Attached files
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8-K - 8-K - CrossAmerica Partners LP | d771683d8k.htm |
EX-99.2 - EX-99.2 - CrossAmerica Partners LP | d771683dex992.htm |
Exhibit 99.1
Lehigh Gas Partners LP Reports Second Quarter 2014 Results and Announces a 2.0% Increase in Its Quarterly Cash Distribution
ALLENTOWN, PA (August 6, 2014) - Lehigh Gas Partners LP (NYSE: LGP) (the Partnership, we, or us) today reported its financial results for the quarter ended June 30, 2014 and announced that the Board of Directors of its general partner approved a 2.0% increase in the Partnerships cash distribution per unit from the current annual rate of $2.05 per unit ($0.5125 per quarter) to $2.09 per unit ($0.5225 per quarter). Separately, the Partnership announced that CST Brands, Inc. (NYSE: CST) entered into a definitive agreement to acquire the Partnerships general partner, Lehigh Gas GP, LLC. Please see our separate press release entitled CST Brands to Acquire the General Partner of Lehigh Gas Partners LP for additional information on the transaction.
In the Second Quarter of 2014, the Partnership:
| Distributed 235.5 million gallons of fuel compared to second quarter 2013 volume of 160.7 million gallons of fuel, a 46.5% increase. |
| Generated gross profit from fuel sales of $16.7 million compared to second quarter 2013 gross profit from fuel sales of $12.0 million, a 39.1% increase. |
| Generated net rental income (rent income minus rent expense) of $5.8 million compared to second quarter 2013 net rental income of $6.4 million, an 8.4% decrease. |
| Closed on the $59.5 million acquisition of PMI and $40.2 acquisition of the Atlas assets |
| Generated EBITDA and Adjusted EBITDA of $8.9 million and $10.0 million, compared to second quarter 2013 EBITDA and Adjusted EBITDA of $14.1 million and $14.9 million, respectively. Included in the EBITDA and Adjusted EBITDA for the current quarter are $5.6 million in acquisition related expenses and $1.5 million in non-cash charges associated with the acquisitions completed during the quarter. |
| Generated Distributable Cash Flow of $6.4 million or $0.33 per weighted average common unit on a diluted basis compared to second quarter 2013 Distributable Cash Flow of $11.2 million or $0.73 per common unit. Excluding the acquisition expenses and non-cash charges referenced above, Distributable Cash Flow for the quarter was $13.5 million or $0.71 per weighted average common unit. |
| Declared a second quarter distribution of $0.5225 per unit, a 2.0% increase in the Partnerships distribution rate from the first quarter of 2014 and representing a 9.4% increase from the second quarter 2013 distribution. |
Second Quarter 2014 Results
Net income for the second quarter of 2014 totaled $1.9 million or $0.10 per weighted average common unit on a diluted basis. For the quarter, EBITDA totaled $8.9 million, Adjusted EBITDA totaled $10.0 million and Distributable Cash Flow amounted to $6.4 million or $0.33 per weighted average common unit on a diluted basis. Included in the EBITDA, Adjusted EBITDA and Distributable Cash figures are $5.6 million in acquisition expenses and $1.5 million in non-cash charges related to the acquisitions completed during the quarter. Net income includes, in addition to the previously mentioned items, a $5.2 million tax benefit related to the partial release of a valuation allowance against deferred tax assets. Please refer to the section included herein under the heading Non-GAAP Financial Measures of EBITDA, Adjusted EBITDA and Distributable Cash Flow for a discussion of our use of non-GAAP adjusted financial information.
Overall, the operating environment was much stronger this quarter as margins and volumes improved from the seasonally weak first quarter, said Chairman and CEO Joe Topper. We closed on two great acquisitions during the quarter that are already contributing to increased profitability at the Partnership. In addition, I am pleased to announce another distribution increase this quarter, our fifth distribution increase in the six full quarters in which we have been public, Topper added.
Total revenue amounted to $767.2 million for the quarter ended June 30, 2014, consisting of $738.9 million of aggregate revenues from fuel sales, including revenues from fuel sales to affiliates, $10.8 million of aggregate rent income, including rent income from affiliates, and $17.2 million of revenues from food and merchandise sales associated with assets from the PMI acquisition. During the quarter, we wholesale distributed 228.2 million gallons of fuel at an average selling price of $3.083 per gallon and at an average wholesale gross margin of $0.066 per gallon, resulting in a wholesale gross profit of $15.0 million. During the quarter, we retail distributed 32.4 million gallons at an average selling price of $3.624 per gallon and at an average retail gross margin of $0.052 per gallon, resulting in a retail gross profit of $1.7 million. Total gross profit from motor fuels for the quarter was $16.7 million. During the
quarter, the Partnership made $3.2 million in gross margin from the sale of food and merchandise. The $3.2 million in food and merchandise gross margin for the quarter includes a $1.5 million non-cash charge related to purchase accounting adjustments associated with the PMI acquisition. For the quarter ended June 30, 2013, the Partnership wholesale distributed 160.7 million gallons of fuel at an average selling price of $2.971 per gallon and an average margin of $0.075 per gallon, resulting in a gross profit of $12.0 million. In the second quarter of 2013, the Partnership recorded $10.3 million in rent income. The Partnership did not have any retail fuel or food and merchandise operations in the second quarter of 2013.
The increase in gross profit from fuel sales for the second quarter of 2014 relative to 2013 was primarily due to the increased volume in the quarter offset by the lower fuel margin in the quarter. The increased fuel volume for the quarter is primarily due to the acquisitions that have been completed since the second quarter of 2013 offset by certain marketplace volume declines and the closure of certain sites. Fuel margins for the quarter were down relative to the strong results of the second quarter of 2013. On a sequential basis though, wholesale fuel margin per gallon improved by approximately 12% from the first quarter of 2014. The increase in rent income for the second quarter of 2014 relative to 2013 was due to the increased rent from acquisitions completed since the second quarter of 2013 offset by the decrease in rent associated with the purchase of the commission class of trade sites from LGO in the third quarter of 2013 and certain lease terminations.
Total expenses amounted to $765.6 million for the quarter ended June 30, 2014, including rent expense of $4.9 million, operating expenses of $3.7 million, depreciation and amortization of $7.2 million, and selling, general and administrative expenses of $13.6 million. Included in selling, general and administrative expenses for the quarter is $5.6 million in acquisition expenses related to acquisitions closed during the quarter. The acquisition expenses consisted primarily of broker, advisory, legal and other professional fees. For the quarter, the Partnership also recorded an income tax benefit of $3.9 million, which includes a $5.2 million benefit from the partial release of a valuation allowance against deferred tax assets. For the quarter ended June 30, 2013, total expenses amounted to $479.1 million, including rent expense of $3.9 million, operating expenses of $1.1 million, depreciation and amortization of $4.9 million and selling, general and administrative expenses of $3.8 million.
The increase in rent expense for the quarter is primarily due to the increased leased site count for the quarter as a result of acquisitions completed since the second quarter of 2013 offset to a limited extent by the termination of certain leased sites that occurred since the second quarter of 2013. Overall, net rental income decreased due to the increased lease expense due to the leasehold sites in the PMI acquisition, which was not offset by increased rent income from the sites since the Partnership operates the sites directly and does not lease the sites to a third party as it has typically done in previous acquisitions. Operating expenses increased by $2.6 million for the quarter relative to 2013 primarily due the PMI acquisition, which introduced the direct store level operations of PMI into the Partnership, and the additional maintenance associated with the increase in the number of sites owned or leased as a result of acquisitions completed since the second quarter of 2013. Selling, general and administrative expenses increased in the second quarter of 2014 relative to 2013 primarily due to the increased acquisition expenses, the PMI acquisition, which includes a management fee paid to an affiliate for store level and administrative labor and other expenses, and an increase in equity based compensation and professional fees.
Acquisition and Financing Activity
PMI Acquisition
As previously announced, on April 30, 2014, the Partnership acquired Roanoke, VA based Petroleum Marketers, Inc. (PMI) for net total consideration of $59.5 million. PMI operates two primary lines of business: convenience stores and petroleum products distribution. In its convenience store business, PMI operates 87 convenience stores and 9 co-located branded quick service restaurants located primarily along the Interstate 81 corridor in Virginia, with a concentration in the Roanoke, VA area. The petroleum products business distributes motor fuels and other petroleum products to customers throughout Virginia, West Virginia, Tennessee and North Carolina. The transaction was funded under the Partnerships credit facility.
Atlas Acquisition
As previously announced, the Partnership completed its acquisition of 52 wholesale supply contracts, one sub-wholesaler contract, five fee sites, six leasehold sites and certain other assets from affiliates of Atlas Oil Company for $35.0 million on May 19, 2014. In addition, the Partnership acquired certain short-term financing assets associated with the wholesale supply contracts for the face value of the financing assets of $5.2 million, bringing the total
consideration to $40.2 million, subject to certain post-closing adjustments. The transaction was funded under the Partnerships credit facility and $4.0 million of proceeds from the sale of PMIs lubricants business that were directed to an escrow agent as part of a Section 1031 like-kind exchange.
As of June 30, 2014, the Partnership had $272.5 million in outstanding borrowings under its credit facility. The Partnership had a nominal $160.3 million available for borrowing, net of outstanding borrowings and letters of credit.
Distributions to Unitholders
The Partnership announced today that the Board of Directors of its general partner approved a 2.0% increase in the Partnerships cash distribution per unit from the current annual rate of $2.05 per unit ($0.5125 per quarter) to $2.09 per unit ($0.5225 per quarter). The distribution represents an annual distribution rate of 8.1% based on the Partnerships common unit closing price on August 5, 2014 of $25.95 and a 9.4% increase from the second quarter 2013 distribution. The second quarter distribution is payable on August 28, 2014 to all unitholders of record as of August 18, 2014. In reviewing its distribution policy, the Board determined that it will continue to evaluate the Partnerships distribution each quarter.
Second Quarter Earnings and Transaction Overview Call
The management team of the Partnership will hold a conference call on Thursday, August 7, 2014 at 10:00 AM ET to discuss the announced acquisition of the general partner of the Partnership and the Partnerships quarterly results. The management team of the Partnership will be joined by the management team of CST Brands, Inc. on the call. The dial-in information for the call is:
Live Dial-in Information:
Primary Dial-in #: | 800.774.6070 | |
Secondary Dial-in#: | 630.691.2753 | |
Participant Passcode: | 8471623# | |
Preregistration: | No |
Replay Dial-in Information
Available From: | 8/7/2014 1:30 PM ET | |
Available To: | 8/14/2014 11:59 PM ET | |
Primary Dial-in #: | 888.843.7419 | |
Secondary Dial-in #: | 630.652.3042 | |
Participant Passcode: | 8471623# |
About Lehigh Gas Partners LP
Lehigh Gas Partners, headquartered in Allentown, PA, is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels. Formed in 2012, Lehigh Gas Partners distributes fuel to over 1,050 locations and owns or leases more than 625 sites in sixteen states: Pennsylvania, New Jersey, Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine, Tennessee, Maryland, Delaware, West Virginia, Virginia, Illinois and Indiana. The company is affiliated with several major oil brands, including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf and Citgo. LGP ranks as one of ExxonMobils largest distributors by fuel volume in the United States and in the top 10 for many additional brands. For additional information, please visit www.lehighgaspartners.com.
Investor Contact:
Karen Yeakel
Vice President, Investor Relations
Lehigh Gas Partners
610-625-8126
kyeakel@lehighgas.com
Forward Looking and Cautionary Statements
This press release and oral statements made regarding the subjects of this release may contain forward-looking statements, which may include, but are not limited to, statements regarding the Partnerships plans, objectives, expectations and intentions and other statements that are not historical facts, including statements identified by words such as outlook, intends, plans, estimates, believes, expects, potential, continues, may, will, should, seeks, approximately, predicts, anticipates, foresees, or the negative version of these words or other comparable expressions. All statements addressing operating performance, events, or developments that the Partnership expects or anticipates will occur in the future, including statements relating to revenue growth and earnings or earnings per unit growth, as well as statements expressing optimism or pessimism about future operating results, are forward-looking statements. The forward-looking statements are based upon the Partnerships current views and assumptions regarding future events and operating performance and are inherently subject to significant business, economic and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Partnerships control. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Partnership on its website or otherwise. The Partnership does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
Although the Partnership does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Partnership cannot guarantee their accuracy. Achieving the results described in these statements involves a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the factors discussed in this report and those described in the Risk Factors section of the Partnerships Form 10-K filed on March 10, 2014 with the Securities and Exchange Commission as well as in the Partnerships other filings with the Securities and Exchange Commission. No undue reliance should be placed on any forward-looking statements.
Note to Non-United States Investors: This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Lehigh Gas Partners LPs distributions to non-U.S. investors as attributable to income that is effectively connected with a United States trade or business. Accordingly, Lehigh Gas Partners LPs distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Lehigh Gas Partners LP
Consolidated Statements of Operations
($ in thousands, except per unit amounts)
Three Months Ended June 30, 2014 (unaudited) |
Three Months Ended June 30, 2013 (unaudited) |
Six Months Ended June 30, 2014 (unaudited) |
Six Months Ended June 30, 2013 (unaudited) |
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Revenues: |
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Revenues from fuel sales |
528,364 | 228,719 | 825,148 | 447,023 | ||||||||||||
Revenues from fuel sales to affiliates |
210,492 | 248,704 | 384,897 | 491,569 | ||||||||||||
Revenues from food and merchandise sales |
17,249 | | 17,249 | | ||||||||||||
Rent income |
6,171 | 3,833 | 11,679 | 7,185 | ||||||||||||
Rent income from affiliates |
4,592 | 6,432 | 9,779 | 13,349 | ||||||||||||
Other revenues |
323 | 508 | 460 | 931 | ||||||||||||
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Total revenues |
767,191 | 488,196 | 1,249,212 | 960,057 | ||||||||||||
Costs and expenses: |
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Cost of revenues from fuel sales |
518,440 | 223,665 | 810,220 | 437,943 | ||||||||||||
Cost of revenues from fuel sales to affiliates |
203,752 | 241,772 | 373,511 | 478,735 | ||||||||||||
Cost of revenues from food and merchandise sales |
14,075 | | 14,075 | | ||||||||||||
Rent expense |
4,933 | 3,900 | 8,748 | 7,784 | ||||||||||||
Operating expenses |
3,670 | 1,113 | 5,868 | 1,933 | ||||||||||||
Depreciation and amortization |
7,247 | 4,864 | 13,183 | 9,703 | ||||||||||||
Selling, general and administrative expenses |
13,553 | 3,820 | 18,080 | 7,399 | ||||||||||||
Gains on sales of assets, net |
(53 | ) | (47 | ) | (1,533 | ) | (47 | ) | ||||||||
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Total costs and operating expenses |
765,617 | 479,087 | 1,242,152 | 943,450 | ||||||||||||
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Operating income |
1,574 | 9,109 | 7,060 | 16,607 | ||||||||||||
Interest expense |
(3,712 | ) | (3,505 | ) | (7,739 | ) | (6,884 | ) | ||||||||
Other income, net |
119 | 85 | 223 | 166 | ||||||||||||
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Income (loss) from continuing operations before income taxes |
(2,019 | ) | 5,689 | (456 | ) | 9,889 | ||||||||||
Income tax expense (benefit) from continuing operations |
(3,911 | ) | 220 | (3,776 | ) | 663 | ||||||||||
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Net income |
1,892 | 5,469 | 3,320 | 9,226 | ||||||||||||
Incentive distribution right holders interest in net income |
31 | | 62 | | ||||||||||||
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Limited partners interest in net income |
1,861 | 5,469 | 3,258 | 9,226 |
Three Months Ended June 30, 2014 (unaudited) |
Three Months Ended June 30, 2013 (unaudited) |
Six Months Ended June 30, 2014 (unaudited) |
Six Months Ended June 30, 2013 (unaudited) |
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Limited partners interest in net income |
1,861 | 5,469 | 3,258 | 9,226 | ||||||||||||
Net income per common and subordinated unit basic |
$ | 0.10 | $ | 0.36 | $ | 0.17 | $ | 0.61 | ||||||||
Net income per common and subordinated unit diluted |
$ | 0.10 | $ | 0.36 | $ | 0.17 | $ | 0.61 | ||||||||
Weighted average limited partners units outstanding |
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Common units basic |
11,194,203 | 7,526,044 | 11,155,140 | 7,525,952 | ||||||||||||
Common units diluted |
11,194,203 | 7,569,312 | 11,533,530 | 7,525,952 | ||||||||||||
Subordinated units basic and diluted |
7,525,000 | 7,525,000 | 7,525,000 | 7,525,000 |
Supplemental Operating Metrics - ($ in thousands, except per gallon amounts)
Three Months Ended June 30, 2014 (unaudited) |
Three Months Ended June 30, 2013 (unaudited) |
Six Months Ended June 30, 2014 (unaudited) |
Six Months Ended June 30, 2013 (unaudited) |
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Revenues from fuel sales |
528,364 | 228,719 | 825,148 | 447,023 | ||||||||||||
Revenues from fuel sales to affiliates |
210,492 | 248,704 | 384,897 | 491,569 | ||||||||||||
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Revenues from fuel sales - aggregate |
738,856 | 477,423 | 1,210,045 | 938,592 | ||||||||||||
Cost of revenues from fuel sales |
518,440 | 223,665 | 810,220 | 437,943 | ||||||||||||
Cost of revenues from fuel sales to affiliates |
203,752 | 241,772 | 373,511 | 478,735 | ||||||||||||
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Cost of revenues from fuel sales - aggregate |
722,192 | 465,437 | 1,183,731 | 916,678 | ||||||||||||
Gross profit from fuel sales - aggregate (1) |
16,664 | 11,986 | 26,314 | 21,914 | ||||||||||||
Wholesale volume of gallons distributed (millions) |
228.2 | 160.7 | 387.8 | 310.4 | ||||||||||||
Wholesale selling price per gallon |
$ | 3.083 | $ | 2.971 | $ | 3.007 | $ | 3.024 | ||||||||
Wholesale margin per gallon |
$ | 0.066 | $ | 0.075 | $ | 0.063 | $ | 0.071 | ||||||||
Wholesale segment gross profit from fuel |
15,030 | 24,390 | ||||||||||||||
Retail volume of gallons distributed (millions) |
32.4 | 47.5 | ||||||||||||||
Retail selling price per gallon |
$ | 3.624 | $ | 3.587 | ||||||||||||
Retail margin per gallon |
$ | 0.052 | $ | 0.042 | ||||||||||||
Retail segment gross profit from motor fuel |
1,670 | 1,991 | ||||||||||||||
Total gallons distributed (millions) |
235.5 | 395.1 | ||||||||||||||
Total margin per gallon |
$ | 0.071 | $ | 0.067 | ||||||||||||
Capital expenditures - maintenance |
425 | 662 | 984 | 745 | ||||||||||||
Capital expenditures - expansion |
112,466 | 3,224 | 114,067 | 3,384 |
1. | The three and six months ended June 30, 2014 includes a $(36) and $(67) impact from the elimination of the wholesale segments profit relating to the retail segments ending inventory. |
Site Count
As of June 30, 2014, we distributed motor fuels to 1,092 sites in the following classes of business:
| 445 sites operated by independent dealers; |
| 237 sites owned or leased by us and operated by LGO; |
| 255 sites owned or leased by us and operated by lessee dealers; |
| 68 sites owned or leased by us and operated by commission agents; and |
| 87 sites owned or leased by us and operated by the Partnership |
In addition, we distribute motor fuels to 18 sub-wholesalers who distribute to additional sites.
Lehigh Gas Partners LP
Condensed Consolidated Balance Sheets
($ in thousands)
(unaudited)
June 30, 2014 | December 31, 2013 | |||||||
Assets |
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Current assets: |
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Cash and cash equivalents |
864 | 4,115 | ||||||
Accounts receivable, net |
35,397 | 7,342 | ||||||
Accounts receivable from affiliates |
23,892 | 16,558 | ||||||
Inventory |
14,340 | 2,141 | ||||||
Assets held for sale |
3,279 | 1,328 | ||||||
Other current assets |
10,850 | 4,012 | ||||||
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Total current assets |
88,622 | 35,496 | ||||||
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Property and equipment, net |
348,205 | 288,729 | ||||||
Intangible assets, net |
72,781 | 47,005 | ||||||
Deferred financing fees, net |
7,901 | 5,743 | ||||||
Goodwill |
29,116 | 9,324 | ||||||
Other assets |
10,695 | 5,324 | ||||||
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Total assets |
557,320 | 391,621 | ||||||
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Liabilities and partners capital |
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Current liabilities: |
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Lease financing obligations, current portion |
2,710 | 2,568 | ||||||
Accounts payable |
55,818 | 20,567 | ||||||
Motor fuel taxes payable |
8,787 | 7,186 | ||||||
Accrued expenses and other current liabilities |
12,025 | 8,536 | ||||||
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Total current liabilities |
79,340 | 38,857 | ||||||
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Long-term debt |
299,681 | 173,509 | ||||||
Lease financing obligations |
62,202 | 64,364 | ||||||
Other long-term liabilities |
34,740 | 20,220 | ||||||
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Total liabilities |
475,963 | 296,950 | ||||||
Partners capital |
81,357 | 94,671 | ||||||
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Total liabilities and partners capital |
557,320 | 391,621 | ||||||
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Non-GAAP Financial Measures of EBITDA, Adjusted EBITDA and Distributable Cash Flow
We use the non-GAAP financial measures of EBITDA, Adjusted EBITDA and Distributable Cash Flow in this press release. EBITDA represents net income before deducting interest expense, income taxes and depreciation and amortization. Adjusted EBITDA represents EBITDA as further adjusted to exclude gains or losses on sales of assets, gains or losses on the extinguishment of debt, equity-based incentive compensation, equity-based director compensation and certain other non-cash items as deemed appropriate by management. Distributable Cash Flow represents Adjusted EBITDA less cash interest expense, maintenance capital expenditures net of any reimbursements and current income tax expense.
EBITDA, Adjusted EBITDA and Distributable Cash Flow are used as supplemental financial measures by management and by external users of our financial statements, such as investors and lenders. EBITDA and Adjusted EBITDA are used to assess our financial performance without regard to financing methods, capital structure or income taxes and our ability to incur and service debt and to fund capital expenditures. In addition, Adjusted EBITDA is used to assess the operating performance of our business on a consistent basis by excluding the impact of sales of our assets which do not result directly from our wholesale distribution of motor fuel and our leasing of real property. EBITDA, Adjusted EBITDA and Distributable Cash Flow are also used to assess our ability to generate cash sufficient to make distributions to our unit-holders.
We believe the presentation of EBITDA, Adjusted EBITDA and Distributable Cash Flow provides useful information to investors in assessing our financial condition and results of operations. EBITDA, Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives to net income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA, Adjusted EBITDA and Distributable Cash Flow have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. Additionally, because EBITDA, Adjusted EBITDA and Distributable Cash Flow may be defined differently by other companies in our industry, our definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
The following tables present reconciliations of EBITDA, Adjusted EBITDA, and Distributable Cash Flow to net income for each of the periods indicated.
Reconciliation of Net Income to EBITDA and Adjusted EBITDA ($ in thousands)
Three Months Ended June 30, 2014 (unaudited) |
Three Months Ended June 30, 2013 (unaudited) |
Six Months Ended June 30, 2014 (unaudited) |
Six Months Ended June 30, 2013 (unaudited) |
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Net income (loss) |
1,892 | 5,469 | 3,320 | 9,226 | ||||||||||||
Plus: |
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Depreciation and amortization |
7,247 | 4,864 | 13,183 | 9,703 | ||||||||||||
Income tax expense (benefit) |
(3,911 | ) | 220 | (3,776 | ) | 663 | ||||||||||
Interest expense |
3,712 | 3,507 | 7,739 | 6,889 | ||||||||||||
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EBITDA |
8,940 | 14,060 | 20,466 | 26,481 | ||||||||||||
Plus: Non-cash equity compensation |
1,136 | 873 | 2,050 | 1,069 | ||||||||||||
Less: Gains on sales of assets, net |
(53 | ) | (47 | ) | (1,553 | ) | (47 | ) | ||||||||
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Adjusted EBITDA |
10,023 | 14,886 | 20,983 | 27,503 | ||||||||||||
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Computation of Distributable Cash Flow ($ in thousands)
Three Months Ended June 30, 2014 (unaudited) |
Three Months Ended June 30, 2013 (unaudited) |
Six Months Ended June 30, 2014 (unaudited) |
Six Months Ended June 30, 2013 (unaudited) |
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Adjusted EBITDA |
10,023 | 14,886 | 20,983 | 27,503 | ||||||||||||
Less: |
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Cash interest expense |
(3,321 | ) | (2,762 | ) | (6,365 | ) | (5,530 | ) | ||||||||
Maintenance capital expenditures |
(425 | ) | (662 | ) | (984 | ) | (745 | ) | ||||||||
Current income tax (expense) benefit |
79 | (220 | ) | (65 | ) | (672 | ) | |||||||||
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Distributable Cash Flow |
6,356 | 11,242 | 13,569 | 20,556 | ||||||||||||
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