AUSTIN, Texas--(BUSINESS WIRE)--May 7, 2015--
USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the
“Partnership”), announced today its financial and operating results for
the first quarter 2015.
First Quarter 2015 Summary Results
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Record levels of revenues; first quarter 2015 up 29.5% over first
quarter 2014
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Record levels of Adjusted EBITDA; first quarter 2015 up 48.9% over
first quarter 2014
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Record levels of Adjusted distributable cash flow; first quarter 2015
up 75.5% over first quarter 2014
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First quarter 2015 quarterly cash distribution of $0.515 per common
unit, an increase of 5.1% over first quarter 2014
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Fleet horsepower for first quarter 2015 increased by 28.9% over first
quarter 2014
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Average revenue generating horsepower for first quarter 2015 increased
26.6% over first quarter 2014
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Adjusted distributable cash flow coverage of 1.22x for the first
quarter 2015
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Cash coverage of 2.99x for first quarter 2015
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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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2015
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2014
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2014
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Operational Data
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Fleet Horsepower at period end
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1,640,323
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1,549,020
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1,272,299
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Revenue Generating Horsepower at period end
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1,397,709
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1,351,052
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1,107,218
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Average Revenue Generating Horsepower
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1,385,908
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1,324,983
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1,094,677
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Revenue Generating Compression Units at period end
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2,686
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2,651
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2,205
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Horsepower Utilization at period end(1)
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91.1
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%
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93.6
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%
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94.4
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%
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Average Horsepower Utilization for the period(1)
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91.9
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%
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93.3
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%
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94.0
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%
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Financial Data ($ in thousands, except per
horsepower data)
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Revenue
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$
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65,000
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$
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60,995
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$
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50,202
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Average Revenue Per Horsepower Per Month(2)
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$
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15.85
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$
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15.82
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$
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15.30
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Gross Operating Margin
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$
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45,789
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$
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42,105
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$
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32,485
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Gross Operating Margin Percentage
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70.4
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%
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69.0
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%
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64.7
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%
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Adjusted EBITDA
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$
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37,518
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$
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33,024
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$
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25,192
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Adjusted EBITDA Percentage
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57.7
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%
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54.1
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%
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50.2
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%
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Adjusted Distributable Cash Flow
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$
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29,539
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$
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26,275
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$
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16,833
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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
85.2%, 87.2% and 87.0% for the quarters ended March 31, 2015,
December 31, 2014 and March 31, 2014, respectively. Average
horsepower utilization was 86.7%, 87.0% and 87.8% for the quarters
ended March 31, 2015, December 31, 2014 and March 31, 2014,
respectively.
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(2)
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Calculated using average revenue generating horsepower.
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First Quarter 2015 Financial and Operating
Performance
Revenues in the first quarter of 2015 rose 29.5% to $65.0 million as
compared to $50.2 million for the same period in 2014. This was
primarily the result of a 29.8% increase in contract operations revenues
(excluding retail parts and services) to $64.0 million in the first
quarter of 2015, compared to $49.3 million in the first quarter of 2014.
This increase was driven primarily by organic growth in revenue
generating horsepower. Adjusted EBITDA rose 48.9% to $37.5 million in
the first quarter of 2015 as compared to $25.2 million for the first
quarter of 2014. Adjusted distributable cash flow increased 75.5% to
$29.5 million in the first quarter of 2015, compared to $16.8 million in
the first quarter of last year. Net income was $11.5 million in the
first quarter of 2015, compared with net income of $3.9 million for the
first quarter of 2014.
“We are reporting another quarter of record revenues, Adjusted EBITDA
and Adjusted distributable cash flow for the first quarter of 2015,”
said Eric D. Long, USA Compression’s President and Chief Executive
Officer. “As a result of our solid performance, we announced our eighth
consecutive quarterly distribution increase since our IPO, to $0.515 for
the first quarter of 2015.
“We have, at this time, ordered approximately 240,000 horsepower of new
compression units for delivery in 2015, which primarily will be
delivered over the first three quarters of 2015,” he said. “In addition
to the stability of our current operations, we are experiencing solid
demand for the new compression units to be delivered throughout 2015. We
have received, during the first quarter of 2015, approximately 95,000
horsepower of the 240,000 horsepower of new compression units ordered
for delivery in 2015 and expect to receive the remaining 145,000
horsepower primarily over the next two quarters of 2015.”
Average revenue generating horsepower increased 26.6% to 1,385,908 for
the first quarter of 2015 as compared to 1,094,677 for the first quarter
of 2014, primarily due to organic growth across our compression fleet.
Average revenue per revenue generating horsepower per month increased
3.6% to $15.85 for the first quarter of 2015 as compared to $15.30 for
the first quarter of 2014.
Gross operating margin increased 41.0% to $45.8 million for the first
quarter of 2015 as compared to $32.5 million for the first quarter of
2014. Gross operating margin as a percentage of total revenues increased
to 70.4% for the first quarter of 2015 from 64.7% in the first quarter
of 2014.
Expansion capital expenditures (used primarily to purchase new
compression units) were $114.6 million, maintenance capital expenditures
were $4.1 million and cash interest expense, net was $3.5 million for
the first quarter of 2015.
On April 23, 2015, the Partnership announced a cash distribution of
$0.515 per unit on its common and subordinated units. This first quarter
distribution corresponds to an annualized distribution rate of $2.06 per
unit. The distribution will be paid on May 15, 2015 to unitholders of
record as of the close of business on May 5, 2015. USA Compression
Holdings, LLC, the owner of 42% of the Partnership’s outstanding limited
partnership units, and Argonaut Private Equity, L.L.C. and certain other
related unitholders, the owners of 16% of the Partnership’s outstanding
limited partnership units, 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 ratio for
the first quarter of 2015 was 1.22x and the cash coverage ratio was
2.99x.
Liquidity and Credit Facility
On January 6, 2015, the Partnership entered into the Second Amendment to
its Fifth Amended and Restated Credit Agreement (the “revolving credit
facility”). The amendment provided for an increase in the revolving
credit facility capacity from $850 million to $1.1 billion (subject to
availability under the Partnership’s borrowing base) and an extension of
the maturity to 2020. The revolving credit facility contains an
accordion feature whereby it can be expanded to $1.3 billion under
certain conditions. In addition, the amendment also provided additional
flexibility under the financial covenants. As of March 31, 2015, the
outstanding balance under the revolving credit facility was
approximately $712 million, compared to approximately $595 million as of
December 31, 2014.
Full-Year 2015 Outlook
USA Compression is confirming the following full-year 2015 guidance:
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Adjusted EBITDA range of $130.0 million to $140.0 million;
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distributable cash flow range of $91.3 million to $102.3 million; and
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expansion capital expenditures range of $250 million to $270 million.
Conference Call
The Partnership will host a conference call today beginning at 11:00
a.m. Eastern Time (10:00 a.m. Central Time) to discuss its first quarter
2015 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 888-430-8691 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
719-325-2244. The conference ID for both is 3136038.
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A replay of the call will be available through May 18, 2015. 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 3136038.
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By Webcast:
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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.
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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 fleet 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-U.S. generally accepted accounting
principles (“GAAP”) financial measures of Adjusted EBITDA, gross
operating margin, distributable cash flow, Adjusted distributable cash
flow, adjusted distributable cash flow coverage ratio and cash coverage
ratio.
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. The Partnership
defines EBITDA as net income before net interest expense, depreciation
and amortization expense, and income taxes and Adjusted EBITDA as EBITDA
plus impairment of compression equipment, interest income, unit-based
compensation expense, loss (gain) on sale of assets and transaction
expenses. 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:
• 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;
• the viability of capital expenditure projects and the overall rates of
return on alternative investment opportunities;
• the ability of the Partnership’s assets to generate cash sufficient to
make debt payments and to make distributions; and
• 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’s management 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’s management 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
revenues 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 on 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,
unit-based compensation expense and impairment of compression equipment,
less maintenance capital expenditures. Adjusted distributable cash flow
is distributable cash flow plus certain transaction fees and loss (gain)
on sale of equipment. 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 (“DRIP”)) to the cash
distributions the Partnership expects to pay its unitholders.
Adjusted distributable cash flow coverage ratio, a non-GAAP measure, is
defined as Adjusted distributable cash flow less cash distributions to
the Partnership’s general partner and incentive distribution rights
(“IDRs”), divided by distributions declared to limited partnership
unitholders for the period. We define cash coverage ratio as Adjusted
distributable cash flow less cash distributions to the Partnership’s
general partner and IDRs divided by cash distributions paid to limited
partnership unitholders, after consideration of the DRIP. We believe
adjusted distributable cash flow coverage ratio and cash coverage ratio
are important measures of operating performance because they allow
management, investors and others to gauge our ability to pay cash
distributions to limited partner unitholders using the cash flows we
generate. Our adjusted distributable coverage ratio and cash coverage
ratio as presented may not be comparable to similarly titled measures of
other companies.
This news release also contains a forward-looking estimate of Adjusted
EBITDA and distributable cash flow projected to be generated by the
Partnership in its 2015 fiscal year. A reconciliation of Adjusted EBITDA
and distributable cash flow to net cash provided by operating activities
is not provided because the items necessary to estimate net cash
provided by operating activities, 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 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.
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, Adjusted
distributable cash flow, adjusted distributable cash flow coverage ratio
and cash coverage ratio.
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, including as described under “Full-Year 2015 Outlook.”
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. Known material factors that could cause the Partnership’s
actual results to differ materially from the results contemplated by
such forward-looking statements are described in Part I, Item 1A (“Risk
Factors”) of the Partnership’s annual report on Form 10-K for the fiscal
year ended December 31, 2014, which was filed on February 19, 2015, and
include:
• changes in general economic conditions and changes in economic
conditions of the crude oil and natural gas industry specifically;
• competitive conditions in the industry;
• changes in the long-term supply of and demand for crude oil and
natural gas;
• our ability to realize the anticipated benefits of acquisitions and to
integrate the acquired assets with our existing fleet;
• actions taken by the Partnership’s customers, competitors and
third-party operators;
• changes in the availability and cost of capital;
• operating hazards, natural disasters, weather related delays, casualty
losses and other matters beyond the Partnership’s control;
• the effects of existing and future laws and governmental regulations;
• 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, except for unit amounts – 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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2015
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2014
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2014
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Revenues:
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Contract operations
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$
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64,035
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$
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60,045
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$
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49,344
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Parts and service
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965
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950
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858
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Total revenues
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65,000
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60,995
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50,202
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Cost of operations, exclusive of depreciation and amortization
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19,211
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18,890
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17,717
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Gross operating margin
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45,789
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42,105
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32,485
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Other operating and administrative costs and expenses:
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Selling, general and administrative
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9,729
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9,620
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8,469
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Depreciation and amortization
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20,731
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19,631
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16,220
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Loss (gain) on sale of assets
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(195
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)
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(4
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)
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229
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Impairment of compression equipment
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-
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1,102
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-
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Total other operating and administrative costs and expenses
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30,265
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30,349
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24,918
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Operating income
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15,524
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11,756
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7,567
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|
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Other Income (Expense)
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Interest expense, net
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(3,994
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)
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(3,260
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)
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(3,549
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)
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Other
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5
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5
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-
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Total other expense
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(3,989
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)
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(3,255
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)
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(3,549
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Net income before income tax expense
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11,535
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8,501
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|
4,018
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|
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Income tax expense
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79
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|
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-
|
|
|
|
|
103
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|
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Net Income
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|
|
$
|
11,456
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|
|
|
$
|
8,501
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|
|
|
$
|
3,915
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|
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|
|
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Net Income allocated to:
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General partner's interest in net income
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$
|
372
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$
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288
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$
|
85
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Common units interest in net income
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|
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|
$
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7,748
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$
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5,698
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|
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$
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2,409
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Subordinated units interest in net income
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$
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3,336
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$
|
2,515
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$
|
1,421
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|
|
|
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|
|
Weighted average common units outstanding:
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Basic
|
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|
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31,695,384
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31,022,878
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23,805,520
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Diluted
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31,832,299
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31,063,948
|
|
|
|
|
23,907,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average subordinated units outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
14,048,588
|
|
|
|
|
14,048,588
|
|
|
|
|
14,048,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.10
|
|
|
Diluted
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per subordinated unit:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per limited partner unit for respective
periods
|
|
|
|
$
|
0.515
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
Net income
|
|
|
|
|
$
|
11,456
|
|
|
|
$
|
8,501
|
|
|
|
$
|
3,915
|
|
|
Interest expense, net
|
|
|
|
|
|
3,994
|
|
|
|
|
3,260
|
|
|
|
|
3,549
|
|
|
Depreciation and amortization
|
|
|
|
|
|
20,731
|
|
|
|
|
19,631
|
|
|
|
|
16,220
|
|
|
Income taxes
|
|
|
|
|
|
79
|
|
|
|
|
-
|
|
|
|
|
103
|
|
|
EBITDA
|
|
|
|
|
$
|
36,260
|
|
|
|
$
|
31,392
|
|
|
|
$
|
23,787
|
|
|
Impairment of compression equipment
|
|
|
|
|
-
|
|
|
|
|
1,102
|
|
|
|
|
-
|
|
|
Interest income on capital lease
|
|
|
|
|
|
427
|
|
|
|
|
439
|
|
|
|
|
-
|
|
|
Unit-based compensation expense(1)
|
|
|
|
|
1,026
|
|
|
|
|
77
|
|
|
|
|
1,096
|
|
|
Transaction expenses for acquisitions(2)
|
|
|
|
|
-
|
|
|
|
|
18
|
|
|
|
|
46
|
|
|
Loss (gain) on sale of assets and other
|
|
|
|
|
(195
|
)
|
|
|
|
(4
|
)
|
|
|
|
263
|
|
|
Adjusted EBITDA
|
|
|
|
|
$
|
37,518
|
|
|
|
$
|
33,024
|
|
|
|
$
|
25,192
|
|
|
Interest expense, net
|
|
|
|
|
|
(3,994
|
)
|
|
|
|
(3,260
|
)
|
|
|
|
(3,549
|
)
|
|
Income tax expense
|
|
|
|
|
|
(79
|
)
|
|
|
|
-
|
|
|
|
|
(103
|
)
|
|
Interest income on capital lease
|
|
|
|
|
|
(427
|
)
|
|
|
|
(439
|
)
|
|
|
|
-
|
|
|
Transaction expenses for S&R Acquisition
|
|
|
|
|
-
|
|
|
|
|
(18
|
)
|
|
|
|
(46
|
)
|
|
Amortization of deferred financing costs and other
|
|
|
|
|
455
|
|
|
|
|
307
|
|
|
|
|
548
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
(18,960
|
)
|
|
|
|
1,676
|
|
|
|
|
(11,973
|
)
|
|
Net cash provided by operating activities
|
|
|
|
$
|
14,513
|
|
|
|
$
|
31,290
|
|
|
|
$
|
10,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
For the quarters ended March 31, 2015 and December 31, 2014,
unit-based compensation expense included $0.1 million and $0.2
million of cash payments related to quarterly payments of
distribution equivalent rights on outstanding phantom unit awards,
respectively. For the quarter ended March 31, 2015, unit-based
compensation expense included $0.2 million related to the cash
portion of any settlement of phantom unit awards upon vesting. The
remainder of the unit-based compensation expense for 2015 and 2014
is related to non-cash adjustments to the unit-based compensation
liability.
|
|
|
|
|
|
(2)
|
|
Represents certain transaction expenses related to acquisitions,
potential acquisitions and other items. 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, ADJUSTED DISTRIBUTABLE CASH FLOW AND NET CASH PROVIDED BY
OPERATING ACTIVITIES
(In thousands, except for per unit
amounts – Unaudited)
The following table reconciles distributable cash flow and Adjusted
distributable cash flow to net income and net cash provided by operating
activities, their most directly comparable GAAP financial measures, for
each of the periods presented:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
|
|
|
2015
|
|
|
2014
|
|
|
2014
|
|
Net income
|
|
|
|
|
$
|
11,456
|
|
|
|
$
|
8,501
|
|
|
|
$
|
3,915
|
|
|
Plus: Non-cash interest expense
|
|
|
|
|
|
455
|
|
|
|
|
307
|
|
|
|
|
582
|
|
|
Plus: Depreciation and amortization
|
|
|
|
|
20,731
|
|
|
|
|
19,631
|
|
|
|
|
16,220
|
|
|
Plus: Unit-based compensation(1)
|
|
|
|
|
|
1,026
|
|
|
|
|
77
|
|
|
|
|
1,096
|
|
|
Plus: Impairment of compression equipment
|
|
|
|
|
-
|
|
|
|
|
1,102
|
|
|
|
|
-
|
|
|
Less: Maintenance capital expenditures(2)
|
|
|
|
|
(4,093
|
)
|
|
|
|
(3,357
|
)
|
|
|
|
(5,289
|
)
|
|
Distributable cash flow
|
|
|
|
|
$
|
29,575
|
|
|
|
$
|
26,261
|
|
|
|
$
|
16,524
|
|
|
Transaction expenses for acquisitions(3)
|
|
|
|
|
-
|
|
|
|
|
18
|
|
|
|
|
46
|
|
|
Loss (gain) on sale of equipment and other
|
|
|
|
|
(36
|
)
|
|
|
|
(4
|
)
|
|
|
|
263
|
|
|
Adjusted distributable cash flow
|
|
|
|
|
$
|
29,539
|
|
|
|
$
|
26,275
|
|
|
|
$
|
16,833
|
|
|
Plus: Maintenance capital expenditures
|
|
|
|
|
4,093
|
|
|
|
|
3,357
|
|
|
|
|
5,289
|
|
|
Plus: Change in operating assets and liabilities
|
|
|
|
|
(18,960
|
)
|
|
|
|
1,676
|
|
|
|
|
(11,973
|
)
|
|
Less: Transaction expenses for acquisitions
|
|
|
|
|
-
|
|
|
|
|
(18
|
)
|
|
|
|
(46
|
)
|
|
Less: Other
|
|
|
|
|
|
(159
|
)
|
|
|
|
-
|
|
|
|
|
(34
|
)
|
|
Net cash provided by operating activities
|
|
|
|
$
|
14,513
|
|
|
|
$
|
31,290
|
|
|
|
$
|
10,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted distributable cash flow
|
|
|
|
|
|
29,539
|
|
|
|
|
26,275
|
|
|
|
|
16,833
|
|
|
GP interest in distributions
|
|
|
|
|
|
588
|
|
|
|
|
546
|
|
|
|
|
389
|
|
|
Adjusted distributable cash flow attributable to LP interest
|
|
|
|
$
|
28,951
|
|
|
|
$
|
25,729
|
|
|
|
$
|
16,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions for coverage ratio
|
|
|
|
|
$
|
23,779
|
|
|
|
$
|
23,131
|
|
|
|
$
|
18,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions reinvested in the DRIP(4)
|
|
|
|
|
$
|
14,111
|
|
|
|
$
|
13,600
|
|
|
|
$
|
13,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions for cash coverage ratio(5)
|
|
|
|
$
|
9,668
|
|
|
|
$
|
9,531
|
|
|
|
$
|
5,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted distributable cash flow coverage ratio
|
|
|
|
|
1.22
|
|
|
|
|
1.11
|
|
|
|
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash coverage ratio
|
|
|
|
|
|
2.99
|
|
|
|
|
2.70
|
|
|
|
|
2.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
For the quarters ended March 31, 2015 and December 31, 2014,
unit-based compensation expense included $0.1 million and $0.2
million of cash payments related to quarterly payments of
distribution equivalent rights on outstanding phantom unit awards,
respectively. For the quarter ended March 31, 2015, unit-based
compensation expense included $0.2 million of cash payments related
to the cash portion of any settlement of phantom unit awards upon
vesting. The remainder of the unit-based compensation expense for
2015 and 2014 is related to non-cash adjustments to the unit-based
compensation liability.
|
|
|
|
|
|
(2)
|
|
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.
|
|
|
|
|
|
(3)
|
|
Represents certain transaction expenses related to acquisitions,
potential acquisitions and other items. The Partnership believes it
is useful to investors to view its results excluding these fees.
|
|
|
|
|
|
(4)
|
|
Represents distributions to holders enrolled in the DRIP as of the
record date for each period. Amount for the three months ended March
31, 2015 is based on an estimate as of the record date.
|
|
|
|
|
|
(5)
|
|
Represents cash distributions declared for common units not
participating in the Partnership's DRIP.
|
|
|
|
|
|
|
|
|
|
|
|
USA COMPRESSION PARTNERS, LP AND SUBSIDIARIES
|
|
FULL-YEAR 2015 ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
GUIDANCE RANGE
|
|
RECONCILIATION TO NET INCOME
|
|
(In millions – Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Guidance
|
|
Net income
|
|
|
|
$13.1 million to $24.1 million
|
|
Plus: Interest expense
|
|
|
|
$17.6 million to $18.6 million
|
|
Plus: Depreciation and amortization
|
|
|
|
$92.0 million
|
|
Plus: Income taxes
|
|
|
|
$0.2 million
|
|
EBITDA
|
|
|
|
$123.9 million to $133.9 million
|
|
Plus: Interest income on capital lease
|
|
|
|
$1.6 million
|
|
Plus: Unit-based compensation expense(1)
|
|
|
|
$4.5 million
|
|
Adjusted EBITDA
|
|
|
|
$130.0 million to $140.0 million
|
|
Less: Cash interest expense
|
|
|
|
$17.5 million to $18.5 million
|
|
Less: Income tax provision
|
|
|
|
$0.2 million
|
|
Less: Maintenance capital expenditures
|
|
|
|
$20.0 million
|
|
Distributable cash flow
|
|
|
|
$91.3 million to $102.3 million
|
|
|
|
|
|
|
|
(1) Based on the Partnership’s unit closing price as of December 31,
2014.
|
Source: USA Compression Partners, LP
USA Compression Partners, LP
Matthew C. Liuzzi,
512-369-1624
Chief Financial Officer
mliuzzi@usacompression.com
or
Mike
Lenox, 512-369-1632
VP of Finance
mlenox@usacompression.com
|
