 31, 2013.
On April 23, 2014, the Partnership’s registration statement on Form
S-3/A, (Reg. No. 333-193724) (the “Shelf Registration Statement”) was
declared effective by the Securities and Exchange Commission (the
“SEC”). Under the Shelf Registration Statement, the Partnership
registered the offer and sale of (1) up to $1,000,000,000 aggregate
principal amount of Partnership securities, including common units and
other classes of units representing limited partner interests in the
Partnership, debt securities and guarantees of debt securities and (2)
up to 27,074,118 common units held by certain selling unitholders and up
to 6,266,024 common units that may be issued to such selling unitholders
under the Partnership’s Distribution Reinvestment Plan.
In addition, on April 28, 2014, the Partnership filed a registration
statement on Form S-3 (Reg. No. 333-195526) relating to the
Partnership’s Distribution Reinvestment Plan, which registration
statement became effective with the SEC immediately upon filing.
Full-Year 2014 Outlook
USA Compression is confirming its full-year 2014 guidance and expects to
trend to the high end of this guidance range:
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adjusted EBITDA range of $109.0 million to $115.0 million; and
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distributable cash flow range of $75.0 million to $81.0 million.
Conference Call
USA Compression Partners, LP will host a conference call today beginning
at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) to discuss its first
quarter 2014 performance. The call will be broadcast live over the
internet. Investors may participate either by phone or audio webcast.
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By Phone:
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Dial 800-768-6569 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
785-830-7992. The conference ID for both is 9718587.
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A replay of the call will be available through May 14, 2014. Callers
inside the U.S. and Canada may access the replay by dialing
888-203-1112. Investors outside the U.S. and Canada should dial
719-457-0820. The passcode for both is 9718587#.
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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.
This news release includes the non-GAAP financial measures of Adjusted
EBITDA, gross operating margin, distributable cash flow and adjusted
distributable cash flow.
The Partnership’s management views Adjusted EBITDA as one of its primary
financial measures 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 and amortization expense, unit-based compensation expense,
gain (loss) on sale of assets, management fees and transaction expenses
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
plus non-cash interest expense, depreciation and amortization expense,
and unit-based compensation expense, less maintenance capital
expenditures. Adjusted distributable cash flow is distributable cash
flow plus certain one-time transaction fees relating to the S&R
Acquisition and other items. 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 acquisitions 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands – Unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2014
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2013
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2013
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Revenues:
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Contract operations
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$
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49,344
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$
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47,395
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$
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31,896
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Parts and service
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858
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1,248
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708
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Total revenues
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50,202
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48,643
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32,604
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Cost of operations, exclusive of depreciation and amortization
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17,717
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15,624
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10,420
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Gross operating margin
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32,485
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33,019
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22,184
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Other operating and administrative costs and expenses:
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Selling, general and administrative
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8,469
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8,830
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4,895
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Depreciation and amortization
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16,220
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15,690
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11,678
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Loss (Gain) on sale of assets
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229
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231
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(25
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)
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Impairment of compression equipment
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-
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203
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-
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Total other operating and administrative costs and expenses
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24,918
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24,954
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16,548
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Operating income
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7,567
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8,065
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5,636
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Other Income (Expense)
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Interest expense
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(3,549
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)
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(3,525
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)
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(3,064
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Other
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-
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|
1
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4
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Total other expense
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(3,549
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)
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(3,524
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)
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(3,060
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)
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Net income before income tax expense
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|
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4,018
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|
|
|
4,541
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|
|
2,576
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Income tax expense
|
|
|
|
103
|
|
|
|
104
|
|
|
|
55
|
|
|
Net Income
|
|
|
$
|
3,915
|
|
|
$
|
4,437
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$
|
2,521
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|
|
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|
|
|
|
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Less:
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|
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Earnings allocated to general partner prior to initial public
offering on January 18, 2013
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$
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-
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$
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-
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$
|
5
|
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|
Earnings available for limited partners prior to initial public
offering on January 18, 2013
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$
|
-
|
|
|
$
|
-
|
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|
$
|
530
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|
|
Net income subsequent to initial public offering on January 18, 2013
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|
|
$
|
3,915
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|
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$
|
4,437
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$
|
1,986
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|
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|
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Net Income subsequent to initial public offering allocated to:
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General partner's interest in net income
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$
|
85
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|
$
|
89
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|
|
$
|
40
|
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|
Common units interest in net income
|
|
|
$
|
2,409
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|
|
$
|
2,714
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|
|
$
|
1,007
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|
Subordinated units interest in net income
|
|
|
$
|
1,421
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|
$
|
1,634
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|
$
|
939
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|
|
|
|
|
|
|
|
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|
|
Weighted average common units outstanding:
|
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|
|
|
|
|
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Basic
|
|
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23,805,520
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|
|
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23,330,238
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|
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15,048,588
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Diluted
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|
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|
23,907,259
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23,409,476
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|
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15,048,588
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|
|
|
|
|
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Weighted average subordinated units outstanding:
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|
|
|
|
|
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|
Basic and diluted
|
|
|
|
14,048,588
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|
|
14,048,588
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|
14,048,588
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|
|
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|
Net income per common unit:
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|
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Basic
|
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|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
$
|
0.07
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|
Diluted
|
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|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
Net income per subordinated unit:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
$
|
0.10
|
|
|
$
|
0.12
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
Distributions paid per limited partner unit in respective periods
|
|
|
$
|
0.48
|
|
|
$
|
0.46
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
2013
|
|
Net income
|
|
|
$
|
3,915
|
|
|
$
|
4,437
|
|
|
$
|
2,521
|
|
|
|
Interest expense
|
|
|
|
3,549
|
|
|
|
3,525
|
|
|
|
3,064
|
|
|
|
Depreciation and amortization
|
|
|
|
16,220
|
|
|
|
15,690
|
|
|
|
11,678
|
|
|
|
Income taxes
|
|
|
|
103
|
|
|
|
104
|
|
|
|
55
|
|
|
|
Impairment of compression equipment(1)
|
|
|
|
-
|
|
|
|
203
|
|
|
|
-
|
|
|
|
Unit-based compensation expense
|
|
|
|
1,096
|
|
|
|
438
|
|
|
|
79
|
|
|
|
Riverstone management fee(2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48
|
|
|
|
Transaction expenses for S&R Acquisition(3)
|
|
|
|
46
|
|
|
|
661
|
|
|
|
-
|
|
|
|
Other
|
|
|
|
263
|
|
|
|
355
|
|
|
|
-
|
|
|
|
Adjusted EBITDA
|
|
|
$
|
25,192
|
|
|
$
|
25,413
|
|
|
$
|
17,445
|
|
|
|
Interest expense
|
|
|
|
(3,549
|
)
|
|
|
(3,525
|
)
|
|
|
(3,064
|
)
|
|
|
Income tax expense
|
|
|
|
(103
|
)
|
|
|
(104
|
)
|
|
|
(55
|
)
|
|
|
Unit-based compensation expense
|
|
|
|
(1,096
|
)
|
|
|
(438
|
)
|
|
|
(79
|
)
|
|
|
Riverstone management fee
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(48
|
)
|
|
|
Impairment of compression equipment
|
|
|
|
-
|
|
|
|
(203
|
)
|
|
|
-
|
|
|
|
Transaction expenses for S&R Acquisition
|
|
|
|
(46
|
)
|
|
|
(661
|
)
|
|
|
-
|
|
|
|
Other
|
|
|
|
1,644
|
|
|
|
1,313
|
|
|
|
507
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(2,337
|
)
|
|
|
(6,206
|
)
|
|
|
(1,650
|
)
|
|
|
Inventory
|
|
|
|
(2,582
|
)
|
|
|
(2,592
|
)
|
|
|
(1,031
|
)
|
|
|
Prepaids
|
|
|
|
(64
|
)
|
|
|
(816
|
)
|
|
|
(96
|
)
|
|
|
Other non-current assets
|
|
|
|
(319
|
)
|
|
|
(14
|
)
|
|
|
3,842
|
|
|
|
Accounts payable
|
|
|
|
(8,079
|
)
|
|
|
19,696
|
|
|
|
(7,359
|
)
|
|
|
Accrued liabilities and deferred revenue
|
|
|
|
1,408
|
|
|
|
(5,351
|
)
|
|
|
948
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
10,069
|
|
|
$
|
26,512
|
|
|
$
|
9,360
|
|
|
|
|
|
|
(1)
|
|
Represents non-cash charges incurred to write down long-lived assets
with recorded values that are not expected to be recovered through
future cash flows.
|
|
|
|
|
|
(2)
|
|
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.
|
|
|
|
|
|
(3)
|
|
Represents S&R transaction expenses. 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
|
|
|
|
|
March 31,
|
|
December 31,
|
|
March 31,
|
|
|
|
|
2014
|
|
2013
|
|
2013
|
|
Net income
|
|
|
$
|
3,915
|
|
$
|
4,437
|
|
$
|
2,521
|
|
Plus: Non-cash interest expense
|
|
|
|
582
|
|
|
805
|
|
|
453
|
|
Plus: Depreciation and amortization
|
|
|
|
16,220
|
|
|
15,690
|
|
|
11,678
|
|
Plus: Unit-based compensation
|
|
|
|
1,096
|
|
|
438
|
|
|
79
|
|
Plus: Impairment of compression equipment
|
|
|
|
-
|
|
|
203
|
|
|
-
|
|
Less: Maintenance capital expenditures(1)
|
|
|
|
5,289
|
|
|
3,646
|
|
|
3,118
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow
|
|
|
$
|
16,524
|
|
$
|
17,927
|
|
$
|
11,613
|
|
|
|
|
|
|
|
|
|
|
Transaction expenses for S&R Acquisition and other(2)
|
|
|
|
46
|
|
|
1,016
|
|
|
-
|
|
Loss on sale of equipment and other
|
|
|
|
263
|
|
|
-
|
|
|
-
|
|
Adjusted distributable cash flow
|
|
|
$
|
16,833
|
|
$
|
18,943
|
|
$
|
11,613
|
|
|
|
|
|
|
|
|
|
|
GP interest in adjusted distributable cash flow (3)
|
|
|
|
389
|
|
|
368
|
|
|
207
|
|
Adjusted distributable cash flow attributable to LP interest
|
|
|
$
|
16,444
|
|
$
|
18,575
|
|
$
|
11,406
|
|
|
|
|
|
|
|
|
|
|
Distributions for coverage ratio
|
|
|
$
|
18,691
|
|
$
|
18,055
|
|
$
|
10,126
|
|
|
|
|
|
|
|
|
|
|
Distributions reinvested in the DRIP(4)
|
|
|
$
|
13,122
|
|
$
|
12,637
|
|
$
|
6,302
|
|
|
|
|
|
|
|
|
|
|
Distributions for cash coverage ratio (5)
|
|
|
$
|
5,569
|
|
$
|
5,418
|
|
$
|
3,824
|
|
|
|
|
|
|
|
|
|
|
Adjusted distributable cash flow coverage ratio
|
|
|
|
0.88
|
|
|
1.03
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
Cash coverage ratio
|
|
|
|
2.95
|
|
|
3.43
|
|
|
2.39
|
|
|
|
|
|
(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 $0.05 million of transaction expenses for the S&R
Acquisition for the first quarter of 2014. Reflects $0.7 million of
transaction expenses for the S&R Acquisition and $0.3 million of
nonrecurring expenses, for the fourth quarter of 2013.
|
|
|
|
|
|
(3)
|
|
Represents cash distributions declared for our general partner as of
the record date for each period.
|
|
|
|
|
|
(4)
|
|
Represents cash distributions paid to holders enrolled in the
Partnership's Distribution Reinvestment Plan as of the record date
for each period.
|
|
|
|
|
|
(5)
|
|
Represents cash distributions declared for common units not
participating in the Partnership's Distribution Reinvestment Plan.
|
|
|
|
|
|
|
|
|
|
|
|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
Full-Year 2014 Adjusted EBITDA Guidance Range
Reconciliation to Distributable Cash Flow
(In millions – Unaudited)
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
Adjusted EBITDA
|
|
|
$109.0 to $115.0
|
|
Less: Cash interest expense
|
|
|
$15.0
|
|
Less: Income tax provision
|
|
|
$0.3
|
|
Less: Maintenance capital expenditures
|
|
|
$18.7
|
|
Distributable cash flow
|
|
|
$75.0 to $81.0
|
Source: USA Compression Partners, LP
USA Compression Partners, LP
Joseph C. “Jody” Tusa,
Jr., 512-473-2662
Chief Financial Officer
jtusa@usacompression.com
or
Matthew
C. Liuzzi, 512-473-2662
SVP – Strategic Development
mliuzzi@usacompression.com
|
