USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or
the “Partnership”) announced today its financial and operating
results for first-quarter 2023.
First-Quarter 2023 Highlights
- Record total revenues of $197.1 million for first-quarter 2023,
compared to $163.4 million for first-quarter 2022.
- Net income was $10.9 million for first-quarter 2023, compared
to $3.3 million for first-quarter 2022.
- Net cash provided by operating activities was $42.3 million for
first-quarter 2023, compared to $35.1 million for first-quarter
2022.
- Adjusted EBITDA was $118.2 million for first-quarter 2023,
compared to $98.4 million for first-quarter 2022.
- Distributable Cash Flow was $62.6 million for first-quarter
2023, compared to $50.1 million for first-quarter 2022.
- Announced cash distribution of $0.525 per common unit for
first-quarter 2023, consistent with first-quarter 2022.
- Distributable Cash Flow Coverage was 1.21x for first-quarter
2023, compared to 0.98x for first-quarter 2022.
“Our outstanding first-quarter results were driven by continued
strengthening in market demand for the compression services that we
provide and that play a vital role in supplying the energy
necessary to sustain and improve the health and welfare of many.
Our first-quarter results featured consecutive-quarter
record-setting revenues, Adjusted EBITDA, and Distributable Cash
Flow,” commented Eric D. Long, USA Compression’s President and
Chief Executive Officer. “These record quarterly results were made
possible by continued sequential-quarter improvements in fleet
utilization, which approached a 93-percent first-quarter exit rate,
and by record-setting quarterly per-horsepower average revenue. We
believe that our first-quarter performance is indicative of our
fleet’s revenue-generating capability that we expect to continue
contributing to financial results that enable further reductions to
our leverage ratio, which has improved by more than 10% year over
year, and underpin improving distribution-coverage, which came in
at 1.21 times for the first quarter, representing a post-CDM
acquisition distribution-coverage high water mark.”
Expansion capital expenditures were $51.2 million, maintenance
capital expenditures were $5.0 million, and cash interest expense,
net was $38.0 million for first-quarter 2023.
On April 13, 2023, the Partnership announced a first-quarter
cash distribution of $0.525 per common unit, which corresponds to
an annualized distribution rate of $2.10 per common unit. The
distribution will be paid on May 5, 2023, to common unitholders of
record as of the close of business on April 24, 2023.
Operational and
Financial Data
Three Months Ended
March 31, 2023
December 31,
2022
March 31, 2022
Operational data:
Fleet horsepower (at period end) (1)
3,725,111
3,716,854
3,687,518
Revenue-generating horsepower (at period
end) (2)
3,260,535
3,199,548
2,987,624
Average revenue-generating horsepower
(3)
3,241,296
3,171,899
2,978,422
Revenue-generating compression units (at
period end)
4,170
4,116
3,949
Horsepower utilization (at period end)
(4)
92.7
%
91.8
%
86.1
%
Average horsepower utilization (for the
period) (4)
92.6
%
91.3
%
84.9
%
Financial data ($ in thousands, except
per horsepower data):
Total revenues
$
197,124
$
190,112
$
163,412
Average revenue per revenue-generating
horsepower per month (5)
$
18.19
$
17.81
$
16.87
Net income
$
10,941
$
8,366
$
3,254
Operating income
$
51,057
$
46,693
$
35,098
Net cash provided by operating
activities
$
42,338
$
82,099
$
35,054
Gross margin
$
70,973
$
64,237
$
50,616
Adjusted gross margin (6)
$
130,459
$
124,119
$
109,680
Adjusted gross margin percentage (7)
66.2
%
65.3
%
67.1
%
Adjusted EBITDA (6)
$
118,161
$
112,991
$
98,423
Adjusted EBITDA percentage (7)
59.9
%
59.4
%
60.2
%
Distributable Cash Flow (6)
$
62,613
$
60,596
$
50,146
____________________________________
(1)
Fleet horsepower is horsepower for
compression units that have been delivered to the Partnership (and
excludes units on order). As of March 31, 2023, the Partnership had
147,500 large horsepower on order for delivery, all of which is
expected to be delivered by year-end 2023.
(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 87.5%,
86.1%, and 81.0% at March 31, 2023, December 31, 2022, and March
31, 2022, respectively.
Average horsepower utilization based on
revenue-generating horsepower and fleet horsepower was 87.2%,
85.4%, and 80.7% for the three months ended March 31, 2023,
December 31, 2022, and March 31, 2022, 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 March 31, 2023, the Partnership was in compliance with all
covenants under its $1.6 billion revolving credit facility. As of
March 31, 2023, the Partnership had outstanding borrowings under
the revolving credit facility of $709.1 million, $890.9 million of
availability and, subject to compliance with the applicable
financial covenants, available borrowing capacity of $374.5
million. As of March 31, 2023, 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 2023 Outlook
USA Compression is confirming its full-year 2023 guidance as
follows:
- Net income range of $75.0 million to $95.0 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 $490.0 million to $510.0 million;
and
- Distributable Cash Flow range of $260.0 million to $280.0
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
first-quarter 2023 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. A replay will be
available shortly after the call via the “Events” page of USA
Compression’s Investor Relations website.
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.
By Phone:
Dial (888) 440-5655 at least 10 minutes
before the call and ask for the USA Compression Partners Earnings
Call.
About USA Compression Partners,
LP
USA Compression Partners, LP 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 midstream 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 primarily impacted 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 considering solely 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 2023 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 and net cash provided by operating activities, and
net income 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 2023 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, 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,
weather-related impacts, casualty losses, and other matters beyond
the Partnership’s control;
- 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, 2022, which was filed with the Securities and Exchange
Commission (the “SEC”) on February 14, 2023, 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
March 31, 2023
December 31,
2022
March 31, 2022
Revenues:
Contract operations
$
188,539
$
180,558
$
157,668
Parts and service
3,878
5,297
1,926
Related party
4,707
4,257
3,818
Total revenues
197,124
190,112
163,412
Costs and expenses:
Cost of operations, exclusive of
depreciation and amortization
66,665
65,993
53,732
Depreciation and amortization
59,486
59,882
59,064
Selling, general, and administrative
19,101
17,436
15,265
Gain on disposition of assets
(376
)
(443
)
(179
)
Impairment of compression equipment
1,191
551
432
Total costs and expenses
146,067
143,419
128,314
Operating income
51,057
46,693
35,098
Other income (expense):
Interest expense, net
(39,790
)
(37,991
)
(31,838
)
Other
24
23
20
Total other expense
(39,766
)
(37,968
)
(31,818
)
Net income before income tax expense
11,291
8,725
3,280
Income tax expense
350
359
26
Net income
10,941
8,366
3,254
Less: distributions on Preferred Units
(12,187
)
(12,187
)
(12,187
)
Net loss attributable to common
unitholders’ interests
$
(1,246
)
$
(3,821
)
$
(8,933
)
Weighted-average common units outstanding
– basic and diluted
98,247
98,051
97,365
Basic and diluted net loss per common
unit
$
(0.01
)
$
(0.04
)
$
(0.09
)
Distributions declared per common unit for
respective periods
$
0.525
$
0.525
$
0.525
USA COMPRESSION PARTNERS,
LP
SELECTED BALANCE SHEET
DATA
(In thousands, except unit
amounts – Unaudited)
March 31, 2023
Selected Balance Sheet data:
Total assets
$
2,657,874
Long-term debt, net
$
2,170,421
Total partners’ deficit
$
(168,461
)
Common units outstanding
98,257,639
USA COMPRESSION PARTNERS,
LP
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands —
Unaudited)
Three Months Ended
March 31, 2023
December 31,
2022
March 31, 2022
Net cash provided by operating
activities
$
42,338
$
82,099
$
35,054
Net cash used in investing activities
(40,861
)
(43,530
)
(19,714
)
Net cash used in financing activities
(1,506
)
(38,540
)
(15,325
)
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
March 31, 2023
December 31,
2022
March 31, 2022
Total revenues
$
197,124
$
190,112
$
163,412
Cost of operations, exclusive of
depreciation and amortization
(66,665
)
(65,993
)
(53,732
)
Depreciation and amortization
(59,486
)
(59,882
)
(59,064
)
Gross margin
$
70,973
$
64,237
$
50,616
Depreciation and amortization
59,486
59,882
59,064
Adjusted gross margin
$
130,459
$
124,119
$
109,680
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
March 31, 2023
December 31,
2022
March 31, 2022
Net income
$
10,941
$
8,366
$
3,254
Interest expense, net
39,790
37,991
31,838
Depreciation and amortization
59,486
59,882
59,064
Income tax expense
350
359
26
EBITDA
$
110,567
$
106,598
$
94,182
Unit-based compensation expense (1)
6,779
6,178
3,710
Transaction expenses (2)
—
—
27
Severance charges
—
107
251
Gain on disposition of assets
(376
)
(443
)
(179
)
Impairment of compression equipment
(3)
1,191
551
432
Adjusted EBITDA
$
118,161
$
112,991
$
98,423
Interest expense, net
(39,790
)
(37,991
)
(31,838
)
Non-cash interest expense
1,822
1,814
1,822
Income tax expense
(350
)
(359
)
(26
)
Transaction expenses
—
—
(27
)
Severance charges
—
(107
)
(251
)
Other
(15
)
65
(704
)
Changes in operating assets and
liabilities
(37,490
)
5,686
(32,345
)
Net cash provided by operating
activities
$
42,338
$
82,099
$
35,054
____________________________________
(1)
For the three months ended March 31, 2023,
December 31, 2022, and March 31, 2022, unit-based compensation
expense included $1.1 million, $1.0 million, and $1.1 million,
respectively, of cash payments related to quarterly payments of
distribution equivalent rights on outstanding phantom unit awards
and $0, $0.2 million, 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 certain expenses related to
potential and completed transactions and other items. The
Partnership believes it is useful to investors to exclude these
expenses.
(3)
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
March 31, 2023
December 31,
2022
March 31, 2022
Net income
$
10,941
$
8,366
$
3,254
Non-cash interest expense
1,822
1,814
1,822
Depreciation and amortization
59,486
59,882
59,064
Non-cash income tax expense (benefit)
(15
)
65
(204
)
Unit-based compensation expense (1)
6,779
6,178
3,710
Transaction expenses (2)
—
—
27
Severance charges
—
107
251
Gain on disposition of assets
(376
)
(443
)
(179
)
Impairment of compression equipment
(3)
1,191
551
432
Distributions on Preferred Units
(12,187
)
(12,187
)
(12,187
)
Maintenance capital expenditures (4)
(5,028
)
(3,737
)
(5,844
)
Distributable Cash Flow
$
62,613
$
60,596
$
50,146
Maintenance capital expenditures
5,028
3,737
5,844
Transaction expenses
—
—
(27
)
Severance charges
—
(107
)
(251
)
Distributions on Preferred Units
12,187
12,187
12,187
Other
—
—
(500
)
Changes in operating assets and
liabilities
(37,490
)
5,686
(32,345
)
Net cash provided by operating
activities
$
42,338
$
82,099
$
35,054
Distributable Cash Flow
$
62,613
$
60,596
$
50,146
Distributions for Distributable Cash Flow
Coverage Ratio (5)
$
51,585
$
51,570
$
51,123
Distributable Cash Flow Coverage Ratio
1.21
x
1.18
x
0.98
x
____________________________________
(1)
For the three months ended March 31, 2023,
December 31, 2022, and March 31, 2022, unit-based compensation
expense included $1.1 million, $1.0 million, and $1.1 million,
respectively, of cash payments related to quarterly payments of
distribution equivalent rights on outstanding phantom unit awards
and $0, $0.2 million, 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 certain expenses related to
potential and completed transactions and other items. The
Partnership believes it is useful to investors to exclude these
expenses.
(3)
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.
(4)
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.
(5)
Represents distributions to the holders of
the Partnership’s common units as of the record date.
USA COMPRESSION PARTNERS,
LP
FULL-YEAR 2023 ADJUSTED EBITDA
AND DISTRIBUTABLE CASH FLOW GUIDANCE RANGE
RECONCILIATION TO NET
INCOME
(Unaudited)
Guidance
Net income
$75.0 million to $95.0
million
Plus: Interest expense, net
162.0 million
Plus: Depreciation and amortization
237.0 million
Plus: Income tax expense
1.0 million
EBITDA
$475.0 million to $495.0
million
Plus: Unit-based compensation expense
(1)
15.0 million
Adjusted EBITDA
$490.0 million to $510.0
million
Less: Cash interest expense
154.0 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
$260.0 million to $280.0
million
____________________________________
(1)
Unit-based compensation expense is based
on the Partnership’s closing per unit price of $21.13 on March 31,
2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230502005408/en/
Investor Contacts: USA
Compression Partners, LP Barrett Blaschke, Director, Corporate
Planning & Investor Relations (832) 823-7307 Julie McEwen,
Controller (512) 369-1389 ir@usacompression.com
USA Compression Partners (NYSE:USAC)
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