CrossAmerica Partners LP: Reports Fourth Quarter and Full Year 2014 Results and Announces a 1.9% Increase in Its Quarterly Cash Distribution
(Thomson Reuters ONE) -
CrossAmerica Partners LP Reports Fourth Quarter and Full Year 2014 Results and
Announces a 1.9% Increase in Its Quarterly Cash Distribution
ALLENTOWN, PA (February 27, 2015) - CrossAmerica Partners LP (NYSE: CAPL) (the
"Partnership," "we," or "us") today reported its financial results for the
quarter and year ended December 31, 2014 and announced that the Board of
Directors of its general partner approved a 1.9% increase in the Partnership's
cash distribution per unit from the current annual rate of $2.13 per unit
($0.5325 per quarter) to $2.17 per unit ($0.5425 per quarter).
In the Fourth Quarter of 2014, the Partnership:
* Wholesale distributed 241.0 million gallons of fuel compared to fourth
quarter 2013 wholesale volume of 167.0 million gallons of fuel, a 44.3%
increase.
* Generated gross profit from fuel sales of $20.6 million compared to fourth
quarter 2013 gross profit from fuel sales of $10.9 million, an 89.3%
increase.
* Generated Distributable Cash Flow of $7.9 million or $0.34 per weighted
average common unit on a diluted basis compared to fourth quarter 2013
Distributable Cash Flow of $8.8 million or $0.55 per weighted average common
unit on a diluted basis. Excluding the acquisition and other expenses
referenced below, Distributable Cash Flow for the quarter was $11.7 million
or $0.51 per weighted average common unit on a diluted basis.
* Acquired 23 fee sites and certain wholesale fuel supply assets for $53.8
million in connection with the joint acquisition of Nice N Easy Grocery
Shoppes ("Nice N Easy") with CST Brands, Inc. ("CST"), the parent company of
the general partner of the Partnership
* Announced an additional $179 million in acquisitions that closed subsequent
to the quarter end
* Declared a fourth quarter distribution of $0.5425 per unit, a 1.9% increase
in the Partnership's distribution rate from the third quarter of 2014.
* In addition, CST acquired control of our General Partner on October 1, 2014.
Fourth Quarter 2014 Results
For the quarter, EBITDA totaled $4.8 million, Adjusted EBITDA totaled $12.7
million and Distributable Cash Flow amounted to $7.9 million or $0.34 per
weighted average common unit on a diluted basis. Included in the EBITDA,
Adjusted EBITDA and Distributable Cash Flow figures are $1.4 million in
acquisition expenses and $2.4 million in severance costs following the
completion of the general partner acquisition by CST. The net loss attributable
to partners for the fourth quarter of 2014 totaled $13.6 million or $0.60 per
weighted average common unit on a diluted basis. Net loss attributable to
partners includes, in addition to the previously mentioned items, $3.8 million
in tax expense as a result of changes in the valuation allowance for certain
assets following the completion of the general partner acquisition by CST.
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.
"The overall fuel margin environment continued to be strong during the fourth
quarter. In addition, we also completed or announced over $230 million in
acquisitions during the quarter, including our first joint acquisitions and fuel
drop with CST," said President and CEO Joe Topper. "I am also pleased to again
announce another distribution increase this quarter, our seventh distribution
increase in the eight full quarters in which we have been public," Topper added.
Total revenue amounted to $587.4 million for the quarter ended December
31, 2014, consisting of $550.4 million of revenues from fuel sales, including
revenues from fuel sales to related parties, $11.0 million of rent income,
including rent income from related parties, and $25.5 million of revenues from
food and merchandise sales associated with the retail operations from the
Petroleum Marketers, Inc. ("PMI") acquisition. During the quarter, we wholesale
distributed 241.0 million gallons of fuel at an average wholesale gross margin
of $0.071 per gallon, resulting in a wholesale gross profit of $17.1 million.
During the quarter, we retail distributed 42.5 million gallons at an average
retail gross margin of $0.085 per gallon, net of commissions and credit card
fees, resulting in a retail gross profit of $3.6 million. Total gross profit
from motor fuels for the quarter was $20.6 million. During the quarter, the
Partnership made $7.0 million in gross margin from the sale of food and
merchandise.
For the quarter ended December 31, 2013, the Partnership wholesale distributed
167.0 million gallons of fuel at an average margin of $0.063 per gallon,
resulting in a gross profit of $10.5 million. For the fourth quarter of 2013,
the Partnership retail distributed 15.3 million gallons at an average retail
gross margin of $0.026 per gallon, resulting in a gross profit of $0.4 million.
The total gross profit from motor fuels for the quarter was $10.9 million. In
the fourth quarter of 2013, the Partnership recorded $10.9 million in rent
income. The Partnership did not have food and merchandise operations in the
fourth quarter of 2013.
The increase in gross profit from wholesale fuel sales for the fourth quarter of
2014 relative to 2013 was due to both the increased volume in the quarter and
the higher wholesale fuel margin per gallon in the quarter. The increased
wholesale fuel volume for the quarter was primarily due to the acquisitions that
have been completed since the fourth quarter of 2013 offset by certain
marketplace volume declines and the closure of certain sites. Wholesale fuel
margin per gallon for the quarter was approximately 13% higher relative to the
fourth quarter of 2013. On a sequential basis, wholesale fuel margin per gallon
declined by approximately 9% relative to the third quarter of 2014. The
sequential decrease in fuel margin was due in part to the decline in purchase
discounts provided to us by suppliers due to the lower fuel prices in the
quarter relative to the third quarter. The Partnership receives certain
discounts from suppliers based on a percentage of the purchase price of fuel and
the dollar value of these discounts varies with the fuel price.
In the retail segment, the increase in retail gross profit from fuel sales for
the fourth quarter of 2014 relative to 2013 was due to both the increase in
gallons distributed as a result of acquisitions completed since the fourth
quarter of last year and the improved retail pricing environment in the quarter
relative to last year. The retail fuel margin for the quarter was $0.059 per
gallon higher than retail margin in the prior year period. In addition to the
improved retail pricing environment, the retail margin per gallon for the
quarter increased relative to last year due to the addition of the PMI retail
sites fuel margin. In the fourth quarter of 2013, the Partnership only had
commission agent retail fuel operations. On a sequential basis, the retail fuel
margin per gallon improved by approximately 61% relative to the third quarter
due to the continued strong retail fuel margin environment. Rent income for the
fourth quarter of 2014 relative to 2013 was essentially unchanged as the
increased rent associated with acquisitions completed during the year was offset
by terminations of leases at certain sites.
Total expenses amounted to $594.2 million for the quarter ended December
31, 2014, including rent expense of $5.1 million, operating expenses of $11.5
million, depreciation and amortization of $11.5 million, and selling, general
and administrative expenses of $18.1 million. Included in selling, general and
administrative expenses for the quarter is $1.4 million in acquisition expenses
related to acquisitions that were either completed or announced during the
quarter. Also included in selling, general, and administrative expenses is
approximately $4.6 million in equity compensation expense due to the accelerated
vesting of equity awards and $2.4 million in severance expense following the
completion of the acquisition of the general partner by CST. As previously
mentioned, income tax expense for the quarter includes a $3.8 million expense
related to changes in the valuation allowance for certain assets following the
completion of the general partner acquisition by CST. For the quarter ended
December 31, 2013, total expenses amounted to $479.3 million, including rent
expense of $4.0 million, operating expenses of $1.4 million, depreciation and
amortization of $6.0 million and selling, general and administrative expenses of
$4.6 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 fourth quarter of 2013, primarily driven by the PMI acquisition, offset to a
limited extent by the termination of certain leased sites that occurred since
the fourth quarter of 2013. Overall, net rental income decreased relative to
the fourth quarter of 2013 primarily due to the increased lease expense of the
leasehold sites in the PMI portfolio, 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 done in previous acquisitions.
Operating expenses increased by $10.1 million for the quarter relative to 2013
primarily due to the direct store level operations of PMI that are now in the
Partnership and, to a lesser extent, the additional operating expenses
associated with the increase in the number of sites owned or leased as a result
of acquisitions or converted to commission agent locations since the fourth
quarter of 2013. Selling, general and administrative expenses increased by
$13.6 million in the fourth quarter of 2014 relative to 2013. Approximately $8.1
million of the increase was due to the previously mentioned acquisition, equity
compensation and severance expense recorded for the quarter. In addition,
approximately $1.7 million of the increase is due to selling, general and
administrative expenses associated with the PMI acquisition. The remaining
increase relative to the prior year was due primarily to the previously
announced change in the Partnership's management fee structure under the Omnibus
Agreement.
Acquisition and Financing Activity
Acquisition Activity
As previously announced, on November 1, 2014, the Partnership acquired 23 fee
sites in connection with the joint acquisition of Nice N Easy with CST. In
addition to the real estate assets, the Partnership also acquired certain
wholesale fuel supply related assets. The Partnership leases the acquired real
estate to CST and provides wholesale fuel supply to 24 Nice N Easy sites under
long term agreements. The total consideration paid for the assets by the
Partnership was $53.8 million, which represents the adjusted final purchase
price after the review and approval of the transaction by the Conflicts
Committee of the Partnership and the Executive Committee of CST. The
transaction was financed under the Partnership's credit facility.
On December 10, 2014, the Partnership announced the acquisition of all the
outstanding shares of Hudson, WI based Erickson Oil Products, Inc. ("Erickson")
and certain related assets for $85 million, subject to certain post-closing
adjustments. Erickson operates 64 convenience stores located in Minnesota,
Michigan, Wisconsin and South Dakota, with a concentration in the Minneapolis /
St. Paul region. The Partnership will initially operate the convenience stores
within the Partnership and expects to transfer the retail operations of certain
sites over time to CST. Subsequent to the quarter end, on February 17, 2015,
the Partnership announced the closing of the Erickson transaction. The
transaction was financed under the Partnership's credit facility.
On December 16, 2014, the Partnership announced the acquisition of 22 fee
properties and related wholesale fuel supply assets located primarily in the San
Antonio market for $43.5 million in a joint transaction with CST. The
Partnership leases the acquired real estate to CST and provides wholesale fuel
supply to the locations under long term agreements. The transaction closed in
early January 2015 and was financed under the Partnership's credit facility.
On December 16, 2014, the Partnership and CST announced the first fuel supply
dropdown. The Partnership acquired 5% of the limited partner interests in CST
Fuel Supply LP (CST's domestic wholesale fuel supply business). The Partnership
financed the transaction through the issuance of approximately 1.5 million
common units to CST. CST Fuel Supply LP wholesales fuel to substantially all of
CST's current U.S. domestic sites at an approximate net profit margin of $0.05 /
gallon. In 2014, CST's U.S. domestic sites distributed approximately 1.9
billion gallons. The transaction closed on January 1, 2015.
Financing Activity
On January 1, 2015, the Partnership issued approximately 1.5 million common
units to CST for the acquisition of the previously mentioned fuel supply
dropdown. The number of units issued as consideration for the transaction was
determined based on the volume weighted 20-day average trading price of the
units prior to the announcement of the fuel supply dropdown on December
16, 2014.
As of December 31, 2014, the Partnership had $200.4 million in outstanding
borrowings under its credit facility. The Partnership had a notional $333.2
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 1.9% increase in the Partnership's cash distribution per unit
from the current annual rate of $2.13 per unit ($0.5325 per quarter) to $2.17
per unit ($0.5425 per quarter). The distribution represents an annual
distribution rate of 6.0% based on the Partnership's common unit closing price
on February 25, 2015 of $36.20. The fourth quarter distribution is payable on
March 17, 2015 to all unitholders of record as of March 9, 2015.
Fourth Quarter Earnings Call
The management team of the Partnership along with the management team of CST
will hold a joint conference call on Friday, February 27(th), 2015 at 9:00 AM ET
to discuss the Partnership's and CST's quarterly results. 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: 5854571#
Preregistration: No
Replay Dial-in Information
Available From: 2/27/2015
Available To: 3/29/2015
Primary Dial-in #: 888.843.7419
Secondary Dial-in #: 630.652.3042
Participant Passcode: 5854571#
About CrossAmerica Partners LP
CrossAmerica 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. Its general partner, CrossAmerica GP LLC,
is a wholly owned subsidiary of CST Brands, Inc., one of the largest independent
retailers of motor fuels and convenience merchandise in North America. Formed
in 2012, CrossAmerica Partners distributes fuel to over 1,100 locations and owns
or leases nearly 750 sites in twenty-one states: Pennsylvania, New Jersey,
Ohio, Florida, New York, Massachusetts, Kentucky, New Hampshire, Maine,
Tennessee, Maryland, Delaware, Illinois, Indiana, West Virginia, Virginia,
Texas, Minnesota, Michigan, Wisconsin, and South Dakota. The Partnership has
long-term established relationships with several major oil brands, including
ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf and Citgo. CrossAmerica
Partners ranks as one of ExxonMobil's largest distributors by fuel volume in the
United States and in the top 10 for additional brands. For additional
information, please visit www.crossamericapartners.com.
Investor Contact:
Karen Yeakel
Vice President, Investor Relations
CrossAmerica Partners LP
610-625-8126
kyeakel(at)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 Partnership's 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 Partnership's 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 Partnership's 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 Partnership's
Form 10-K filed on March 10, 2014 with the Securities and Exchange Commission as
well as in the Partnership's 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 CrossAmerica Partners LP's
distributions to non-U.S. investors as attributable to income that is
effectively connected with a United States trade or business. Accordingly,
CrossAmerica Partners LP's distributions to non-U.S. investors are subject to
federal income tax withholding at the highest applicable effective tax rate.
CrossAmerica Partners LP
Consolidated Statements of Operations
($ in thousands, except per unit amounts)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December December December December
31, 2014 31, 2013 31, 2014 31, 2013
(unaudited) (unaudited) (unaudited) (unaudited)
------------------------------------------------------------
Revenues:
Revenues from
fuel sales 437,705 256,905 1,788,963 877,685
Revenues from
fuel sales to
related parties 112,708 217,336 764,509 1,015,121
Revenues from
food and
merchandise sales 25,470 - 71,307 -
Rent income 5,580 4,706 21,764 15,518
Rent income from
related parties 5,391 6,232 21,494 26,059
Other revenues 509 249 1,280 1,676
------------------------------------------------------------
Total revenues 587,363 485,428 2,669,317 1,936,059
Costs and
expenses:
Cost of revenues
from fuel sales 433,182 252,592 1,749,682 858,996
Cost of revenues
from fuel sales
to related
parties 96,595 210,750 735,202 989,326
Cost of revenues
from food and
merchandise sales 18,474 (34) 53,709 -
Rent expense 5,050 4,046 19,051 15,509
Operating
expenses 11,496 1,358 31,386 4,577
Depreciation and
amortization 11,463 6,048 32,981 20,963
Selling, general
and
administrative
expenses 18,122 4,555 40,319 16,558
(Gains) on sales
of assets, net (169) - (1,653) (47)
------------------------------------------------------------
Total costs and
operating
expenses 594,213 479,315 2,660,677 1,905,882
------------------------------------------------------------
Operating income
(loss) (6,850) 6,113 8,640 30,177
Interest expense (3,730) (3,949) (16,631) (14,182)
Other income, net 151 100 466 359
------------------------------------------------------------
Income (loss)
before income
taxes (10,429) 2,264 (7,525) 16,354
Income tax
expense (benefit) 3,225 (1,656) (1,354) (1,716)
------------------------------------------------------------
Net income (loss) (13,654) 3,920 (6,171) 18,070
Net income (loss)
attributable to
noncontrolling
interests (17) - (9) -
------------------------------------------------------------
Net income (loss)
attributable to
partners (13,637) 3,920 (6,162) 18,070
------------------------------------------------------------
Incentive
distribution
right holders'
interest in net
income 119 - 245 -
------------------------------------------------------------
Limited partners'
interest in net
income (loss) (13,756) 3,920 (6,407) 18,070
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December December December December
31, 2014 31, 2013 31, 2014 31, 2013
(unaudited) (unaudited) (unaudited) (unaudited)
------------------------------------------------------------------------------
Limited partners'
interest in net
income (loss) (13,756) 3,920 (6,407) 18,070
Net income (loss)
per common and
subordinated unit
- basic ($0.60) $0.25 ($0.32) $1.18
Net income (loss)
per common and
subordinated unit
- diluted ($0.60) $0.25 ($0.32) $1.18
Weighted average
limited partners'
units outstanding
Common units -
basic 15,436,579 8,341,233 12,402,938 7,731,471
Common units -
diluted 15,436,579 8,426,953 12,402,938 7,780,357
Subordinated
units - basic and
diluted 7,525,000 7,525,000 7,525,000 7,525,000
Supplemental Operating Metrics - ($ in thousands, except per gallon amounts)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December December December December
31, 2014 31, 2013 31, 2014 31, 2013
(unaudited) (unaudited) (unaudited) (unaudited)
------------------------------------------------------------
Revenues from fuel
sales 437,705 256,905 1,788,963 877,685
Revenues from fuel
sales to related
parties 112,708 217,336 764,509 1,015,121
------------------------------------------------------------
Revenues from fuel
sales - aggregate 550,413 474,241 2,553,472 1,892,806
Cost of revenues
from fuel sales 433,182 252,592 1,749,682 858,996
Cost of revenues
from fuel sales to
related parties 96,595 210,750 735,202 989,326
------------------------------------------------------------
Cost of revenues
from fuel sales -
aggregate 529,777 463,342 2,484,884 1,848,322
Gross profit from
fuel sales -
aggregate ((2)) 20,636 10,899 68,588 44,484
Wholesale volume
of gallons
distributed
(millions) 241.0 167.0 887.7 637.8
Wholesale selling
price per gallon $1.973 $2.787 $2.600 $2.951
Wholesale margin
per gallon $0.071 $0.063 $0.068 $0.069
Wholesale segment
gross profit from
fuel sales 17,066 10,495 60,606 43,850
Retail volume of
gallons
distributed
(millions) 42.5 15.3 136.5 20.2
Retail selling
price per gallon $2.829 $3.330 $3.291 $3.386
Retail margin per
gallon((1)) $0.085 $0.026 $0.059 $0.032
Retail segment
gross profit from
fuel((1)) 3,627 397 8,088 652
Total gallons
distributed
(millions)((2)) 241.7 167.0 906.2 637.8
Total margin per
gallon $0.085 $0.065 $0.076 $0.070
Capital
expenditures -
maintenance 1,118 985 3,104 2,850
Capital
expenditures -
expansion 56,378 11,910 174,430 45,718
1. The retail segment gross profit and margin per gallon is net of credit
card and commission fees
2. The three and twelve months ended December 31, 2014 includes a $(57) and
$(106) impact from the elimination of the wholesale segment's profit
relating to the retail segment's ending inventory and a 41.8 million
gallon and 118.0 million gallon impact due to the elimination of gallons
that the Partnership wholesale supplies to the retail segment.
Site Count
As of December 31, 2014, we distributed motor fuels to 1,074 sites, comprised of
the following classes of business:
· 416 sites operated by independent dealers;
· 21 sites owned by us and operated by CST;
· 200 sites owned or leased by us and operated by LGO;
· 274 sites owned or leased by us and operated by lessee dealers;
· 76 sites owned or leased by us and operated by commission agents; and
· 87 sites owned or leased and operated by us.
In addition, as of December 31, 2014, we distributed motor fuels to 17 sub-
wholesalers and sold various other products to commercial and residential
customers.
CrossAmerica Partners LP
Condensed Consolidated Balance Sheets
($ in thousands)
(unaudited)
December 31, 2014 December 31, 2013
-------------------------------------
Assets
Current assets:
Cash and cash equivalents 15,170 4,115
Accounts receivable, net 23,435 7,342
Accounts receivable from related 14,897 16,558
parties
Inventory 12,069 2,141
Assets held for sale 2,584 1,328
Other current assets 7,969 4,012
-------------------------------------
Total current assets 76,124 35,496
-------------------------------------
Property and equipment, net 391,499 288,729
Intangible assets, net 77,780 47,005
Deferred financing fees, net 6,881 5,743
Goodwill 40,328 9,324
Other assets 12,034 5,324
-------------------------------------
Total assets 604,646 391,621
-------------------------------------
Liabilities and equity
Current liabilities:
Long-term debt - current portion 26,303 51
Lease financing obligations - current 2,780 2,568
portion
Accounts payable 33,575 20,567
Motor fuel taxes payable 10,042 7,186
Accrued expenses and other current 21,333 8,485
liabilities
-------------------------------------
Total current liabilities 94,033 38,857
-------------------------------------
Long-term debt 201,276 173,509
Lease financing obligations 60,008 64,364
Other long-term liabilities 58,838 20,220
-------------------------------------
Total liabilities 414,155 296,950
Total equity 190,491 94,671
-------------------------------------
Total liabilities and equity 604,646 391,621
-------------------------------------
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 Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December December December December
31, 2014 31, 2013 31, 2014 31, 2013
(unaudited) (unaudited) (unaudited) (unaudited)
-------------------------------------------------------------
Net income (13,654) 3,920 (6,171) 18,070
Plus:
Depreciation and
amortization 11,463 6,048 32,981 20,963
Income tax
expense
(benefit) 3,225 (1,656) (1,354) (1,716)
Interest expense 3,730 3,951 16,631 14,192
-------------------------------------------------------------
EBITDA 4,764 12,263 42,087 51,509
Plus: Non-cash
equity-based
compensation
expense 8,083 988 11,958 3,442
Less: (Gains)
on sales of
assets, net. (169) - (1,653) (47)
-------------------------------------------------------------
Adjusted EBITDA 12,678 13,251 52,392 54,904
-------------------------------------------------------------
Computation of Distributable Cash Flow ($ in thousands)
Three Twelve Months Twelve
Three Months Months Ended Ended Months Ended
Ended December December December December
31, 2014 31, 2013 31, 2014 31, 2013
(unaudited) (unaudited) (unaudited) (unaudited)
-------------------------------------------------------------
Adjusted EBITDA 12,678 13,251 52,392 54,904
Less:
Cash interest
expense (3,336) (3,298) (13,851) (11,526)
Maintenance
capital
expenditures (1,118) (985) (3,104) (2,850)
Current income
tax expense (317) (196) (406) (1,232)
-------------------------------------------------------------
Distributable
Cash Flow 7,907 8,772 35,031 39,296
-------------------------------------------------------------
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Lehigh Gas Partners LP via GlobeNewswire
[HUG#1898117]
Unternehmensinformation / Kurzprofil:
Datum: 27.02.2015 - 13:00 Uhr
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Allentown
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Business News
Diese Pressemitteilung wurde bisher 160 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"CrossAmerica Partners LP: Reports Fourth Quarter and Full Year 2014 Results and Announces a 1.9% Increase in Its Quarterly Cash Distribution"
steht unter der journalistisch-redaktionellen Verantwortung von
Lehigh Gas Partners LP (Nachricht senden)
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