Hi-Crush Partners LP (NYSE: HCLP), "Hi-Crush" or the "Partnership,"
today reported first quarter 2019 results. Revenues during the
first quarter of 2019 totaled $159.9 million, including volumes
sold of 2,411,262 tons. This compares to $162.2 million of revenues
during the fourth quarter of 2018, including volumes sold of
1,976,805 tons. The limited partners' interest in net loss was
$(6.2) million for the first quarter of 2019, resulting in basic
and diluted loss of $(0.06) per limited partner unit.
Earnings before interest, taxes, depreciation
and amortization adjusted for earnings from equity method
investments ("Adjusted EBITDA") was $16.2 million in the first
quarter of 2019 and was negatively impacted by $1.0 million of
expenses associated with the planned corporate conversion and other
business development costs. Adjusted EBITDA was $10.2 million for
the fourth quarter of 2018, including the impact of $4.7 million of
non-recurring business development and legal costs associated with
the acquisition of our sponsor and general partner, as well as
severance costs.
"During the quarter, we completed our major
capital projects on time and under budget, quickly ramped
production from our second Kermit facility, and meaningfully
increased our sales volumes to E&Ps to nearly two-thirds of the
total, despite negative impacts from extreme winter weather and
related Class 1 rail disruptions," said Robert E. Rasmus, Chairman
and Chief Executive Officer of Hi-Crush. "We continue to focus on
further developing our fully-integrated logistics platform,
including our recent acquisitions of the PropDispatch software and
Pronghorn Logistics, while continuing to maintain a strong balance
sheet position. We remain focused on building for long-term
success, serving our customers with the right platform, offering
the best products and services operated to the highest
standards."
First Quarter 2019 Results
Revenues during the first quarter of 2019
totaled $159.9 million, compared to $162.2 million in the fourth
quarter of 2018. Revenues from sales of frac sand were largely
unchanged at $115.1 million in the first quarter of 2019 compared
to $114.8 million in the fourth quarter 2018. The 22%
sequential increase in total volumes sold to 2.4 million tons was
primarily driven by the continued ramp of our second Kermit
facility, which began initial production in December 2018 and
achieved full production capability of 3.0 million tons per year in
March 2019. The increase in revenues from higher sales volumes
was offset by a decline in the average sales price to $48 per ton
in the first quarter of 2019, compared to $58 per ton in the fourth
quarter of 2018. The 17% quarterly decrease in average sales price
was driven by the previously announced contract pricing
renegotiations for sand produced from the Kermit facilities, as
well as by sales mix, as 46% of volumes sold during the first
quarter of 2019 were produced by the in-basin Kermit facilities,
which carry lower sales prices than volumes sold at the terminals
or the wellsite, as compared to 34% of volumes sold in the fourth
quarter of 2018.
Revenues associated with logistics services were
slightly higher sequentially at $38.2 million in the first quarter
of 2019, compared to $37.2 million in the fourth quarter of 2018.
The improvement reflects changes in transportation mileage and mix
of customers' well completions, offset by lower utilization of
container crews and silo systems in the first quarter. Revenues
also include $6.6 million in sales of logistics equipment in the
first quarter of 2019, compared to $10.3 million in the fourth
quarter of 2018.
Volumes sold directly to E&Ps represented
63% of the total in the first quarter of 2019, compared to 51% in
the fourth quarter of 2018. Of the total sales volumes reported in
the first quarter of 2019, 24% were sold at the wellsite through
PropStream®, compared to 36% in the fourth quarter of 2018, due to
a reduction in the utilization and number of container crews during
the first quarter of 2019.
Contribution margin was $12.19 per ton in the
first quarter of 2019, compared to $14.35 per ton in the fourth
quarter of 2018. The sequential decrease in contribution margin per
ton primarily resulted from lower average sales pricing, as well as
increased costs of purchased sand and related freight due to
operational issues faced by certain Class 1 railroads, which
limited shipments from the Partnership’s Wisconsin mines.
These impacts were partially offset by sequentially lower average
production costs per ton, as sales volumes increased for Northern
White and in-basin facilities, and the Kermit facilities
represented a greater percentage of overall sand production for the
Partnership.
"Our results in the first quarter reflect
ongoing industry challenges, but also evidence our ability to
derive immediate and long-term value from our new Kermit facility,
continue serving customers, and leverage our existing base of
assets and relationships with E&Ps," said Laura C. Fulton,
Chief Financial Officer of Hi-Crush. "Rail and weather impacts
increased overall costs during the quarter due to decreased
efficiency, while our previously announced renegotiated contract
pricing in West Texas also impacted contribution margin.
However, overall market conditions stabilized later in the first
quarter. Additional uplift from the fully ramped second Kermit
facility, operational Wyeville expansion, and lack of severe winter
weather are expected to support improved results in the second
quarter."
Operational Update
At the end of the first quarter of 2019,
Hi-Crush had 9 PropStream container crews active in the Permian
Basin and Marcellus / Utica plays, and 4 PropStream silo systems
operating in the Permian Basin.
"During the first quarter, our operations team
identified some opportunities to further enhance our silos to meet
the evolving needs of increasingly demanding well completions,"
said Mr. Rasmus. "We are retrofitting first generation silo
equipment with upgrades and additional technology that will better
serve our customers, and make a good system even better. Along with
these equipment enhancements and our investments in technology, we
continue to deploy additional Atlas topfill conveyors, which
represent a significant innovation in the industry, allowing for
quick unloading of hopper bottom trailers carrying up to 27 tons
per truckload at the wellsite and maximizing delivered volume per
truckload. The combined enhanced offering will greatly improve the
overall efficiency of trucking and logistics of sand for our
customers."
PropDispatch Software
Acquisition
During the first quarter of 2019, the
Partnership completed the acquisition of BulkTracer Holdings LLC,
the owner of logistics software system, PropDispatch.
PropDispatch is the last mile proppant management software of
choice for three of the largest oilfield service companies in the
U.S., and is utilized across every major shale basin of North
America.
"We are extremely excited about the strategic
acquisition of the PropDispatch software, which we expect to have a
meaningful impact on our business and to increase further the
efficiencies we are able to deliver to customers," said Ms. Fulton.
"Technology will be critical in continuing to improve the
efficiency of an increasingly complex logistics network. The
PropDispatch software is a tool we have used extensively in our
trucking logistics planning. Leveraging our team’s expertise, we
are making significant, low-cost enhancements to the
software. These enhancements will be rolled out to customers
over the remainder of 2019. Expanding the software’s
capabilities to include inventory management and better tracking of
sand throughout the supply chain will be of key importance in
optimizing our customers’ sand supply needs."
Pronghorn Logistics, LLC
Acquisition
In May 2019, Hi-Crush acquired the remaining 34%
ownership interest in Proppant Logistics LLC, which owns Pronghorn
Logistics, LLC ("Pronghorn"), a leading provider of end-to-end
proppant logistics services to E&Ps. The acquisition expands
each company’s capabilities across the supply chain, and widens the
area of operations for each company to new basins. With the
Partnership’s acquisition of Pronghorn, the companies’ combined
last mile operations now provide logistics solutions for customers
in every major oil and gas basin in the United States.
"The purchase of Pronghorn is a natural
extension of our logistics-focused strategy," said Mr. Rasmus.
"Working with an innovative, execution-focused team that has proven
operational success across multiple basins with a blue-chip E&P
customer base will enable Hi-Crush to immediately serve new and
legacy customers in new regions and in new ways. Importantly, our
integration of Pronghorn will be aided by their extensive
experience with, and utilization of, PropDispatch in their
operations. This will create synergies as we expand and improve the
software for use across our platform. Further, this agreement
instantly forms a network of last mile solutions that serve the
Permian, Eagle Ford, Marcellus, Utica, Powder River, Mid-Con and
Bakken regions, with the ability to share and leverage experience
and best practices from both companies to even more efficiently
serve customers. I look forward to working with the Pronghorn team
and continuing to develop creative solutions for our
customers."
Liquidity and Capital
Expenditures
As of March 31, 2019, the Partnership had
$444.0 million of long-term debt outstanding, no borrowings under
its senior secured revolving credit facility (the "ABL Facility"),
and was in compliance with the covenants under the ABL
Facility. As of March 31, 2019, Hi-Crush had $60.4
million of cash and $55.2 million in available borrowing capacity
under the ABL Facility, resulting in total liquidity of $115.6
million.
"Our balance sheet remains very well-positioned
to support ongoing strategic and accretive initiatives, while
maintaining strong liquidity and flexibility," said Ms. Fulton.
"Our adoption of the new lease accounting standard as of January 1,
2019 was contemplated in our debt financings completed in August
2018. The resulting implementation in our balance sheet has no
impact on our debt agreements, ability to borrow or defined
covenants in our agreements."
Capital expenditures are comprised of three
primary components, including 2018 carryover growth capex, 2019
growth capex, and maintenance capex. Capital expenditures for the
first quarter of 2019 totaled $40.3 million, primarily associated
with $25.2 million of 2018 carryover growth capex from construction
projects associated with completion of our second Kermit facility
and expansion at our Wyeville facility. Remaining 2018
carryover growth capex for Wyeville is expected to be in the range
of $5 to $10 million to be spent in the second quarter of 2019,
resulting in an expected total of $30 to $35 million in 2018
carryover growth capex to be spent in 2019. These expansion
initiatives were fully funded in 2018.
In addition, the Partnership spent $4.0 million
on maintenance capex projects during the first quarter of 2019. For
the full year 2019, maintenance capex is currently expected to
range between $20 and $25 million.
The Partnership also invested $11.1 million
related to 2019 growth capex during the first quarter of 2019,
primarily related to spending on logistics assets, including new
Atlas topfill conveyor systems and trailers. For the full year,
2019 growth capex, including upgrades to the current silo systems
and the PropDispatch enhancements, is expected to range between $30
and $40 million.
"We continue to focus our capex dollars on
solutions that provide value to our customers," said Ms.
Fulton. "We are pleased that both the construction of the
second Kermit facility and the expansion of Wyeville were under
budget and completed in time to meet our customers' demand for
quality frac sand. Our 2019 growth capex is focused on our last
mile PropStream services and will be invested as market demand
warrants, and as customers need more equipment to meet their
evolving and expanding needs for wellsite proppant management."
Corporate Conversion Update
On February 20, 2019, the Partnership filed a
definitive proxy statement with the Securities and Exchange
Commission ("SEC"). The proxy statement related to a special
meeting of unitholders on April 11, 2019 that was adjourned and
will reconvene on May 22, 2019, at which time unitholders will be
asked to consider and vote on the proposed conversion of the
Partnership from a Delaware limited partnership to a Delaware
corporation (the "Conversion") and related proposals, including to
approve the Hi-Crush Inc. Long-Term Incentive Plan to be in effect
following the consummation of the Conversion (the "LTIP
Proposal").
"We appreciate all of the unitholders who have
cast their votes to date, and we are pleased with the result so
far, which is overwhelmingly in favor of the Conversion and the
LTIP Proposal," said Mr. Rasmus. "The timing remains on track to
effect the Conversion by the end of the second quarter of
2019."
Outlook
For the second quarter of 2019, the Partnership
expects total sales volumes to be in a range of 2.5 to 2.7 million
tons, with full-quarter contribution from our second Kermit
facility, which achieved full production capability in March
2019. Northern White sand will contribute increased volumes
from the Wyeville expansion related to the new E&P contracts
previously announced, but could be impacted based on our customers’
current completion programs and job timing.
Sales prices are expected to be largely
unchanged in the second quarter of 2019, along with a modest ramp
in overall completions activity, as E&Ps manage capital
allocation over the course of the year.
"We anticipate deploying more than 30 PropStream
silo systems over the next few quarters, through equipment leases
and fully-integrated services, with half of those silo systems
using Atlas topfill conveyors, and also expect to increase the
number of PropStream container systems," said Mr. Rasmus.
"The market for frac sand remains challenging, but has recently
displayed signs of stabilization and improvement, in part due to an
improved macro environment. In this context, we are bringing
together a platform of equipment, services and technology unmatched
in the marketplace, to provide the reliable supply of sand and last
mile logistics services needed by our customers.
"The relationships we have with our E&P
customers are the catalyst for our development of innovative
solutions for their increasingly complex needs, while our financial
strength and flexibility allow us to ensure an efficient ongoing
roll-out," continued Mr. Rasmus. "We are excited about the
opportunities in front of us, especially as we integrate the
Pronghorn team and further develop the PropDispatch technology to
meet the needs of mass manufacturing-style frac operations. Our
actions reflect our commitment to our long-term strategy, built to
provide long-term structural success and returns for our
investors."
Conference Call
On Wednesday, May 8, 2019, Hi-Crush will
hold a conference call for investors at 7:30 a.m. Central Time
(8:30 a.m. Eastern Time) to discuss Hi-Crush’s first quarter 2019
results. Hosting the call will be Robert E. Rasmus, Chairman and
Chief Executive Officer, and Laura C. Fulton, Chief Financial
Officer. The call can be accessed live over the telephone by
dialing (877) 407-0789, or for international callers, (201)
689-8562. A replay will be available shortly after the call and can
be accessed by dialing (844) 512-2921, or for international
callers, (412) 317-6671. The passcode for the replay is 13689209.
The replay will be available until May 22, 2019.
Interested parties may also listen to a
simultaneous webcast of the conference call by logging onto
Hi-Crush’s website at www.hicrush.com under the Investors
Relations-Event Calendar and Presentations section. A replay of the
webcast will also be available for approximately 30 days following
the call. The slide presentation to be referenced on the call will
also be on Hi-Crush’s website at www.hicrush.com under the
Investors Relations-Event Calendar and Presentations section.
Non-GAAP Financial Measures
This news release and the accompanying schedules
include the non-GAAP financial measure of EBITDA, Adjusted EBITDA,
distributable cash flow and contribution margin, which may be used
periodically by management when discussing our financial results
with investors and analysts. The accompanying schedules of this
news release provide reconciliations of these non-GAAP financial
measures to their most directly comparable financial measures
calculated and presented in accordance with generally accepted
accounting principles in the United States of America ("GAAP").
We define EBITDA as net income plus
depreciation, depletion and amortization and interest expense, net
of interest income. We define Adjusted EBITDA as EBITDA, adjusted
for any non-cash impairments of long-lived assets and goodwill,
earnings (loss) from equity method investments and loss on
extinguishment of debt. We define distributable cash flow as
Adjusted EBITDA less cash paid for interest expense, net accruals
and maintenance and replacement capital expenditures, including
accrual for reserve replacement, plus accretion of asset retirement
obligations and non-cash unit-based compensation. We use
distributable cash flow as a performance metric to compare cash
generating performance of the Partnership from period to period and
to compare the cash generating performance for specific periods to
the cash distributions (if any) that are expected to be paid to our
unitholders. Distributable cash flow will not reflect changes
in working capital balances.
We use contribution margin, which we define as
total revenues less costs of goods sold excluding depreciation,
depletion and amortization, to measure our financial and operating
performance. Contribution margin excludes other operating expenses
and income, including costs not directly associated with the
operations of our business such as accounting, human resources,
information technology, legal, sales and other administrative
activities.
EBITDA, Adjusted EBITDA, distributable cash flow
and contribution margin are presented as management believes the
data provides a measure of operating performance that is unaffected
by historical cost basis and provides additional information and
metrics relative to the performance of our business.
About Hi-Crush
Hi-Crush is a fully integrated, strategic
provider of proppant and logistics solutions to the North American
petroleum industry. We provide mine-to-wellsite logistics services
that optimize proppant supply to customers in all major oil and gas
basins in the United States, and own and operate multiple frac sand
mining facilities and in-basin terminals. Our PropStream service,
offering both container- and silo-based wellsite delivery and
storage systems, provides the highest level of flexibility, safety
and efficiency in managing the full scope and value of the proppant
supply chain. Visit HiCrush.com.
Forward-Looking Statements
Some of the information in this news release may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Forward-looking statements give our current expectations,
and contain projections of results of operations or of financial
condition, or forecasts of future events. Words such as "may,"
"should," "assume," "forecast," "position," "predict," "strategy,"
"expect," "intend," "hope," "plan," "estimate," "anticipate,"
"could," "believe," "project," "budget," "potential," "likely," or
"continue," and similar expressions are used to identify
forward-looking statements. They can be affected by assumptions
used or by known or unknown 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 Hi-Crush’s reports filed
with the SEC, including those described under Item 1A of Hi-Crush’s
Form 10-K for the year ended December 31, 2018 and any
subsequently filed 10-Q. Actual results may vary materially. You
are cautioned not to place undue reliance on any forward-looking
statements. You should also understand that it is not possible to
predict or identify all such factors and should not consider the
risk factors in our reports filed with the SEC or the following
list to be a complete statement of all potential risks and
uncertainties. Factors that could cause our actual results to
differ materially from the results contemplated by such forward
looking statements include: the volume of frac sand we are able to
sell; the price at which we are able to sell frac sand; the outcome
of any pending litigation, claims or assessments, including
unasserted claims; changes in the price and availability of natural
gas or electricity; changes in prevailing economic conditions;
difficulty collecting receivables; statements regarding the
Conversion; descriptions of our operations and anticipated future
performance following the Conversion; and the risk that we may be
unable to obtain unitholder approval for the Conversion or achieve
expected benefits of the Conversion, or that it may take longer
than expected to achieve those benefits. All forward-looking
statements are expressly qualified in their entirety by the
foregoing cautionary statements. Hi-Crush’s forward-looking
statements speak only as of the date made and Hi-Crush undertakes
no obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
Investor contact:Caldwell
Bailey, Lead Investor Relations AnalystMarc Silverberg,
ICRir@hicrush.com(713) 980-6270
Unaudited Condensed Consolidated Statements of
Operations(Amounts in thousands, except per unit
amounts)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
2019 |
|
2018 (a) |
|
2018 |
Revenues |
$ |
159,910 |
|
|
$ |
218,113 |
|
|
$ |
162,235 |
|
Cost of goods sold (excluding
depreciation, depletion and amortization) |
130,522 |
|
|
141,983 |
|
|
133,877 |
|
Depreciation, depletion and
amortization |
11,272 |
|
|
7,799 |
|
|
9,762 |
|
Gross profit |
18,116 |
|
|
68,331 |
|
|
18,596 |
|
Operating costs and
expenses: |
|
|
|
|
|
General and administrative expenses |
12,613 |
|
|
10,943 |
|
|
16,982 |
|
Depreciation and amortization |
1,676 |
|
|
525 |
|
|
1,457 |
|
Accretion of asset retirement obligations |
129 |
|
|
126 |
|
|
125 |
|
Other operating expenses, net |
431 |
|
|
999 |
|
|
1,072 |
|
Income (loss) from operations |
3,267 |
|
|
55,738 |
|
|
(1,040 |
) |
Other income (expense): |
|
|
|
|
|
Earnings from equity method investments |
1,116 |
|
|
1,166 |
|
|
1,250 |
|
Interest expense |
(10,590 |
) |
|
(3,473 |
) |
|
(10,140 |
) |
Net income (loss) |
$ |
(6,207 |
) |
|
$ |
53,431 |
|
|
$ |
(9,930 |
) |
Earnings (loss) per limited
partner unit: |
|
|
|
|
|
Basic |
$ |
(0.06 |
) |
|
$ |
0.60 |
|
|
$ |
(0.08 |
) |
Diluted |
$ |
(0.06 |
) |
|
$ |
0.59 |
|
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
- Financial information has been recast to include the results
attributable to our sponsor and general partner.
Unaudited EBITDA, Adjusted EBITDA and Distributable Cash
Flow(Amounts in thousands)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2018 |
Reconciliation of
distributable cash flow to net income (loss): |
|
|
|
|
|
Net income (loss) |
$ |
(6,207 |
) |
|
$ |
53,431 |
|
|
$ |
(9,930 |
) |
Depreciation and depletion expense |
11,500 |
|
|
7,903 |
|
|
9,901 |
|
Amortization expense |
1,448 |
|
|
421 |
|
|
1,318 |
|
Interest expense |
10,590 |
|
|
3,473 |
|
|
10,140 |
|
EBITDA |
17,331 |
|
|
65,228 |
|
|
11,429 |
|
Earnings from equity method investments |
(1,116 |
) |
|
(1,166 |
) |
|
(1,250 |
) |
Adjusted EBITDA |
16,215 |
|
|
64,062 |
|
|
10,179 |
|
Less: Cash interest paid, net accruals |
(10,181 |
) |
|
(3,278 |
) |
|
(9,738 |
) |
Less: Maintenance and replacement capital expenditures, including
accrual for reserve replacement (a) |
(4,864 |
) |
|
(4,675 |
) |
|
(3,718 |
) |
Add: Accretion of asset retirement obligations |
129 |
|
|
126 |
|
|
125 |
|
Add: Unit-based compensation |
1,578 |
|
|
1,801 |
|
|
1,931 |
|
Distributable cash flow |
2,877 |
|
|
58,036 |
|
|
(1,221 |
) |
Adjusted for: Distributable cash flow attributable to assets
contributed from the sponsor, prior to the period in which the
contribution occurred (b) |
— |
|
|
414 |
|
|
2,171 |
|
Distributable cash flow
attributable to Hi-Crush Partners LP |
2,877 |
|
|
58,450 |
|
|
950 |
|
Less: Distributable cash flow attributable to the holder of
incentive distribution rights |
— |
|
|
(2,047 |
) |
|
— |
|
Distributable cash flow attributable to limited partner
unitholders |
$ |
2,877 |
|
|
$ |
56,403 |
|
|
$ |
950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Maintenance and replacement capital expenditures, including
accrual for reserve replacement, were determined based on an
estimated reserve replacement cost of $1.85 per ton produced and
delivered through December 31, 2018. Effective January 1,
2019 we revised our estimated reserve replacement cost to $2.10 per
ton produced and delivered as a result of completion of
construction of the second Kermit facility. Such expenditures
include those associated with the replacement of equipment and sand
reserves, to the extent that such expenditures are made to maintain
our long-term operating capacity. The amount presented does
not represent an actual reserve account or requirement to spend the
capital.
- The Partnership's historical financial information has been
recast to consolidate our sponsor and general partner for the
periods leading up to their contribution into the
Partnership. For purposes of calculating distributable cash
flow attributable to Hi-Crush Partners LP, the Partnership excludes
the incremental amount of recast distributable cash flow earned
during the periods prior to the contribution.
Unaudited Condensed Consolidated Cash Flow
Information(Amounts in thousands)
|
Three Months Ended |
|
March 31, |
|
2019 |
|
2018 (a) |
Operating activities |
$ |
(8,607 |
) |
|
$ |
70,635 |
|
Investing activities |
(43,478 |
) |
|
(9,391 |
) |
Financing activities |
(1,780 |
) |
|
(54,623 |
) |
Effects of exchange rate on
cash |
13 |
|
|
— |
|
Net change in cash |
$ |
(53,852 |
) |
|
$ |
6,621 |
|
|
|
|
|
|
|
|
|
- Financial information has been recast to include the results
attributable to our sponsor and general partner.
Unaudited Condensed Consolidated Balance
Sheets(Amounts in thousands, except unit amounts)
|
March 31, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
60,404 |
|
|
$ |
114,256 |
|
Accounts receivable, net |
97,264 |
|
|
101,029 |
|
Inventories |
44,400 |
|
|
57,089 |
|
Prepaid expenses and other current assets |
12,482 |
|
|
13,239 |
|
Total current assets |
214,550 |
|
|
285,613 |
|
Property, plant and equipment,
net |
1,042,350 |
|
|
1,031,188 |
|
Operating lease right-of-use
assets |
128,467 |
|
|
— |
|
Goodwill and intangible assets,
net |
72,090 |
|
|
71,575 |
|
Equity method investments |
39,254 |
|
|
37,354 |
|
Other assets |
2,760 |
|
|
8,108 |
|
Total assets |
$ |
1,499,471 |
|
|
$ |
1,433,838 |
|
Liabilities and Partners’
Capital |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
33,635 |
|
|
$ |
71,039 |
|
Accrued and other current liabilities |
44,796 |
|
|
61,337 |
|
Current portion of deferred revenues |
26,950 |
|
|
19,940 |
|
Current portion of long-term debt |
1,147 |
|
|
2,194 |
|
Current portion of operating lease liabilities |
33,609 |
|
|
— |
|
Total current liabilities |
140,137 |
|
|
154,510 |
|
Deferred revenues |
7,454 |
|
|
9,845 |
|
Long-term debt |
442,901 |
|
|
443,283 |
|
Operating lease liabilities |
85,300 |
|
|
— |
|
Asset retirement obligations |
10,806 |
|
|
10,677 |
|
Other liabilities |
8,231 |
|
|
8,276 |
|
Total liabilities |
694,829 |
|
|
626,591 |
|
Commitments and
contingencies |
|
|
|
Partners' capital: |
|
|
|
Limited partners interest, 101,105,766 and 100,874,988 units
outstanding, respectively |
807,148 |
|
|
811,477 |
|
Accumulated other comprehensive loss |
(2,506 |
) |
|
(4,230 |
) |
Total partners’ capital |
804,642 |
|
|
807,247 |
|
Total liabilities and partners' capital |
$ |
1,499,471 |
|
|
$ |
1,433,838 |
|
|
|
|
|
|
|
|
|
Unaudited Per Ton Operating Activity(Amounts in
thousands, except tons and per ton amounts)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2018 |
Sand sold |
2,411,262 |
|
|
2,617,627 |
|
|
1,976,805 |
|
Sand produced and delivered |
2,316,225 |
|
|
2,527,037 |
|
|
2,009,855 |
|
Contribution margin |
$ |
29,388 |
|
|
$ |
76,130 |
|
|
$ |
28,358 |
|
Contribution margin per ton
sold |
$ |
12.19 |
|
|
$ |
29.08 |
|
|
$ |
14.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Net Income per Limited Partner
Unit(Amounts in thousands, except units and per unit
amounts)
The following table provides a reconciliation of net loss and
the basic and diluted, weighted average limited partner units
outstanding for purposes of computing net loss per limited partner
unit for the three months ended March 31, 2019:
|
|
|
|
Net loss |
$ |
(6,207 |
) |
|
|
Basic weighted average common
units outstanding |
101,017,441 |
|
Potentially dilutive common
units |
— |
|
Diluted weighted average common
units outstanding |
101,017,441 |
|
|
|
Loss per limited partner unit -
basic |
$ |
(0.06 |
) |
Loss per limited partner unit -
diluted |
$ |
(0.06 |
) |
|
|
|
|
The following table provides a reconciliation of
net income, the assumed allocation of net income and the basic and
diluted, weighted average limited partner units outstanding under
the two-class method for purposes of computing net income per
limited partner unit for the three months ended March 31,
2018:
|
|
GeneralPartner andIDRs |
|
LimitedPartner Units |
|
Total |
Declared distribution |
$ |
— |
|
|
$ |
19,888 |
|
|
$ |
19,888 |
|
Assumed allocation of earnings in
excess of distributions |
854 |
|
|
32,689 |
|
|
33,543 |
|
Add back recast losses
attributable to our sponsor and general partner |
— |
|
|
518 |
|
|
518 |
|
Assumed allocation of net
income |
$ |
854 |
|
|
$ |
53,095 |
|
|
$ |
53,949 |
|
|
|
|
|
|
|
Basic weighted average common
units outstanding |
|
|
88,870,379 |
|
|
|
Potentially dilutive common
units |
|
|
1,302,939 |
|
|
|
Diluted weighted average common
units outstanding |
|
|
90,173,318 |
|
|
|
|
|
|
|
|
|
Earnings per limited partner unit
- basic |
|
|
$ |
0.60 |
|
|
|
Earnings per limited partner unit
- diluted |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
|
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