Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor
fuel products and convenience merchandise, today announced
financial results for the three and nine months ended September 30,
2023.
Key Highlights:
- Net income was $167.7 million, or $7.69 per diluted share, in
Q3 2023 compared to net income of $219.5 million, or $9.28 per
diluted share, in Q3 2022
- Total fuel contribution (retail fuel margin plus product supply
and wholesale ("PS&W") results including RINs) for Q3 2023 was
34.5 cpg, compared to 37.6 cpg in Q3 2022
- Total retail gallons decreased 2.5% in Q3 2023 compared to Q3
2022, while volumes on a same store sales ("SSS") basis declined
4.7%
- Merchandise contribution dollars for Q3 2023 increased 3.0% to
$211.8 million on average unit margins of 20.1%, compared to the
prior-year quarter contribution dollars of $205.7 million on unit
margins of 20.0%
- During Q3 2023, the Company repurchased approximately 201.1
thousand common shares for $65.3 million at an average price of
$325.00 per share
- The Company recently published it's 2022 Environmental, Social
and Governance Summary Report and it is available for download and
can be accessed from Murphy USA's investor relations website
- On October 26, 2023, the Company announced a quarterly cash
dividend of $0.41 per share, or $1.64 per share on an annualized
basis, reflecting a 5.1% increase from the prior quarter. The
dividend is payable on December 1, 2023, to stockholders of record
as of November 6, 2023
“We are very pleased with third quarter performance as we comp
last year's extraordinary earnings," said President and CEO Andrew
Clyde. “On a two-year stack basis, Murphy USA demonstrated industry
leading fuel volume and tobacco gains, while current year fuel
margins highlight the sustainability of elevated industry margins
in a less volatile setting. Momentum carried through to October
especially at QuickChek where new promotions and initiatives have
contributed to record food and beverage profits.”
Consolidated Results
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2023
2022
2023
2022
Net income (loss) ($ Millions)
$
167.7
$
219.5
$
406.8
$
555.2
Earnings per share (diluted)
$
7.69
$
9.28
$
18.47
$
22.76
Adjusted EBITDA ($ Millions)
$
306.0
$
367.0
$
783.3
$
960.6
Net income and Adjusted EBITDA for Q3 2023 were lower versus the
prior-year period, due primarily to lower total fuel contribution
and increases in store operating expenses and general and
administrative expenses, which were partially offset by higher
overall merchandise contribution margins and lower payment
fees.
Fuel
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2023
2022
2023
2022
Total retail fuel contribution ($
Millions)
$
348.6
$
489.5
$
948.0
$
1,063.8
Total PS&W contribution ($
Millions)
(11.4
)
(109.0
)
(114.5
)
(46.7
)
RINs (included in Other operating revenues
on Consolidated Income Statement) ($ Millions)
81.8
87.6
281.2
243.6
Total fuel contribution ($ Millions)
$
419.0
$
468.1
$
1,114.7
$
1,260.7
Retail fuel volume - chain (Million
gal)
1,214.9
1,245.6
3,595.4
3,545.2
Retail fuel volume - per store (K gal
APSM)1
245.8
256.4
241.8
244.0
Retail fuel volume - per store (K gal
SSS)2
241.7
251.8
237.7
240.7
Total fuel contribution (including retail,
PS&W, and RINs) (cpg)
34.5
37.6
31.0
35.6
Retail fuel margin (cpg)
28.7
39.3
26.4
30.0
PS&W including RINs contribution
(cpg)
5.8
(1.7
)
4.6
5.6
1 Average Per Store Month ("APSM") metric
includes all stores open through the date of calculation
2 2022 amounts not revised for 2023
raze-and-rebuild activity
Total fuel contribution dollars of $419.0 million decreased
$49.1 million, or 10.5%, in Q3 2023 compared to Q3 2022 due to
lower total fuel contribution margins and retail volumes sold
during the period. Retail fuel contribution dollars decreased
$140.9 million, or 28.8%, to $348.6 million compared to Q3 2022 due
to lower retail fuel margins and volumes sold. Current quarter
retail fuel margins were strong at 28.7 cpg, although it was a
27.0% decline when compared to Q3 2022, which benefited from a
declining commodity price environment. Overall, retail volumes were
slightly lower by 2.5% when compared to the prior-year quarter.
PS&W margins (including RINs) improved $91.8 million, when
compared to Q3 2022, reflecting higher contribution from inventory
pricing adjustments partially offset by weaker spot-to-rack
spreads.
Merchandise
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2023
2022
2023
2022
Total merchandise contribution ($
Millions)
$
211.8
$
205.7
$
605.7
$
578.1
Total merchandise sales ($ Millions)
$
1,055.6
$
1,027.2
$
3,070.8
$
2,913.8
Total merchandise sales ($K SSS)1,2
$
206.8
$
204.1
$
200.1
$
192.3
Merchandise unit margin (%)
20.1
%
20.0
%
19.7
%
19.8
%
Tobacco contribution ($K SSS)1,2
$
19.0
$
18.5
$
18.2
$
17.8
Non-tobacco contribution ($K SSS)1,2
$
22.9
$
22.7
$
21.6
$
20.1
Total merchandise contribution ($K
SSS)1,2
$
41.9
$
41.2
$
39.8
$
37.9
1 2022 amounts not revised for 2023
raze-and-rebuild activity
2 Includes store-level discounts for
Murphy Drive Reward ("MDR") redemptions and excludes change in
value of unredeemed MDR points
Total merchandise contribution increased $6.1 million, or 3.0%,
to $211.8 million in Q3 2023 compared to the prior-year quarter due
primarily to higher unit sales volumes. Total tobacco contribution
dollars in Q3 2023 increased 3.1% and non-tobacco contribution
dollars increased 3.3% compared to Q3 2022.
Other Areas
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Operating Metrics
2023
2022
2023
2022
Total store and other operating
expenses
($ Millions)
$
265.6
$
254.5
$
760.6
$
729.4
Store OPEX excluding payment fees and rent
($K APSM)
$
34.7
$
32.9
$
33.1
$
31.5
Total SG&A cost ($ Millions)
$
60.0
$
52.4
$
178.4
$
150.8
Total store and other operating expenses were $11.1 million
higher in Q3 2023 versus Q3 2022, mainly due to employee related
expenses, store maintenance costs, and inventory shrink costs
partially offset by lower payment fees. Store OPEX excluding
payment fees and rent on an APSM basis were 5.8% higher versus Q3
2022, primarily attributable to increased employee related
expenses, maintenance, and inventory shrink costs. Total SG&A
costs for Q3 2023 were $7.6 million higher than Q3 2022 primarily
due to higher employee and incentive costs and professional and
technology fees from business improvement initiatives.
Store Openings
The tables below reflect changes in our store portfolio in Q3
2023:
Net Change in Q3 2023
Murphy
USA / Express
QuickChek
Total
New-to-industry ("NTI")
2
1
3
Closed
—
(4
)
(4
)
Net change
2
(3
)
(1
)
Raze-and-rebuilds reopened in Q3*
8
—
8
Under Construction at End of Q3
NTI
12
2
14
Raze-and-rebuilds*
18
—
18
Total under construction at end of Q3
30
2
32
Net Change YTD in 2023
NTI
13
5
18
Closed
—
(6
)
(6
)
Net change
13
(1
)
12
Raze-and-rebuilds reopened YTD*
14
—
14
Store count at September 30, 2023*
1,568
156
1,724
*Store counts include raze-and-rebuild
stores
Financial Resources
As of September 30,
Key Financial Metrics
2023
2022
Cash and cash equivalents ($ Millions)
$
124.8
$
192.7
Marketable securities, current ($
Millions)
$
8.5
$
—
Marketable securities, non-current ($
Millions)
$
7.4
$
—
Long-term debt, including capitalized
lease obligations ($ Millions)
$
1,786.4
$
1,794.0
Cash balances as of September 30, 2023 totaled $124.8 million,
and the Company also had total marketable securities of $15.9
million. Long-term debt consisted of approximately $298.3 million
in carrying value of 5.625% senior notes due in 2027, $495.5
million in carrying value of 4.75% senior notes due in 2029, $494.4
million in carrying value of 3.75% senior notes due in 2031, and
$380.9 million of term debt. In addition, the Company has
approximately $117.3 million in long-term capital leases. The
revolving cash flow facility was undrawn as of September 30,
2023.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Key Financial Metric
2023
2022
2023
2022
Average shares outstanding (diluted) (in
thousands)
21,790
23,650
22,020
24,398
At September 30, 2023, the Company had common shares outstanding
of 21,277,031. Common shares repurchased during the quarter were
approximately 201.1 thousand shares for $65.3 million, which were
purchased under the 2021 share repurchase plan. Common shares
purchased during the nine months ended September 30, 2023, were
approximately 584.1 thousand shares for a total of $174.1 million.
As of September 30, 2023, approximately $41.0 million remained
available under the $1 billion 2021 plan, along with the entire
balance of up to $1.5 billion 2023 plan.
The effective income tax rate for Q3 2023 was 24.9% compared to
24.5% in Q3 2022.
The Company paid a quarterly cash dividend on September 7, 2023
of $0.39 per share, or $1.56 per share on an annualized basis, a
2.6% increase from the previous quarter for a total cash payment of
$8.4 million. The total amount paid in dividends year-to-date is
$24.7 million, or $1.14 per share.
On October 26, 2023, the Board of Directors declared a quarterly
cash dividend of $0.41 per common share, or $1.64 per share on an
annualized basis, reflecting a 5.1% increase from the prior
quarter. The dividend is payable on December 1, 2023, to
shareholders of record as of November 6, 2023.
2023 Guidance Update
The Company is taking the opportunity to update specific
guidance metrics initially provided in January. Due to ongoing
challenges in permitting new sites, contractor delays, and other
supply chain hurdles, the forecast is now 27-30 new stores to open
in 2023, versus the "up to 45" in the original guidance. The
Company successfully redirected capital to slightly increase
raze-and-rebuild activity, planning to end the year at 33 stores,
above the initial guidance of "up to 30" stores. Accordingly, as
some of the growth capital is deferred into 2024 due to delays in
new store growth, the expected range of capital expenditures should
approximate $325 million to $375 million, from $375 million to $425
million previously.
All other previously issued guidance metrics remain unchanged.
More details on the guidance updates will be shared in the earnings
conference call noted below.
Earnings Call Information
The Company will host a conference call on November 2, 2023 at
10:00 a.m. Central Time to discuss third quarter 2023 results. The
conference call number is 1 (888) 330-2384 and the conference
number is 6680883. The earnings and investor related materials,
including reconciliations of any non-GAAP financial measures to
GAAP financial measures and any other applicable disclosures, will
be available on that same day on the investor section of the Murphy
USA website (http://ir.corporate.murphyusa.com). Approximately one
hour after the conclusion of the conference, the webcast will be
available for replay. Shortly thereafter, a transcript will be
available.
Source: Murphy USA Inc. (NYSE: MUSA)
Forward-Looking Statements
Certain statements in this news release contain or may suggest
“forward-looking” information (as defined in the Private Securities
Litigation Reform Act of 1995) that involve risk and uncertainties,
including, but not limited to our M&A activity, anticipated
store openings, fuel margins, merchandise margins, sales of RINs,
trends in our operations, dividends, and share repurchases. Such
statements are based upon the current beliefs and expectations of
the Company’s management and are subject to significant risks and
uncertainties. Actual future results may differ materially from
historical results or current expectations depending upon factors
including, but not limited to: The Company's ability to
successfully expand our food and beverage offerings; our ability to
continue to maintain a good business relationship with Walmart;
successful execution of our growth strategy, including our ability
to realize the anticipated benefits from such growth initiatives,
and the timely completion of construction associated with our newly
planned stores which may be impacted by the financial health of
third parties; our ability to effectively manage our inventory,
disruptions in our supply chain and our ability to control costs;
geopolitical events that impact the supply and demand and price of
crude oil; the impact of severe weather events, such as hurricanes,
floods and earthquakes; the impact of a global health pandemic, the
impact of any systems failures, cybersecurity and/or security
breaches of the company or its vendor partners, including any
security breach that results in theft, transfer or unauthorized
disclosure of customer, employee or company information or our
compliance with information security and privacy laws and
regulations in the event of such an incident; successful execution
of our information technology strategy; reduced demand for our
products due to the implementation of more stringent fuel economy
and greenhouse gas reduction requirements, or increasingly
widespread adoption of electric vehicle technology; future tobacco
or e-cigarette legislation and any other efforts that make
purchasing tobacco products more costly or difficult could hurt our
revenues and impact gross margins; changes to the Company's capital
allocation, including the timing, declaration, amount and payment
of any future dividends or levels of the Company's share
repurchases, or management of operating cash; the market price of
the Company's stock prevailing from time to time, the nature of
other investment opportunities presented to the Company from time
to time, the Company's cash flows from operations, and general
economic conditions; compliance with debt covenants; availability
and cost of credit; and changes in interest rates. Our SEC reports,
including our most recent annual Report on Form 10-K and quarterly
report on Form 10-Q, contain other information on these and other
factors that could affect our financial results and cause actual
results to differ materially from any forward-looking information
we may provide. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events,
new information or future circumstances.
Murphy USA Inc. Consolidated
Statements of Income (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars, except share and per
share amounts)
2023
2022
2023
2022
Operating Revenues
Petroleum product sales1
$
4,658.8
$
5,078.6
$
13,103.6
$
14,917.3
Merchandise sales
1,055.6
1,027.2
3,070.8
2,913.8
Other operating revenues
83.5
88.9
286.1
248.7
Total operating revenues
5,797.9
6,194.7
16,460.5
18,079.8
Operating Expenses
Petroleum product cost of goods sold1
4,322.5
4,699.3
12,273.1
13,903.3
Merchandise cost of goods sold
843.8
821.5
2,465.1
2,335.7
Store and other operating expenses
265.6
254.5
760.6
729.4
Depreciation and amortization
57.5
54.4
171.7
164.5
Selling, general and administrative
60.0
52.4
178.4
150.8
Accretion of asset retirement
obligations
0.7
0.6
2.2
2.0
Acquisition and integration related
costs
—
0.4
—
1.4
Total operating expenses
5,550.1
5,883.1
15,851.1
17,287.1
Gain (loss) on sale of assets
(0.5
)
0.3
(0.6
)
2.2
Income (loss) from operations
247.3
311.9
608.8
794.9
Other income (expense)
Investment income
2.1
1.4
4.7
1.8
Interest expense
(24.6
)
(21.8
)
(74.5
)
(61.6
)
Other nonoperating income (expense)
(1.4
)
(0.8
)
(0.9
)
(2.7
)
Total other income (expense)
(23.9
)
(21.2
)
(70.7
)
(62.5
)
Income before income taxes
223.4
290.7
538.1
732.4
Income tax expense (benefit)
55.7
71.2
131.3
177.2
Net Income
$
167.7
$
219.5
$
406.8
$
555.2
Basic and Diluted Earnings Per Common
Share
Basic
$
7.83
$
9.46
$
18.80
$
23.17
Diluted
$
7.69
$
9.28
$
18.47
$
22.76
Weighted-average Common shares outstanding
(in thousands):
Basic
21,401
23,206
21,635
23,963
Diluted
21,790
23,650
22,020
24,398
Supplemental information:
1 Includes excise taxes of:
$
582.1
$
569.7
$
1,721.0
$
1,638.4
Murphy USA Inc. Segment
Operating Results (Unaudited)
(Millions of dollars, except revenue per
same store sales (in thousands) and store counts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
Marketing Segment
2023
2022
2023
2022
Operating Revenues
Petroleum product sales
$
4,658.8
$
5,078.6
$
13,103.6
$
14,917.3
Merchandise sales
1,055.6
1,027.2
3,070.8
2,913.8
Other operating revenues
83.4
88.6
285.9
248.3
Total operating revenues
5,797.8
6,194.4
16,460.3
18,079.4
Operating expenses
Petroleum products cost of goods sold
4,322.5
4,699.3
12,273.1
13,903.3
Merchandise cost of goods sold
843.8
821.5
2,465.1
2,335.7
Store and other operating expenses
265.5
254.5
760.5
729.4
Depreciation and amortization
53.3
50.4
158.9
152.9
Selling, general and administrative
60.0
52.4
178.4
150.8
Accretion of asset retirement
obligations
0.7
0.6
2.2
2.0
Total operating expenses
5,545.8
5,878.7
15,838.2
17,274.1
Gain (loss) on sale of assets
(0.4
)
0.1
(0.5
)
(0.6
)
Income (loss) from operations
251.6
315.8
621.6
804.7
Other income (expense)
Interest expense
(2.2
)
(2.2
)
(6.7
)
(6.7
)
Other nonoperating income (expense)
0.1
—
0.1
—
Total other income (expense)
(2.1
)
(2.2
)
(6.6
)
(6.7
)
Income (loss) before income taxes
249.5
313.6
615.0
798.0
Income tax expense (benefit)
62.3
76.8
150.2
193.0
Net income (loss) from operations
$
187.2
$
236.8
$
464.8
$
605.0
Total tobacco sales revenue same store
sales1,2
$
132.1
$
129.0
$
126.6
$
122.8
Total non-tobacco sales revenue same store
sales1,2
74.7
75.1
73.5
69.5
Total merchandise sales revenue same store
sales1,2
$
206.8
$
204.1
$
200.1
$
192.3
1 2022 amounts not revised for 2023
raze-and-rebuild activity
2 Includes store-level discounts for
Murphy Drive Reward ("MDR") redemptions and excludes change in
value of unredeemed MDR points
Store count at end of period
1,724
1,700
1,724
1,700
Total store months during the period
5,110
5,042
15,400
15,094
Same store sales information compared to
APSM metrics
Variance from prior year
period
Three months ended
Nine months ended
September 30, 2023
September 30, 2023
SSS1
APSM2
SSS1
APSM2
Retail fuel volume per month
(4.7
)%
(4.2
)%
(1.8
%)
(0.9
%)
Merchandise sales
1.0
%
1.4
%
3.2
%
3.3
%
Tobacco sales
2.6
%
2.1
%
3.6
%
2.9
%
Non tobacco sales
(1.6
)%
0.4
%
2.4
%
4.1
%
Merchandise margin
1.2
%
1.6
%
2.9
%
2.7
%
Tobacco margin
3.1
%
1.7
%
3.3
%
1.6
%
Non tobacco margin
(0.3
)%
1.9
%
2.6
%
4.3
%
1 Includes store-level discounts for MDR
redemptions and excludes change in value of unredeemed MDR
points
2 Includes all MDR activity
Notes
Average Per Store Month (APSM) metric includes all stores open
through the date of the calculation, including stores acquired
during the period.
Same store sales (SSS) metric includes aggregated individual
store results for all stores open throughout both periods
presented. For all periods presented, the store must have been open
for the entire calendar year to be included in the comparison.
Remodeled stores that remained open or were closed for just a very
brief time (less than a month) during the period being compared
remain in the same store sales calculation. If a store is replaced
either at the same location (raze-and-rebuild) or relocated to a
new location, it will be excluded from the calculation during the
period it is out of service. Newly constructed stores do not enter
the calculation until they are open for each full calendar year for
the periods being compared (open by January 1, 2022 for the stores
being compared in the 2023 versus 2022 comparison). Acquired stores
are not included in the calculation of same store sales for the
first 12 months after the acquisition. When prior period same store
sales volumes or sales are presented, they have not been revised
for current year activity for raze-and-rebuilds and asset
dispositions.
QuickChek uses a weekly retail calendar where each quarter has
13 weeks. For Q3 2023, the QuickChek results cover the period July
1, 2023 to September 29, 2023 and the 2023 year-to-date period
December 31, 2022 to September 29, 2023. For Q3 2022, the QuickChek
results cover the period July 2, 2022 to September 30, 2022 and the
2022 year-to-date period January 1, 2022 to September 30, 2022. The
difference in the timing of the period ends is immaterial to the
overall consolidated results.
Murphy USA Inc. Consolidated
Balance Sheets
(Millions of dollars, except share
amounts)
September 30,
2023
December 31,
2022
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
124.8
$
60.5
Marketable securities, current
8.5
17.9
Accounts receivable—trade, less allowance
for doubtful accounts of $1.5 and $0.3 at 2023 and 2022,
respectively
344.2
281.7
Inventories, at lower of cost or
market
335.4
319.1
Prepaid expenses and other current
assets
27.4
47.6
Total current assets
840.3
726.8
Marketable securities, non-current
7.4
4.4
Property, plant and equipment, at cost
less accumulated depreciation and amortization of $1,694.2 and
$1,553.1 at 2023 and 2022, respectively
2,520.1
2,459.3
Operating lease right of use assets,
net
451.9
449.6
Intangible assets, net of amortization
139.9
140.4
Goodwill
328.0
328.0
Other assets
17.7
14.7
Total assets
$
4,305.3
$
4,123.2
Liabilities and Stockholders'
Equity
Current liabilities
Current maturities of long-term debt
$
15.0
$
15.0
Trade accounts payable and accrued
liabilities
800.6
839.2
Income taxes payable
11.6
—
Total current liabilities
827.2
854.2
Long-term debt, including capitalized
lease obligations
1,786.4
1,791.9
Deferred income taxes
327.7
327.4
Asset retirement obligations
44.0
43.3
Non-current operating lease
liabilities
449.8
444.2
Deferred credits and other liabilities
26.1
21.5
Total liabilities
3,461.2
3,482.5
Stockholders' Equity
Preferred Stock, par $0.01 (authorized
20,000,000 shares, none outstanding)
—
—
Common Stock, par $0.01 (authorized
200,000,000 shares, 46,767,164 shares issued at 2023 and 2022,
respectively)
0.5
0.5
Treasury stock (25,490,133 and 25,017,324
shares held at 2023 and 2022, respectively)
(2,795.9
)
(2,633.3
)
Additional paid in capital (APIC)
502.7
518.9
Retained earnings
3,136.8
2,755.1
Accumulated other comprehensive income
(loss) (AOCI)
—
(0.5
)
Total stockholders' equity
844.1
640.7
Total liabilities and stockholders'
equity
$
4,305.3
$
4,123.2
Murphy USA Inc. Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars)
2023
2022
2023
2022
Operating Activities
Net income
$
167.7
$
219.5
$
406.8
$
555.2
Adjustments to reconcile net income (loss)
to net cash provided by operating activities
Depreciation and amortization
57.5
54.4
171.7
164.5
Deferred and noncurrent income tax charges
(benefits)
(9.3
)
1.9
0.1
15.0
Accretion of asset retirement
obligations
0.7
0.6
2.2
2.0
(Gains) losses from sale of assets
0.5
(0.3
)
0.6
(2.2
)
Net (increase) decrease in noncash
operating working capital
(35.6
)
(29.0
)
(97.2
)
18.8
Other operating activities - net
8.5
7.9
26.7
18.2
Net cash provided (required) by operating
activities
190.0
255.0
510.9
771.5
Investing Activities
Property additions
(79.4
)
(78.2
)
(224.6
)
(223.1
)
Proceeds from sale of assets
0.5
0.4
2.3
8.5
Investment in marketable securities
(2.9
)
—
(11.3
)
—
Redemptions of marketable securities
7.5
—
18.0
—
Other investing activities - net
(0.4
)
—
(1.4
)
(0.6
)
Net cash provided (required) by investing
activities
(74.7
)
(77.8
)
(217.0
)
(215.2
)
Financing Activities
Purchase of treasury stock
(64.8
)
(211.5
)
(172.7
)
(566.9
)
Dividends paid
(8.4
)
(7.5
)
(24.7
)
(22.1
)
Borrowings of debt
—
—
8.0
—
Repayments of debt
(3.9
)
(3.8
)
(19.6
)
(11.4
)
Amounts related to share-based
compensation
(6.3
)
(2.1
)
(20.6
)
(19.6
)
Net cash provided (required) by financing
activities
(83.4
)
(224.9
)
(229.6
)
(620.0
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
31.9
(47.7
)
64.3
(63.7
)
Cash, cash equivalents, and restricted
cash at beginning of period
92.9
240.4
60.5
256.4
Cash, cash equivalents, and restricted
cash at end of period
$
124.8
$
192.7
$
124.8
$
192.7
Supplemental Disclosure Regarding Non-GAAP Financial
Information
The following table sets forth the Company’s EBITDA and Adjusted
EBITDA for the three and nine months ended September 30, 2023.
EBITDA means net income (loss) plus net interest expense, plus
income tax expense, depreciation and amortization, and Adjusted
EBITDA adds back (i) other non-cash items (e.g., impairment of
properties and accretion of asset retirement obligations) and (ii)
other items that management does not consider to be meaningful in
assessing our operating performance (e.g., (income) from
discontinued operations, net settlement proceeds, (gain) loss on
sale of assets, loss on early debt extinguishment, transaction and
integration costs related to acquisitions, and other non-operating
(income) expense). EBITDA and Adjusted EBITDA are not measures that
are prepared in accordance with U.S. generally accepted accounting
principles (GAAP).
We use Adjusted EBITDA in our operational and financial
decision-making, believing that the measure is useful to eliminate
certain items in order to focus on what we deem to be a more
reliable indicator of ongoing operating performance and our ability
to generate cash flow from operations. Adjusted EBITDA is also used
by many of our investors, research analysts, investment bankers,
and lenders to assess our operating performance. We believe that
the presentation of Adjusted EBITDA provides useful information to
investors because it allows understanding of a key measure that we
evaluate internally when making operating and strategic decisions,
preparing our annual plan, and evaluating our overall performance.
However, non-GAAP measures are not a substitute for GAAP
disclosures, and EBITDA and Adjusted EBITDA may be prepared
differently by us than by other companies using similarly titled
non-GAAP measures.
The reconciliation of net income (loss) to EBITDA and Adjusted
EBITDA is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions of dollars)
2023
2022
2023
2022
Net income
$
167.7
$
219.5
$
406.8
$
555.2
Income tax expense (benefit)
55.7
71.2
131.3
177.2
Interest expense, net of investment
income
22.5
20.4
69.8
59.8
Depreciation and amortization
57.5
54.4
171.7
164.5
EBITDA
$
303.4
$
365.5
$
779.6
$
956.7
Accretion of asset retirement
obligations
0.7
0.6
2.2
2.0
(Gain) loss on sale of assets
0.5
(0.3
)
0.6
(2.2
)
Acquisition and integration related
costs
—
0.4
—
1.4
Other nonoperating (income) expense
1.4
0.8
0.9
2.7
Adjusted EBITDA
$
306.0
$
367.0
$
783.3
$
960.6
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101622610/en/
Investor Contact: Christian Pikul Vice President,
Investor Relations and Financial Planning and Analysis
christian.pikul@murphyusa.com
Murphy USA (NYSE:MUSA)
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