Archrock Partners, L.P. (NASDAQ:APLP) today reported net income
of $2.6 million, or $0.04 per diluted common unit, for
the fourth quarter of 2017, compared to a net loss of $4.0
million, or $0.06 per diluted common unit, for the third
quarter of 2017 and a net loss of $14.0 million, or $0.22 per
diluted common unit, for the fourth quarter of 2016. Net loss
was $0.4 million, or $0.01 per diluted common unit, for 2017,
compared with a net loss of $10.8 million, or $0.18 per diluted
common unit, for 2016.
EBITDA, as adjusted (as defined below), was $63.6
million for the fourth quarter 2017, compared to $59.9
million for the third quarter 2017 and $69.0
million for the fourth quarter 2016. EBITDA, as adjusted,
was $251.6 million for 2017, compared to $277.6
million for 2016.
|
|
|
|
|
|
|
|
|
|
|
(in thousands, except
percentages and ratios) |
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,633 |
|
|
$ |
(4,013 |
) |
|
$ |
(14,021 |
) |
|
$ |
(421 |
) |
|
$ |
(10,757 |
) |
EBITDA, as
adjusted |
|
$ |
63,632 |
|
|
$ |
59,885 |
|
|
$ |
69,004 |
|
|
$ |
251,559 |
|
|
$ |
277,552 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
141,762 |
|
|
$ |
140,191 |
|
|
$ |
135,406 |
|
|
$ |
557,503 |
|
|
$ |
562,360 |
|
Gross margin
percentage |
|
|
60 |
% |
|
|
55 |
% |
|
|
62 |
% |
|
|
59 |
% |
|
|
63 |
% |
Gross margin |
|
$ |
85,263 |
|
|
$ |
77,607 |
|
|
$ |
84,019 |
|
|
$ |
328,148 |
|
|
$ |
352,949 |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and
administrative |
|
$ |
22,710 |
|
|
$ |
20,711 |
|
|
$ |
18,380 |
|
|
$ |
82,035 |
|
|
$ |
79,717 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities |
|
$ |
42,161 |
|
|
$ |
38,414 |
|
|
$ |
39,328 |
|
|
$ |
179,333 |
|
|
$ |
213,029 |
|
Distributable cash
flow |
|
$ |
33,817 |
|
|
$ |
29,809 |
|
|
$ |
41,325 |
|
|
$ |
137,139 |
|
|
$ |
175,696 |
|
Distributable cash flow
coverage |
|
|
1.65x |
|
|
|
1.46x |
|
|
|
2.16x |
|
|
|
1.70x |
|
|
|
2.45x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total available
horsepower (at period end) |
|
|
3,290 |
|
|
|
3,296 |
|
|
|
3,290 |
|
|
|
|
|
Total operating
horsepower (at period end) |
|
|
2,956 |
|
|
|
2,910 |
|
|
|
2,874 |
|
|
|
|
|
Horsepower utilization
spot (at period end) |
|
|
90 |
% |
|
|
88 |
% |
|
|
87 |
% |
|
|
|
|
|
|
|
|
|
|
|
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|
“Archrock Partners posted solid operating performance in the
fourth quarter,” said Brad Childers, Chairman, President and Chief
Executive Officer of Archrock Partners’ managing general partner.
“During the quarter, Archrock Partners grew operating horsepower by
46,000 horsepower while efficiently managing start-up and
make-ready expenses. Our outstanding execution drove a substantial
increase in profitability from the third quarter. For full year
2017, Archrock Partners grew operating horsepower by 82,000
horsepower and drove new orders at elevated levels throughout the
year.”
“We are entering 2018 with a record backlog of new starts. Our
focus in the coming year will be on the profitable execution of our
growth plans, as well as closing the merger of Archrock and
Archrock Partners to further strengthen our platform,” continued
Childers. “In the first quarter of 2018, we implemented a price
increase on the eligible portion of our installed base of
horsepower and we have seen a substantial recovery in spot pricing,
especially on large horsepower applications. During 2018, Archrock
and Archrock Partners together expect to invest $200 to $220
million of growth capital into high demand large horsepower units
to meet our customers’ needs. We expect that the efficient
execution of our operations, recovering prices, and meaningful
investment into our fleet will translate into improved earnings in
2018.”
“In addition, the Energy Information Administration has
forecasted that 2018 will have the largest increase in
year-over-year growth of U.S. natural gas production on record,
with additional growth into the next decade. Based on this forecast
and initial production estimates for 2017, it appears that the
leading edge of a substantial growth period for U.S. natural
production has arrived. We believe U.S. natural gas production
growth will drive demand for our services, and we intend to
profitably capture this opportunity,” concluded Childers.
Net income, excluding the item listed in the following sentence,
for the fourth quarter of 2017 was $7.1 million, or $0.10 per
diluted common unit. The excluded item consisted of a non-cash
long-lived asset impairment charge of $4.4 million. Net income,
excluding the item listed in the following sentence, for the third
quarter of 2017 was $1.4 million, or $0.02 per diluted common unit.
The excluded item consisted of a non-cash long-lived asset
impairment charge of $5.4 million. Net income, excluding the items
listed in the following sentence, for the fourth quarter of 2016
was $10.1 million, or $0.16 per diluted common unit. The excluded
items consisted of a non-cash long-lived asset impairment charge of
$23.8 million as well as restructuring charges and expensed
acquisition costs totaling $0.4 million.
Net income, excluding the items listed in the following
sentence, for 2017 was $19.0 million, or $0.27 per diluted common
unit. The excluded items consisted of a non-cash long-lived asset
impairment charge of $19.1 million and debt extinguishment costs of
$0.3 million. Net income, excluding the items listed in the
following sentence, for 2016 was $43.3 million, or $0.70 per
diluted common unit. The excluded items consisted of a non-cash
long-lived asset impairment charge of $46.3 million, restructuring
charges of $7.3 million and expensed acquisition costs of $0.5
million.
Conference Call
Details
Archrock, Inc. and Archrock Partners, L.P. will host a joint
conference call on Thursday, Feb. 22, 2018, to discuss their fourth
quarter 2017 financial results. The call will begin at 11:00 a.m.
Eastern Time.
To listen to the call via a live webcast, please visit
Archrock’s website at www.archrock.com. The call will also be
available by dialing 1-888-771-4371 in the United States and Canada
or +1-847-585-4405 for international calls. Please call
approximately 15 minutes prior to the scheduled start time and
reference Archrock conference call number 4635 4672.
A replay of the conference call will be available on Archrock’s
website for approximately seven days. Also, a replay may be
accessed by dialing 1-888-843-7419 in the United States and Canada,
or +1-630-652-3042 for international calls. The access code is 4635
4672#.
EBITDA, as adjusted, a non-GAAP measure, is defined as net
income (loss) excluding income taxes, interest expense,
depreciation and amortization, long-lived asset impairment,
restructuring charges, expensed acquisition costs, debt
extinguishment costs, non-cash SG&A costs and other items. A
reconciliation of EBITDA, as adjusted, to net income (loss), the
most directly comparable GAAP measure, appears below.
Distributable cash flow, a non-GAAP measure, is defined as net
income (loss) (a) plus depreciation and amortization, long-lived
asset impairment, restructuring charges, expensed acquisition
costs, non-cash SG&A costs, debt extinguishment costs and
interest expense (b) less cash interest expense (excluding
amortization of deferred financing fees, amortization of debt
discount and non-cash transactions related to interest rate swaps)
and maintenance capital expenditures and (c) excluding gains or
losses on asset sales and other items. Distributable cash flow
coverage is defined as distributable cash flow divided by total
distributions declared. A reconciliation of distributable cash flow
to cash flows from operating activities, the most directly
comparable GAAP measure, appears below.
Gross margin, a non-GAAP measure, is defined as total revenue
less cost of sales (excluding depreciation and amortization
expense). Gross margin percentage is defined as gross margin
divided by total revenue. A reconciliation of gross margin to net
income (loss), the most directly comparable GAAP measure, appears
below.
Net income (loss), excluding items, a non-GAAP measure, is
defined as net income (loss) plus long-lived asset impairment,
restructuring charges, expensed acquisition costs and debt
extinguishment costs. A reconciliation of net income (loss),
excluding items, to net income (loss), the most directly comparable
GAAP measure, appears below.
About Archrock Partners
Archrock Partners, L.P., a master limited partnership, is the
leading provider of natural gas contract compression services to
customers throughout the United States. Archrock, Inc. (NYSE:AROC)
owns an equity interest in Archrock Partners, including all of the
general partner interest. For more information, visit
www.archrock.com.
Forward-Looking Statements
All statements in this release (and oral statements made
regarding the subjects of this release) other than historical facts
are forward-looking statements within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
Archrock and Archrock Partners, which could cause actual results to
differ materially from such statements. Forward-looking information
includes, but is not limited to: about the anticipated completion
of the proposed merger and the timing thereof; Archrock’s
dividends; Archrock’s financial and operational strategies and
ability to successfully effect those strategies; Archrock’s
expectations regarding future commodity prices, demand for natural
gas and economic and market conditions; demand for Archrock’s
services; and Archrock’s financial and operational outlook and
ability to fulfill that outlook, including as related to increasing
operating horsepower and gross margin percentage.
While Archrock and Archrock Partners believe that the
assumptions concerning future events are reasonable, they caution
that there are inherent difficulties in predicting certain
important factors that could impact the future performance or
results of their businesses. Among the factors that could cause
results to differ materially from those indicated by such
forward-looking statements are: the failure to realize the
anticipated costs savings, synergies and other benefits of the
transaction; the possible diversion of management time on
transaction-related issues; the risk that the requisite approvals
to complete the transaction are not obtained; local, regional and
national economic conditions and the impact they may have on
Archrock, Archrock Partners and their customers; changes in tax
laws that impact master limited partnerships; conditions in the oil
and gas industry, including a sustained decrease in the level of
supply or demand for oil or natural gas or a sustained decrease in
the price of oil or natural gas; the financial condition of
Archrock’s or Archrock Partners’ customers; any non-performance by
customers of their contractual obligations; changes in customer,
employee or supplier relationships resulting from the transaction;
changes in safety, health, environmental and other regulations; the
results of any reviews, investigations or other proceedings by
government authorities; the results of any shareholder actions that
may be filed relating to the restatement of Archrock’s financial
statements; the potential additional costs relating to Archrock’s
restatement, cost-sharing with Exterran Corporation and to
addressing any reviews, investigations or other proceedings by
government authorities or shareholder actions; and the performance
of Archrock Partners.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in each of Archrock’s and Archrock
Partners’ Annual Reports on Form 10-K for the year ended December
31, 2016, and those set forth from time to time in each party’s
filings with the Securities and Exchange Commission (the “SEC”),
which are available at www.archrock.com. Except as required by law,
Archrock and Archrock Partners expressly disclaim any intention or
obligation to revise or update any forward-looking statements
whether as a result of new information, future events or
otherwise.
No Offer or Solicitation
This release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities pursuant to the transaction or otherwise, nor shall
there be any sale of securities in any jurisdiction in which the
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
Important Additional Information Regarding the
Transaction Will Be Filed With the SEC In connection with
the proposed transaction, on February 5, 2018, Archrock filed with
the SEC a registration statement on Form S-4, including a joint
proxy statement/prospectus of Archrock and Archrock Partners.
INVESTORS AND SECURITY HOLDERS OF ARCHROCK AND ARCHROCK PARTNERS
ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND JOINT
PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS THERETO) BECAUSE THEY CONTAIN IMPORTANT INFORMATION
ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS
ASSOCIATED WITH THE TRANSACTION. A definitive joint proxy
statement/prospectus will be sent to security holders of Archrock
and Archrock Partners in connection with the Archrock shareholder
meeting and the Archrock Partners unitholder meeting.
Investors and security holders may obtain a free copy of the joint
proxy statement/prospectus (when available) and other relevant
documents filed by Archrock and Archrock Partners with the SEC from
the SEC’s website at www.sec.gov. Security holders and other
interested parties will also be able to obtain, without charge, a
copy of the joint proxy statement/prospectus and other relevant
documents (when available) from www.archrock.com under the tab
“Investors” and then under the heading “SEC Filings.” Security
holders may also read and copy any reports, statements and other
information filed with the SEC at the SEC public reference room at
100 F Street N.E., Room 1580, Washington D.C. 20549. Please call
the SEC at (800) 732-0330 or visit the SEC’s website for further
information on its public reference room.
Participants in the Solicitation Archrock,
Archrock Partners and their respective directors, executive
officers and certain other members of management may be deemed to
be participants in the solicitation of proxies from their
respective security holders with respect to the transaction.
Information about these persons is set forth in Archrock’s proxy
statement relating to its 2017 Annual Meeting of Stockholders,
which was filed with the SEC on March 14, 2017, and Archrock
Partners’ Annual Report on Form 10-K for the year ended December
31, 2016, which was filed with the SEC on February 23, 2017, and
subsequent statements of changes in beneficial ownership on file
with the SEC. Security holders and investors may obtain
additional information regarding the interests of such persons,
which may be different than those of the respective companies’
security holders generally, by reading the joint proxy
statement/prospectus and other relevant documents regarding the
transaction, which will be filed with the SEC.
|
ARCHROCK PARTNERS, L.P. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per unit
amounts) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31,
2017 |
|
September 30, 2017 |
|
December 31,
2016 |
|
December 31,
2017 |
|
December 31,
2016 |
|
|
|
|
|
Revenue |
$ |
141,762 |
|
|
$ |
140,191 |
|
|
$ |
135,406 |
|
|
$ |
557,503 |
|
|
$ |
562,360 |
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Cost of
sales (excluding depreciation and amortization) — affiliates |
56,499 |
|
|
62,584 |
|
|
51,387 |
|
|
229,355 |
|
|
209,411 |
|
Selling,
general and administrative — affiliates |
22,710 |
|
|
20,711 |
|
|
18,380 |
|
|
82,035 |
|
|
79,717 |
|
Depreciation and amortization |
34,901 |
|
|
35,787 |
|
|
37,790 |
|
|
143,848 |
|
|
153,741 |
|
Long-lived asset impairment |
4,447 |
|
|
5,368 |
|
|
23,751 |
|
|
19,106 |
|
|
46,258 |
|
Restructuring charges |
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
7,309 |
|
Interest
expense |
20,930 |
|
|
21,839 |
|
|
19,774 |
|
|
84,291 |
|
|
77,863 |
|
Debt
extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
Other
income, net |
(770 |
) |
|
(2,793 |
) |
|
(2,614 |
) |
|
(4,384 |
) |
|
(2,594 |
) |
Total
costs and expenses |
138,717 |
|
|
143,496 |
|
|
148,484 |
|
|
554,542 |
|
|
571,705 |
|
Income (loss) before
income taxes |
3,045 |
|
|
(3,305 |
) |
|
(13,078 |
) |
|
2,961 |
|
|
(9,345 |
) |
Provision for income
taxes |
412 |
|
|
708 |
|
|
943 |
|
|
3,382 |
|
|
1,412 |
|
Net income (loss) |
$ |
2,633 |
|
|
$ |
(4,013 |
) |
|
$ |
(14,021 |
) |
|
$ |
(421 |
) |
|
$ |
(10,757 |
) |
|
|
|
|
|
|
|
|
|
|
General partner
interest in net income (loss) |
$ |
54 |
|
|
$ |
(82 |
) |
|
$ |
(279 |
) |
|
$ |
(9 |
) |
|
$ |
(213 |
) |
Common unitholder
interest in net income (loss) |
$ |
2,579 |
|
|
$ |
(3,931 |
) |
|
$ |
(13,742 |
) |
|
$ |
(412 |
) |
|
$ |
(10,544 |
) |
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common unit (1): |
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average common
units outstanding used in income (loss) per common unit (1): |
|
|
|
|
|
|
|
|
|
Basic and diluted |
70,021 |
|
|
68,101 |
|
|
62,400 |
|
|
67,237 |
|
|
60,450 |
|
(1) Basic and diluted income (loss)
per common unit is computed using the two-class method. Under the
two-class method, basic and diluted income (loss) per common unit
is determined by dividing income (loss) allocated to the common
units after deducting the amounts allocated to our general partner
and participating securities (unvested phantom units with
nonforfeitable tandem distribution equivalent rights to receive
cash distributions), by the weighted average number of outstanding
common units excluding the weighted average number of outstanding
participating securities during the period.
ARCHROCK PARTNERS, L.P. |
UNAUDITED SUPPLEMENTAL
INFORMATION |
(In thousands, except per unit amounts,
percentages and ratios) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
Revenue |
$ |
141,762 |
|
|
$ |
140,191 |
|
|
$ |
135,406 |
|
|
$ |
557,503 |
|
|
$ |
562,360 |
|
|
|
|
|
|
|
|
|
|
|
Gross margin (1) |
$ |
85,263 |
|
|
$ |
77,607 |
|
|
$ |
84,019 |
|
|
$ |
328,148 |
|
|
$ |
352,949 |
|
Gross margin
percentage |
60 |
% |
|
55 |
% |
|
62 |
% |
|
59 |
% |
|
63 |
% |
|
|
|
|
|
|
|
|
|
|
EBITDA, as adjusted
(1) |
$ |
63,632 |
|
|
$ |
59,885 |
|
|
$ |
69,004 |
|
|
$ |
251,559 |
|
|
$ |
277,552 |
|
% of
revenue |
45 |
% |
|
43 |
% |
|
51 |
% |
|
45 |
% |
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
Capital
expenditures |
$ |
63,380 |
|
|
$ |
44,327 |
|
|
$ |
11,400 |
|
|
$ |
179,319 |
|
|
$ |
62,345 |
|
Less: Proceeds from
sale of property, plant and equipment |
(13,694 |
) |
|
(12,254 |
) |
|
(13,444 |
) |
|
(31,010 |
) |
|
(28,858 |
) |
Net capital
expenditures |
$ |
49,686 |
|
|
$ |
32,073 |
|
|
$ |
(2,044 |
) |
|
$ |
148,309 |
|
|
$ |
33,487 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities |
$ |
42,161 |
|
|
$ |
38,414 |
|
|
$ |
39,328 |
|
|
$ |
179,333 |
|
|
$ |
213,029 |
|
Distributable cash flow
(2) |
$ |
33,817 |
|
|
$ |
29,809 |
|
|
$ |
41,325 |
|
|
$ |
137,139 |
|
|
$ |
175,696 |
|
|
|
|
|
|
|
|
|
|
|
Distributions declared
for the period per common unit |
$ |
0.2850 |
|
|
$ |
0.2850 |
|
|
$ |
0.2850 |
|
|
$ |
1.1400 |
|
|
$ |
1.1400 |
|
Distributions declared
to all unitholders for the period |
$ |
20,455 |
|
|
$ |
20,459 |
|
|
$ |
19,107 |
|
|
$ |
80,497 |
|
|
$ |
71,646 |
|
Distributable cash flow
coverage (3) |
|
1.65x |
|
|
|
1.46x |
|
|
|
2.16x |
|
|
|
1.70x |
|
|
|
2.45x |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
|
|
|
Debt (4) |
$ |
1,361,053 |
|
|
$ |
1,317,447 |
|
|
$ |
1,342,724 |
|
|
|
|
|
Total partners'
capital |
514,740 |
|
|
528,789 |
|
|
522,173 |
|
|
|
|
|
(1) Management believes EBITDA, as
adjusted, and gross margin provide useful information to investors
because these non-GAAP measures, when viewed with our GAAP results
and accompanying reconciliations, provide a more complete
understanding of our performance than GAAP results
alone. Management uses these non-GAAP measures as supplemental
measures to review current period operating performance,
comparability measures and performance measures for
period-to-period comparisons.(2) Management uses
distributable cash flow, a non-GAAP measure, as a supplemental
performance and liquidity measure. Using this metric, management
can compute the coverage ratio of estimated cash flows to planned
cash distributions.(3) Defined as distributable
cash flow for the period divided by distributions declared to all
unitholders for the period.(4) Carrying values are
shown net of unamortized debt discounts and unamortized deferred
financing costs.
ARCHROCK PARTNERS, L.P. |
UNAUDITED SUPPLEMENTAL
INFORMATION |
(In thousands, except per unit
amounts) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
Reconciliation of GAAP
to Non-GAAP Financial Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
2,633 |
|
|
$ |
(4,013 |
) |
|
$ |
(14,021 |
) |
|
$ |
(421 |
) |
|
$ |
(10,757 |
) |
Selling,
general and administrative — affiliates |
22,710 |
|
|
20,711 |
|
|
18,380 |
|
|
82,035 |
|
|
79,717 |
|
Depreciation and amortization |
34,901 |
|
|
35,787 |
|
|
37,790 |
|
|
143,848 |
|
|
153,741 |
|
Long-lived asset impairment |
4,447 |
|
|
5,368 |
|
|
23,751 |
|
|
19,106 |
|
|
46,258 |
|
Restructuring charges |
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
7,309 |
|
Interest
expense |
20,930 |
|
|
21,839 |
|
|
19,774 |
|
|
84,291 |
|
|
77,863 |
|
Debt
extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
Other
income, net |
(770 |
) |
|
(2,793 |
) |
|
(2,614 |
) |
|
(4,384 |
) |
|
(2,594 |
) |
Provision
for income taxes |
412 |
|
|
708 |
|
|
943 |
|
|
3,382 |
|
|
1,412 |
|
Gross
margin (1) |
85,263 |
|
|
77,607 |
|
|
84,019 |
|
|
328,148 |
|
|
352,949 |
|
Expensed
acquisition costs (in Other income, net) |
— |
|
|
— |
|
|
351 |
|
|
— |
|
|
523 |
|
Non-cash
selling, general and administrative — affiliates |
309 |
|
|
196 |
|
|
400 |
|
|
1,062 |
|
|
1,203 |
|
Less:
Selling, general and administrative — affiliates |
(22,710 |
) |
|
(20,711 |
) |
|
(18,380 |
) |
|
(82,035 |
) |
|
(79,717 |
) |
Less:
Other income, net |
770 |
|
|
2,793 |
|
|
2,614 |
|
|
4,384 |
|
|
2,594 |
|
EBITDA,
as adjusted (1) |
63,632 |
|
|
59,885 |
|
|
69,004 |
|
|
251,559 |
|
|
277,552 |
|
Less:
Provision for income taxes |
(412 |
) |
|
(708 |
) |
|
(943 |
) |
|
(3,382 |
) |
|
(1,412 |
) |
Less:
Gain on sale of property, plant and equipment (in Other income,
net) |
(744 |
) |
|
(2,759 |
) |
|
(2,946 |
) |
|
(4,262 |
) |
|
(3,585 |
) |
Less:
Loss on non-cash consideration in March 2016 Acquisition |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
635 |
|
Less:
Cash interest expense |
(19,330 |
) |
|
(19,262 |
) |
|
(18,600 |
) |
|
(76,505 |
) |
|
(73,594 |
) |
Less:
Maintenance capital expenditures |
(9,329 |
) |
|
(7,347 |
) |
|
(5,190 |
) |
|
(30,271 |
) |
|
(23,900 |
) |
Distributable cash flow (2) |
$ |
33,817 |
|
|
$ |
29,809 |
|
|
$ |
41,325 |
|
|
$ |
137,139 |
|
|
$ |
175,696 |
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities |
$ |
42,161 |
|
|
$ |
38,414 |
|
|
$ |
39,328 |
|
|
$ |
179,333 |
|
|
$ |
213,029 |
|
Provision
for doubtful accounts |
(1,817 |
) |
|
(1,346 |
) |
|
(395 |
) |
|
(4,104 |
) |
|
(2,672 |
) |
Expensed
acquisition costs (in Other income, net) |
— |
|
|
— |
|
|
351 |
|
|
— |
|
|
523 |
|
Restructuring charges |
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
7,309 |
|
Deferred
income tax provision |
(466 |
) |
|
(686 |
) |
|
(972 |
) |
|
(3,384 |
) |
|
(1,444 |
) |
Payments
for settlement of interest rate swaps that include financing
elements |
(380 |
) |
|
(364 |
) |
|
(714 |
) |
|
(1,785 |
) |
|
(3,058 |
) |
Maintenance capital expenditures |
(9,329 |
) |
|
(7,347 |
) |
|
(5,190 |
) |
|
30,271 |
|
|
(23,900 |
) |
Change in
assets and liabilities |
3,648 |
|
|
1,138 |
|
|
8,901 |
|
|
(2,650 |
) |
|
(14,091 |
) |
Distributable cash flow (2) |
$ |
33,817 |
|
|
$ |
29,809 |
|
|
$ |
41,325 |
|
|
$ |
137,139 |
|
|
$ |
175,696 |
|
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
2,633 |
|
|
$ |
(4,013 |
) |
|
$ |
(14,021 |
) |
|
$ |
(421 |
) |
|
$ |
(10,757 |
) |
Items: |
|
|
|
|
|
|
|
|
|
Long-lived asset impairment |
4,447 |
|
|
5,368 |
|
|
23,751 |
|
|
19,106 |
|
|
46,258 |
|
Restructuring charges |
— |
|
|
— |
|
|
16 |
|
|
— |
|
|
7,309 |
|
Debt
extinguishment costs |
— |
|
|
— |
|
|
— |
|
|
291 |
|
|
— |
|
Expensed
acquisition costs (in Other income, net) |
— |
|
|
— |
|
|
351 |
|
|
— |
|
|
523 |
|
Net
income, excluding items |
$ |
7,080 |
|
|
$ |
1,355 |
|
|
$ |
10,097 |
|
|
$ |
18,976 |
|
|
$ |
43,333 |
|
|
|
|
|
|
|
|
|
|
|
Diluted
income (loss) per common unit |
$ |
0.04 |
|
|
$ |
(0.06 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.18 |
) |
Adjustment for items per common unit |
0.06 |
|
|
0.08 |
|
|
0.38 |
|
|
0.28 |
|
|
0.88 |
|
Diluted
income per common unit, excluding items (1) |
$ |
0.10 |
|
|
$ |
0.02 |
|
|
$ |
0.16 |
|
|
$ |
0.27 |
|
|
$ |
0.70 |
|
(1) Management believes EBITDA, as
adjusted, diluted income per common unit, excluding items, and
gross margin provide useful information to investors because these
non-GAAP measures, when viewed with our GAAP results and
accompanying reconciliations, provide a more complete understanding
of our performance than GAAP results alone. Management uses
these non-GAAP measures as supplemental measures to review current
period operating performance, comparability measures and
performance measures for period-to-period comparisons.(2)
Management uses distributable cash flow, a non-GAAP measure,
as a supplemental performance and liquidity measure. Using this
metric, management can compute the coverage ratio of estimated cash
flows to planned cash distributions.
ARCHROCK PARTNERS, L.P. |
UNAUDITED SUPPLEMENTAL
INFORMATION |
(In thousands, except
percentages) |
|
|
Three Months Ended |
|
Year Ended |
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
December 31, 2017 |
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
Total available
horsepower (at period end) (1) (2) |
3,290 |
|
|
3,296 |
|
|
3,290 |
|
|
3,290 |
|
|
3,290 |
|
Total operating
horsepower (at period end) (1) (3) |
2,956 |
|
|
2,910 |
|
|
2,874 |
|
|
2,956 |
|
|
2,874 |
|
Average operating
horsepower |
2,937 |
|
|
2,890 |
|
|
2,816 |
|
|
2,883 |
|
|
2,836 |
|
Horsepower
Utilization: |
|
|
|
|
|
|
|
|
|
Spot (at
period end) |
90 |
% |
|
88 |
% |
|
87 |
% |
|
90 |
% |
|
87 |
% |
Average |
89 |
% |
|
88 |
% |
|
86 |
% |
|
88 |
% |
|
86 |
% |
|
|
|
|
|
|
|
|
|
|
Total available
contract operations horsepower of Archrock, Inc. and Archrock
Partners (at period end) (2) |
3,847 |
|
|
3,866 |
|
|
3,819 |
|
|
3,847 |
|
|
3,819 |
|
|
|
|
|
|
|
|
|
|
|
Total operating
contract operations horsepower of Archrock, Inc. and Archrock
Partners (at period end) (3) |
3,253 |
|
|
3,204 |
|
|
3,115 |
|
|
3,253 |
|
|
3,115 |
|
(1) Includes compressor units
comprising approximately 4,000, 28,000 and 1,000 horsepower leased
from Archrock as of December 31, 2017, September 30, 2017
and December 31, 2016, respectively. Excludes compressor units
comprising approximately 4,000, 33,000 and 6,000 horsepower leased
to Archrock as of December 31, 2017, September 30, 2017
and December 31, 2016, respectively.(2) Defined as
idle and operating horsepower. New units completed by a third party
manufacturer that have been delivered to us are included in the
fleet.(3) Defined as horsepower that is operating under
contract and horsepower that is idle but under contract and
generating revenue such as standby revenue.
For information,
contact:
David Skipper, 281-836-8155
SOURCE: Archrock Partners, L.P.
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