USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or
the “Partnership”) announced today its financial and operating
results for third-quarter 2022.
Third-Quarter 2022 Highlights
- Total revenues were $179.6 million for third-quarter 2022,
compared to $158.6 million for third-quarter 2021.
- Net income was $9.6 million for third-quarter 2022, compared to
$4.1 million for third-quarter 2021.
- Net cash provided by operating activities was $49.2 million for
third-quarter 2022, compared to $45.3 million for third-quarter
2021.
- Adjusted EBITDA was $109.2 million for third-quarter 2022,
compared to $99.6 million for third-quarter 2021.
- Distributable Cash Flow was $55.2 million for third-quarter
2022, compared to $52.0 million for third-quarter 2021.
- Announced cash distribution of $0.525 per common unit for
third-quarter 2022, consistent with third-quarter 2021.
- Distributable Cash Flow Coverage was 1.07x for third-quarter
2022, compared to 1.02x for third-quarter 2021.
“Our third-quarter results were consistent with the continued
strengthening in energy markets, as demand for our compression
services continued to grow, leading to sequential-quarter increases
in revenues, Adjusted EBITDA, and revenue generating horsepower,
along with continued improvements to contract pricing,” commented
Eric D. Long, USA Compression’s President and Chief Executive
Officer. “Our strong third-quarter results were underpinned by
continued improvements to our fleet utilization, which surpassed a
90-percent exit rate for the third quarter, and by further
strengthening to our quarter-over-quarter average price per
horsepower per month. Our third-quarter performance also led to
continued improvement to our leverage ratio while essentially
maintaining the previous quarter’s distribution coverage.”
“A positive energy macroenvironment continues to drive increased
demand for natural gas and our compression services with our
largest asset-operating basins registering year-over-year
production increases. Our customers remain active across our
operating regions, and we have and plan to continue keeping pace
with their activity levels through the expansion of our compression
and station services.”
“We anticipate achieving improved market share in key production
basins through our recent commitment to purchase an additional 50
large horsepower compression units that was made in September of
this year. These planned purchases were driven by pronounced demand
from our major customers for additional compression and station
services, and will bring our committed new unit order for 2023 to
66 units, for a total of 165,000 of additional horsepower. We have
locked in unit delivery slots for these new units, and we expect to
have these units under multi-year contracts with our customers for
deployment by year-end 2023.”
“Finally, we believe continuing to deliver high-quality service
to customers under contracts with lengthening contract tenors,
while maintaining capital discipline, should improve USA
Compression’s financial flexibility over time. Enhanced financial
flexibility will allow us to deploy cash flows opportunistically to
fund additional accretive capital investments, reduce debt,
consider changes to distribution policy, or a combination
thereof.”
Expansion capital expenditures were $46.7 million, maintenance
capital expenditures were $8.1 million, and cash interest expense,
net was $33.3 million for third-quarter 2022.
On October 13, 2022, the Partnership announced a third-quarter
cash distribution of $0.525 per common unit, which corresponds to
an annualized distribution rate of $2.10 per common unit. The
distribution will be paid on November 4, 2022, to common
unitholders of record as of the close of business on October 24,
2022.
Operational and Financial
Data
Three Months Ended
September 30,
June 30,
September 30,
2022
2022
2021
Operational data:
Fleet horsepower (at period end) (1)
3,711,205
3,695,955
3,687,601
Revenue generating horsepower (at period
end) (2)
3,128,845
3,048,498
2,919,362
Average revenue generating horsepower
(3)
3,090,910
3,027,886
2,914,100
Revenue generating compression units (at
period end)
4,034
4,014
3,928
Horsepower utilization (at period end)
(4)
90.9
%
88.4
%
83.0
%
Average horsepower utilization (for the
period) (4)
90.3
%
87.9
%
82.3
%
Financial data ($ in thousands, except
per horsepower data):
Revenue
$
179,613
$
171,461
$
158,627
Average revenue per revenue generating
horsepower per month (5)
$
17.53
$
17.20
$
16.62
Net income
$
9,612
$
9,086
$
4,115
Operating income
$
45,103
$
42,399
$
36,631
Net cash provided by operating
activities
$
49,209
$
94,228
$
45,297
Gross margin
$
61,388
$
57,344
$
50,203
Adjusted gross margin (6)
$
120,160
$
116,303
$
109,468
Adjusted gross margin percentage (7)
66.9
%
67.8
%
69.0
%
Adjusted EBITDA (6)
$
109,156
$
105,408
$
99,634
Adjusted EBITDA percentage (7)
60.8
%
61.5
%
62.8
%
Distributable Cash Flow (6)
$
55,181
$
55,576
$
51,973
_____________________ (1)
Fleet horsepower is horsepower for
compression units that have been delivered to the Partnership (and
excludes units on order). As of September 30, 2022, the Partnership
had 175,000 large horsepower on order for delivery, 75,000 of which
is expected to be delivered within the next twelve months and
100,000 horsepower thereafter.
(2)
Revenue generating horsepower is
horsepower under contract for which the Partnership is billing a
customer.
(3)
Calculated as the average of the month-end
revenue generating horsepower for each of the months in the
period.
(4)
Horsepower utilization is calculated as
(i) the sum of (a) revenue generating horsepower; (b) horsepower in
the Partnership’s fleet that is under contract but is not yet
generating revenue; and (c) horsepower not yet in the Partnership’s
fleet that is under contract but 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 was 84.3%, 82.5%, and
79.2% at September 30, 2022, June 30, 2022, and September 30, 2021,
respectively.
Average horsepower utilization based on
revenue generating horsepower and fleet horsepower was 83.4%,
82.1%, and 79.0% for the three months ended September 30, 2022,
June 30, 2022, and September 30, 2021, respectively.
(5)
Calculated as the average of the result of
dividing the contractual monthly rate, excluding standby or other
temporary rates, for all units at the end of each month in the
period by the sum of the revenue generating horsepower at the end
of each month in the period.
(6)
Adjusted gross margin, Adjusted EBITDA,
and Distributable Cash Flow are all non-U.S. generally accepted
accounting principles (“Non-GAAP”) financial measures. For the
definition of each measure, as well as reconciliations of each
measure to its most directly comparable financial measures
calculated and presented in accordance with GAAP, see “Non-GAAP
Financial Measures” below.
(7)
Adjusted gross margin percentage and
Adjusted EBITDA percentage are calculated as a percentage of
revenue.
Liquidity and Long-Term
Debt
As of September 30, 2022, the Partnership was in compliance with
all covenants under its $1.6 billion revolving credit facility. As
of September 30, 2022, the Partnership had outstanding borrowings
under the revolving credit facility of $618.4 million, $981.6
million of availability and, subject to compliance with the
applicable financial covenants, available borrowing capacity of
$286.6 million. As of September 30, 2022, the outstanding aggregate
principal amount of the Partnership’s 6.875% senior notes due 2026
and 6.875% senior notes due 2027 was $725.0 million and $750.0
million, respectively.
Full-Year 2022 Outlook
USA Compression is updating its full-year 2022 guidance as
follows:
- Net income range of $30.0 million to $40.0 million;
- A forward-looking estimate of 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, are not accessible or
estimable at this time. The Partnership does not anticipate 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 and Distributable Cash
Flow;
- Adjusted EBITDA range of $420.0 million to $430.0 million;
and
- Distributable Cash Flow range of $215.0 million to $225.0
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
third-quarter 2022 performance. The call will be broadcast live
over the Internet. Investors may participate by audio webcast, or
if located in the U.S. or Canada, by phone.
By Webcast:
Connect to the webcast via the “Events”
page of USA Compression’s Investor Relations website at
https://investors.usacompression.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 through November
11, 2022.
By Phone:
Dial 866-580-3963 at least 10 minutes
before the call and ask for the USA Compression Partners Earnings
Call, using the conference passcode 0839524. A replay of the call
will be available through November 11, 2022. Callers can access the
replay by dialing 866-583-1035 with the passcode 0839524#.
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 natural gas compression services in terms of total
compression fleet horsepower. USA Compression partners with a broad
customer base composed of producers, processors, gatherers and
transporters of natural gas and crude oil. USA Compression focuses
on providing natural gas compression services to infrastructure
applications primarily in high-volume gathering systems, processing
facilities and transportation applications. More information is
available at usacompression.com.
Non-GAAP Financial
Measures
This news release includes the Non-GAAP financial measures of
Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow and
Distributable Cash Flow Coverage Ratio.
Adjusted gross margin is defined as revenue less cost of
operations, exclusive of depreciation and amortization expense.
Management believes Adjusted gross margin is useful to investors as
a supplemental measure of the Partnership’s operating
profitability. Adjusted gross 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. Adjusted gross margin should not be
considered an alternative to, or more meaningful than, gross margin
or any other measure presented in accordance with GAAP. Moreover,
the Partnership’s Adjusted gross 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 cost structure. To
compensate for the limitations of Adjusted gross margin as a
measure of the Partnership’s performance, management believes it
important to consider gross margin determined under GAAP, as well
as Adjusted gross margin, to evaluate the Partnership’s operating
profitability.
Management views Adjusted EBITDA as one of its primary tools for
evaluating the Partnership’s results of operations, and the
Partnership tracks this item on a monthly basis as an absolute
amount and as a percentage of revenue compared to the prior month,
year-to-date, prior year, and budget. The Partnership defines
EBITDA as net income (loss) before net interest expense,
depreciation and amortization expense, and income tax expense
(benefit). The Partnership defines Adjusted EBITDA as EBITDA plus
impairment of compression equipment, impairment of goodwill,
interest income on capital leases, unit-based compensation expense
(benefit), severance charges, certain transaction expenses, loss
(gain) on disposition of assets, and other. Adjusted EBITDA is used
as a supplemental financial measure by management and external
users of the Partnership’s 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
the 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 pay 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.
Management believes Adjusted EBITDA provides useful information
to investors because, when viewed in conjunction with the
Partnership’s GAAP results and the accompanying reconciliations, it
may provide a more complete assessment of the Partnership’s
performance as compared to solely considering GAAP results.
Management also believes that external users of the Partnership’s
financial statements benefit from having access to the same
financial measures that management uses to evaluate the results of
the Partnership’s business.
Adjusted EBITDA should not be considered an alternative to, or
more meaningful than, net income (loss), operating income (loss),
cash flows from operating activities, or any other measure
presented in accordance with GAAP. Moreover, the Partnership’s
Adjusted EBITDA, as presented, may not be comparable to similarly
titled measures of other companies.
Distributable Cash Flow is defined as net income (loss) plus
non-cash interest expense, non-cash income tax expense (benefit),
depreciation and amortization expense, unit-based compensation
expense (benefit), impairment of compression equipment, impairment
of goodwill, certain transaction expenses, severance charges, loss
(gain) on disposition of assets, proceeds from insurance recovery,
and other, less distributions on the Partnership’s Series A
Preferred Units (“Preferred Units”) and maintenance capital
expenditures.
Distributable Cash Flow should not be considered an alternative
to, or more meaningful than, net income (loss), operating income
(loss), cash flows from operating activities, or any other measure
presented in accordance with GAAP. Moreover, the Partnership’s
Distributable Cash Flow, as presented, may not be comparable to
similarly titled measures of other companies.
Management believes Distributable Cash Flow is an important
measure of operating performance because it allows management,
investors and others to compare the cash flows that the Partnership
generates (after distributions on the Partnership’s Preferred Units
but prior to any retained cash reserves established by the
Partnership’s general partner and the effect of the Distribution
Reinvestment Plan) to the cash distributions that the Partnership
expects to pay its common unitholders.
Distributable Cash Flow Coverage Ratio is defined as the
period’s Distributable Cash Flow divided by distributions declared
to common unitholders in respect of such period. Management
believes Distributable Cash Flow Coverage Ratio is an important
measure of operating performance because it permits management,
investors, and others to assess the Partnership’s ability to pay
distributions to common unitholders out of the cash flows the
Partnership generates. The Partnership’s Distributable Cash Flow
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 for its 2022 fiscal year. A
forward-looking estimate of net cash provided by operating
activities and reconciliations of the forward-looking estimates of
Adjusted EBITDA and Distributable Cash Flow to net cash provided by
operating activities are not provided because the items necessary
to estimate net cash provided by operating activities, in
particular the change in operating assets and liabilities, are not
accessible or estimable at this time. The Partnership does not
anticipate 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 and Distributable Cash Flow.
See “Reconciliation of Non-GAAP Financial Measures” for Adjusted
gross margin reconciled to gross margin, Adjusted EBITDA reconciled
to net income (loss) and net cash provided by operating activities,
and net income (loss) and net cash provided by operating activities
reconciled to Distributable Cash Flow and Distributable Cash Flow
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,” “if,”
“project,” “outlook,” “will,” “could,” “should,” or other similar
words or the negatives thereof, and include the Partnership’s
expectation of future performance contained herein, including as
described under “Full-Year 2022 Outlook.” These statements discuss
future expectations, contain projections of results of operations
or of financial condition, or state other “forward-looking”
information. You are cautioned not to place undue reliance on any
forward-looking statements, which 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 noted below 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. Known material
factors that could cause the Partnership’s actual results to differ
materially from the results contemplated by such forward-looking
statements include:
- changes in general economic conditions, including inflation or
supply chain disruptions and changes in economic conditions of the
crude oil and natural gas industries, including any impact from the
ongoing military conflict involving Russia and Ukraine;
- changes in the long-term supply of and demand for crude oil and
natural gas, including as a result of the severity and duration of
world health events, including the COVID-19 pandemic, related
economic repercussions, actions taken by governmental authorities,
and other third parties in response to such events, and the
resulting disruption in the oil and gas industry and impact on
demand for oil and gas;
- competitive conditions in the Partnership’s industry, including
competition for employees in a tight labor market;
- changes in the availability and cost of capital, including
changes to interest rates;
- renegotiation of material terms of customer contracts;
- actions taken by the Partnership’s customers, competitors, and
third-party operators;
- operating hazards, natural disasters, epidemics, pandemics
(such as COVID-19), weather-related impacts, casualty losses, and
other matters beyond the Partnership’s control;
- operational challenges relating to COVID-19 and efforts to
mitigate the spread of the virus, including logistical challenges,
protecting the health and well-being of the Partnership’s
employees, remote work arrangements, performance of contracts, and
supply chain disruptions;
- the deterioration of the financial condition of the
Partnership’s customers, which may result in the initiation of
bankruptcy proceedings with respect to certain customers;
- the restrictions on the Partnership’s business that are imposed
under the Partnership’s long-term debt agreements;
- information technology risks, including the risk from
cyberattacks;
- the effects of existing and future laws and governmental
regulations;
- the effects of future litigation;
- the Partnership’s ability to realize the anticipated benefits
of acquisitions;
- factors 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, 2021, which was filed with the Securities and Exchange
Commission (the “SEC”) on February 15, 2022, and subsequently filed
reports; and
- other factors discussed in the Partnership’s filings with the
SEC.
All forward-looking statements speak only as of the date of this
news release and 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.
USA COMPRESSION PARTNERS,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except for per
unit amounts – Unaudited)
Three Months Ended
September 30,
June 30,
September 30,
2022
2022
2021
Revenues:
Contract operations
$
171,019
$
163,969
$
151,622
Parts and service
4,901
3,605
4,122
Related party
3,693
3,887
2,883
Total revenues
179,613
171,461
158,627
Costs and expenses:
Cost of operations, exclusive of
depreciation and amortization
59,453
55,158
49,159
Depreciation and amortization
58,772
58,959
59,265
Selling, general and administrative
14,663
13,914
13,524
Loss on disposition of assets
1,118
1,031
48
Impairment of compression equipment
504
—
—
Total costs and expenses
134,510
129,062
121,996
Operating income
45,103
42,399
36,631
Other income (expense):
Interest expense, net
(35,142
)
(33,079
)
(32,222
)
Other
27
21
18
Total other expense
(35,115
)
(33,058
)
(32,204
)
Net income before income tax expense
9,988
9,341
4,427
Income tax expense
376
255
312
Net income
9,612
9,086
4,115
Less: distributions on Preferred Units
(12,188
)
(12,188
)
(12,188
)
Net loss attributable to common
unitholders’ interests
$
(2,576
)
$
(3,102
)
$
(8,073
)
Weighted average common units outstanding
– basic and diluted
97,968
97,728
97,085
Basic and diluted net loss per common
unit
$
(0.03
)
$
(0.03
)
$
(0.08
)
Distributions declared per common unit
$
0.525
$
0.525
$
0.525
USA COMPRESSION PARTNERS,
LP
SELECTED BALANCE SHEET
DATA
(In thousands, except unit
amounts – Unaudited)
September 30,
2022
Selected Balance Sheet data:
Total assets
$
2,673,391
Long-term debt, net
$
2,078,066
Total partners’ deficit
$
(65,066
)
Common units outstanding
97,995,127
USA COMPRESSION PARTNERS,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands —
Unaudited)
Three Months Ended
September 30,
June 30,
September 30,
2022
2022
2021
Net cash provided by operating
activities
$
49,209
$
94,228
$
45,297
Net cash used in investing activities
(43,545
)
(23,156
)
(13,397
)
Net cash used in financing activities
(5,658
)
(71,087
)
(31,652
)
USA COMPRESSION PARTNERS,
LP
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
ADJUSTED GROSS MARGIN TO GROSS
MARGIN
(In thousands —
Unaudited)
The following table reconciles Adjusted
gross margin to gross margin, its most directly comparable GAAP
financial measure, for each of the periods presented:
Three Months Ended
September 30,
June 30,
September 30,
2022
2022
2021
Total revenues
$
179,613
$
171,461
$
158,627
Cost of operations, exclusive of
depreciation and amortization
(59,453
)
(55,158
)
(49,159
)
Depreciation and amortization
(58,772
)
(58,959
)
(59,265
)
Gross margin
$
61,388
$
57,344
$
50,203
Depreciation and amortization
58,772
58,959
59,265
Adjusted gross margin
$
120,160
$
116,303
$
109,468
USA COMPRESSION PARTNERS,
LP
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
September 30,
June 30,
September 30,
2022
2022
2021
Net income
$
9,612
$
9,086
$
4,115
Interest expense, net
35,142
33,079
32,222
Depreciation and amortization
58,772
58,959
59,265
Income tax expense
376
255
312
EBITDA
$
103,902
$
101,379
$
95,914
Unit-based compensation expense (1)
3,008
2,998
3,482
Severance charges
624
—
190
Loss on disposition of assets
1,118
1,031
48
Impairment of compression equipment
(2)
504
—
—
Adjusted EBITDA
$
109,156
$
105,408
$
99,634
Interest expense, net
(35,142
)
(33,079
)
(32,222
)
Non-cash interest expense
1,814
1,815
2,288
Income tax expense
(376
)
(255
)
(312
)
Severance charges
(624
)
—
(190
)
Other
(33
)
(179
)
(1,118
)
Changes in operating assets and
liabilities
(25,586
)
20,518
(22,783
)
Net cash provided by operating
activities
$
49,209
$
94,228
$
45,297
_____________________ (1)
For the three months ended September 30, 2022, June 30, 2022,
and September 30, 2021, unit-based compensation expense included
$1.1 million, $1.2 million and $1.0 million, respectively, of cash
payments related to quarterly payments of distribution equivalent
rights on outstanding phantom unit awards and $1.1 million, $0 and
$0, respectively, related to the cash portion of any settlement of
phantom unit awards upon vesting. The remainder of unit-based
compensation expense for all periods was related to non-cash
adjustments to the unit-based compensation liability.
(2)
Represents non-cash charges incurred to decrease the carrying
value of long-lived assets with recorded values that are not
expected to be recovered through future cash flows.
USA COMPRESSION PARTNERS,
LP
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
DISTRIBUTABLE CASH FLOW TO NET
INCOME AND NET CASH PROVIDED BY OPERATING ACTIVITIES
(Dollars in thousands —
Unaudited)
The following table reconciles
Distributable Cash Flow 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
September 30,
June 30,
September 30,
2022
2022
2021
Net income
$
9,612
$
9,086
$
4,115
Non-cash interest expense
1,814
1,815
2,288
Depreciation and amortization
58,772
58,959
59,265
Non-cash income tax expense (benefit)
(33
)
21
32
Unit-based compensation expense (1)
3,008
2,998
3,482
Severance charges
624
—
190
Loss on disposition of assets
1,118
1,031
48
Impairment of compression equipment
(2)
504
—
—
Distributions on Preferred Units
(12,188
)
(12,188
)
(12,188
)
Maintenance capital expenditures (3)
(8,050
)
(6,146
)
(5,259
)
Distributable Cash Flow
$
55,181
$
55,576
$
51,973
Maintenance capital expenditures
8,050
6,146
5,259
Severance charges
(624
)
—
(190
)
Distributions on Preferred Units
12,188
12,188
12,188
Other
—
(200
)
(1,150
)
Changes in operating assets and
liabilities
(25,586
)
20,518
(22,783
)
Net cash provided by operating
activities
$
49,209
$
94,228
$
45,297
Distributable Cash Flow
$
55,181
$
55,576
$
51,973
Distributions for Distributable Cash Flow
Coverage Ratio (4)
$
51,447
$
51,419
$
50,975
Distributable Cash Flow Coverage Ratio
1.07x
1.08x
1.02x
_____________________ (1)
For the three months ended September 30,
2022, June 30, 2022, and September 30, 2021, unit-based
compensation expense included $1.1 million, $1.2 million and $1.0
million, respectively, of cash payments related to quarterly
payments of distribution equivalent rights on outstanding phantom
unit awards and $1.1 million, $0 and $0, respectively, related to
the cash portion of any settlement of phantom unit awards upon
vesting. The remainder of unit-based compensation expense for all
periods was related to non-cash adjustments to the unit-based
compensation liability.
(2)
Represents non-cash charges incurred to
decrease the carrying value of long-lived assets with recorded
values that are not expected to be recovered through future cash
flows.
(3)
Reflects actual maintenance capital
expenditures for the periods presented. Maintenance capital
expenditures are capital expenditures made to maintain the
operating capacity of the Partnership’s assets and extend their
useful lives, replace partially or fully depreciated assets, or
other capital expenditures that are incurred in maintaining the
Partnership’s existing business and related cash flow.
(4)
Represents distributions to the holders of
the Partnership’s common units as of the record date.
USA COMPRESSION PARTNERS, LP
FULL-YEAR 2022 ADJUSTED EBITDA
AND DISTRIBUTABLE CASH FLOW GUIDANCE RANGE
RECONCILIATION TO NET
INCOME
(Unaudited)
Guidance
Net income
$30.0 million to $40.0
million
Plus: Interest expense, net
137.0 million
Plus: Depreciation and amortization
237.0 million
Plus: Income tax expense
1.0 million
EBITDA
$405.0 million to $415.0
million
Plus: Unit-based compensation expense and
other (1)
12.0 million
Plus: Transaction expenses and severance
charges
1.0 million
Plus: Loss on disposition of assets
2.0 million
Adjusted EBITDA
$420.0 million to $430.0
million
Less: Cash interest expense
129.0 million
Less: Current income tax expense
1.0 million
Less: Maintenance capital expenditures
26.0 million
Less: Distributions on Preferred Units
49.0 million
Distributable Cash Flow
$215.0 million to $225.0
million
___________________ (1)
Unit-based compensation expense is based on the Partnership’s
closing per unit price of $17.40 on September 30, 2022.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221101005304/en/
Investor Contacts:
USA Compression Partners, LP
Mike Pearl Chief Financial Officer 832-823-7306
ir@usacompression.com
Julie McEwen Controller 512-369-1389 ir@usacompression.com
USA Compression Partners (NYSE:USAC)
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