- Net income attributable to SXCP
decreased $4.9 million to $12.1 million
- Adjusted EBITDA attributable to SXCP
decreased $1.2 million to $40.9 million
- Strong Distributable Cash Flow and
Distribution Cash Coverage Ratio of $39.1 million and 1.33x,
respectively
- Repurchased more than $17 million of
face value bonds during the quarter and declared quarterly
distribution of $0.5940 per unit
- Reaffirmed full-year outlook for 2016
Adjusted EBITDA attributable to SXCP of $207 million to $217
million; however, the Company modified its guidance range for
Distributable Cash Flow to $147 million to $161 million to reflect
the discontinuation of sponsor support for the second half of the
2016
SunCoke Energy Partners, L.P. (NYSE: SXCP) today reported
results for the second quarter 2016. The quarter's operating
results are driven by stable Coke performance and the contribution
of the Convent Marine Terminal ("CMT") acquisition, offset by lower
Coal Logistics volumes across the segment.
"Underpinned by our strong take-or-pay contracts, our cokemaking
assets posted another solid quarter of results and continue to
perform in line with expectations," said Fritz Henderson, Chairman,
President and Chief Executive Officer of SunCoke Energy Partners,
L.P. "While we continue to see below-target volumes at our Coal
Logistics segment, we remain committed to optimizing asset
performance across the business."
SXCP repurchased more than $17 million of face value bonds in
the quarter and remains on track to allocate approximately $60
million of cash towards de-levering its balance sheet in 2016. The
Partnership also reaffirmed its full-year outlook for 2016 Adjusted
EBITDA attributable to SXCP of $207 million to $217 million.
Henderson added, "With the first half of the year behind us, we
are in position to deliver on our commitments to unitholders and
remain flexible and responsive to the evolving industry
landscape."
SECOND QUARTER RESULTS(1)
Three Months Ended June 30,
(Dollars in
millions)
2016 2015
Increase/(Decrease) Revenues $ 181.4 $ 207.6 $
(26.2 ) Net income attributable to SXCP(2) $ 12.1 $ 17.0 $ (4.9 )
Adjusted EBITDA(3) $ 41.7 $ 44.7
$ (3.0 ) (1) The current and prior year periods are not
comparable due to the contribution of Convent Marine Terminal,
which was acquired on August 12, 2015. (2) Net income attributable
to SXCP includes the impacts of SXCP's 75 percent and 98 percent
ownership interest in Granite City during the second quarter of
2015 and 2016, respectively. (3) See definition of Adjusted EBITDA
and reconciliation elsewhere in this release.
Revenues were $181.4 million in second quarter 2016, a decline
of $26.2 million from the same prior year period. The decline was
primarily due to the pass-through of lower coal costs and lower
coke sales volumes.
Net income attributable to SXCP was $12.1 million, a decrease of
$4.9 million from the same prior year period, due to higher
depreciation and amortization of CMT assets as well as the
operating items described below, partly offset by $3.5 million of
gains on extinguishment of debt recognized during the second
quarter 2016.
Adjusted EBITDA decreased $3.0 million due to lower Coal
Logistics volumes, higher corporate costs and the complete
write-off of a $1.4 million receivable related to 2015 spot coke
sales to Essar Algoma. These decreases were party offset by
contributions from CMT, which increased Adjusted EBITDA by $4.2
million.
SECOND QUARTER SEGMENT INFORMATION
Domestic Coke
Domestic Coke segment consists of our 98 percent interest in the
Haverhill, Middletown and Granite City cokemaking facilities,
located in Franklin Furnace and Middletown, Ohio, and Granite City,
Illinois, respectively.
Three Months Ended June 30,
(Dollars in
millions, except per ton amounts)
2016 2015
Increase/(Decrease) Revenues $ 167.5 $ 195.7 $
(28.2 ) Adjusted EBITDA(1) $ 41.1 $ 42.2 $ (1.1 ) Sales Volume
(thousands of tons) 579 633 (54 ) Adjusted EBITDA per ton(2)
$ 70.98 $ 66.67 $ 4.31 (1)
See definition of Adjusted EBITDA and reconciliation
elsewhere in this release. (2) Reflects Domestic Coke Adjusted
EBITDA divided by Domestic Coke sales volumes.
- Revenues were affected by the
pass-through of lower coal prices and a decrease in sales volume of
54 thousand tons due largely to the customer volume accommodations
at Haverhill.
- Adjusted EBITDA decreased $1.1 million
to $41.1 million in second quarter 2016, primarily due to the $1.4
million receivable write-off described above. While coke sales
volumes were lower during the quarter, the impact to Adjusted
EBITDA was mitigated by make-whole payments from AK Steel.
Coal Logistics
Coal Logistics consists of the coal handling and mixing services
operated by SXCP at CMT located on the Mississippi river in
Louisiana, Lake Terminal in East Chicago, Indiana, and Kanawha
River Terminals, LLC ("KRT"), which has terminals along the Ohio
and Kanawha rivers in West Virginia. The current and prior year
periods are not comparable due to the contribution of CMT, which
was acquired on August 12, 2015.
Three Months Ended June 30,
(Dollars in
millions, except per ton amounts)
2016 2015
Increase/(Decrease) Revenues $ 13.9 $ 11.9 $
2.0 Intersegment sales $ 1.7 $ 1.6 $ 0.1 Adjusted EBITDA(1) $ 5.3 $
5.0 $ 0.3 Tons handled, excluding CMT (thousands of tons)(2) 2,962
4,366 (1,404 ) Tons handled by CMT (thousands of tons)(2)
976 — 976 (1) See
definition of Adjusted EBITDA and reconciliation elsewhere in this
release. (2) Reflects inbound tons handled during the period.
- Revenues were up $2.0 million, driven
by a $7.0 million contribution from CMT, partly offset by lower
volumes at KRT and Lake Terminal.
- Adjusted EBITDA was up $0.3 million,
driven by a $4.2 million contribution from CMT, partly offset by
lower volumes at KRT and Lake Terminal. Below-target throughput in
the quarter was driven by demand-side challenges in both the
thermal and metallurgical coal markets.
Corporate and Other
Corporate and other costs increased $2.2 million primarily due
to higher spending on professional services and higher cost
allocations from SunCoke.
RELATED COMMUNICATIONS
We will host an investor conference call at 10:00 a.m. Eastern
Time (9:00 a.m. Central Time) today. This conference call will be
webcast live and archived for replay in the Investors section of
www.suncoke.com. Investors may participate in this call by dialing
1-866-393-4306 in the U.S. or 1-617-826-1698 if outside the U.S.,
confirmation code 43172089.
UPCOMING EVENTS
Additionally, we plan to participate in the following
events:
- Citi MLP/Midstream Infrastructure
Conference, August 17, 2016, Las Vegas, Nevada
SUNCOKE ENERGY PARTNERS, L.P.
SunCoke Energy Partners, L.P. (NYSE: SXCP) is a publicly traded
master limited partnership that manufactures high-quality coke used
in the blast furnace production of steel and provides export and
domestic coal handling services to the coke, coal, steel and power
industries. In our cokemaking business, we utilize an innovative
heat-recovery technology that captures excess heat for steam or
electrical power generation and have long-term, take-or-pay coke
contracts that pass through commodity and certain operating costs.
Our coal handling terminals have the collective capacity to blend
and transload more than 40 million tons of coal each year and are
strategically located to reach Gulf Coast, East Coast, Great Lakes
and international ports. SXCP’s General Partner is a wholly owned
subsidiary of SunCoke Energy, Inc. (NYSE: SXC), which has more than
50 years of cokemaking experience serving the integrated steel
industry. To learn more about SunCoke Energy Partners, L.P., visit
our website at www.suncoke.com.
DEFINITIONS
- Adjusted
EBITDA represents earnings before interest, (gain) loss
on extinguishment of debt, taxes, depreciation and amortization,
adjusted for Coal Logistics changes to our contingent consideration
liability related to our acquisition of the CMT. Adjusted EBITDA
does not represent and should not be considered an alternative to
net income or operating income under GAAP and may not be comparable
to other similarly titled measures in other businesses. Management
believes Adjusted EBITDA is an important measure of the operating
performance and liquidity of the Partnership's net assets and its
ability to incur and service debt, fund capital expenditures and
make distributions. Adjusted EBITDA provides useful information to
investors because it highlights trends in our business that may not
otherwise be apparent when relying solely on GAAP measures and
because it eliminates items that have less bearing on our operating
performance and liquidity. EBITDA and Adjusted EBITDA are not
measures calculated in accordance with GAAP, and they should not be
considered an alternative to net income, operating cash flow or any
other measure of financial performance presented in accordance with
GAAP.
- Adjusted
EBITDA attributable to SXCP equals Adjusted EBITDA less
Adjusted EBITDA attributable to noncontrolling interests.
- Distributable
Cash Flow equals Adjusted EBITDA plus sponsor support
and Coal Logistics deferred revenue; less net cash paid for
interest expense, ongoing capital expenditures, accruals for
replacement capital expenditures and cash distributions to
noncontrolling interests; plus amounts received under the Omnibus
Agreement and acquisition expenses deemed to be Expansion Capital
under our Partnership Agreement. Distributable Cash Flow is a
non-GAAP supplemental financial measure that management and
external users of SXCP's financial statements, such as industry
analysts, investors, lenders and rating agencies use to assess:
- SXCP's operating performance as
compared to other publicly traded partnerships, without regard to
historical cost basis;
- the ability of SXCP's assets to
generate sufficient cash flow to make distributions to SXCP's
unitholders;
- SXCP's ability to incur and service
debt and fund capital expenditures; and
- the viability of acquisitions and other
capital expenditure projects and the returns on investment of
various investment opportunities.
We believe that Distributable Cash Flow
provides useful information to investors in assessing SXCP's
financial condition and results of operations. Distributable Cash
Flow should not be considered an alternative to net income,
operating income, cash flows from operating activities, or any
other measure of financial performance or liquidity presented in
accordance with GAAP. Distributable Cash Flow has important
limitations as an analytical tool because it excludes some, but not
all, items that affect net income and net cash provided by
operating activities and used in investing activities.
Additionally, because Distributable Cash Flow may be defined
differently by other companies in the industry, our definition of
Distributable Cash Flow may not be comparable to similarly titled
measures of other companies, thereby diminishing its utility.
- Ongoing
capital expenditures (“capex”) are capital expenditures
made to maintain the existing operating capacity of our assets
and/or to extend their useful lives. Ongoing capex also includes
new equipment that improves the efficiency, reliability or
effectiveness of existing assets. Ongoing capex does not include
normal repairs and maintenance, which are expensed as incurred, or
significant capital expenditures. For purposes of calculating
distributable cash flow, the portion of ongoing capex attributable
to SXCP is used and includes capital expenditures included in
working capital at the end of the period.
- Replacement
capital expenditures (“capex”) represents an annual
accrual necessary to fund SXCP’s share of the estimated costs to
replace or rebuild our facilities at the end of their working
lives. This accrual is estimated based on the average quarterly
anticipated replacement capital that we expect to incur over the
long term to replace our major capital assets at the end of their
working lives. The replacement capex accrual estimate will be
subject to review and prospective change by SXCP’s general partner
at least annually and whenever an event occurs that causes a
material adjustment of replacement capex, provided such change is
approved by our conflicts committee.
FORWARD-LOOKING STATEMENTS
Some of the statements included in this press release constitute
“forward-looking statements.” Forward-looking statements include
all statements that are not historical facts and may be identified
by the use of such words as “believe,” “expect,” “plan,” “project,”
“intend,” “anticipate,” “estimate,” “predict,” “potential,”
“continue,” “may,” “will,” “should” or the negative of these terms
or similar expressions. Forward-looking statements are inherently
uncertain and involve significant known and unknown risks and
uncertainties (many of which are beyond the control of SXCP) that
could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to,
domestic and international economic, political, business,
operational, competitive, regulatory, and/or market factors
affecting SXCP, as well as uncertainties related to: pending or
future litigation, legislation or regulatory actions; liability for
remedial actions or assessments under existing or future
environmental regulations; gains and losses related to acquisition,
disposition or impairment of assets; recapitalizations; access to,
and costs of, capital; the effects of changes in accounting rules
applicable to SXCP; and changes in tax, environmental and other
laws and regulations applicable to SXCP’s businesses.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SXCP management, and upon assumptions by SXCP
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. The reader should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. SXCP does not intend, and expressly
disclaims any obligation, to update or alter its forward-looking
statements (or associated cautionary language), whether as a result
of new information, future events or otherwise after the date of
this press release except as required by applicable law.
SXCP has included in its filings with the Securities and
Exchange Commission cautionary language identifying important
factors (but not necessarily all the important factors) that could
cause actual results to differ materially from those expressed in
any forward-looking statement made by SXCP. For information
concerning these factors, see SXCP’s Securities and Exchange
Commission filings such as its annual and quarterly reports and
current reports on Form 8-K, copies of which are available free of
charge on SXCP’s website at www.suncoke.com. All forward-looking statements
included in this press release are expressly qualified in their
entirety by such cautionary statements. Unpredictable or unknown
factors not discussed in this release also could have material
adverse effects on forward-looking statements.
SunCoke Energy Partners, L.P. Combined and
Consolidated Statements of Income (Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2016 2015 2016 2015
(Dollars and units in millions) Revenues Sales
and other operating revenue $ 181.4 $ 207.6 $ 375.9
$ 410.9
Costs and operating expenses Cost of
products sold and operating expenses 128.6 155.6 262.8 303.0
Selling, general and administrative expenses 11.1 7.3 19.5 14.9
Depreciation and amortization expense 20.5 15.4 39.2
30.0 Total costs and operating expenses 160.2
178.3 321.5 347.9
Operating income 21.2
29.3 54.4 63.0 Interest expense, net 11.7 10.8 24.2 22.0 (Gain)
loss on extinguishment of debt (3.5 ) — (23.9 ) 9.4
Income before income tax expense 13.0 18.5 54.1 31.6 Income tax
expense (benefit) 0.4 0.4 1.0 (2.9 )
Net
income 12.6 18.1 53.1 34.5 Less: Net income attributable to
noncontrolling interests 0.5 1.1 1.2 4.3
Net income attributable to SunCoke Energy Partners,
L.P./Previous Owner $ 12.1 $ 17.0 $ 51.9 $
30.2 Less: Net income attributable to Previous Owner —
— — 0.6
Net income attributable to
SunCoke Energy Partners, L.P. $ 12.1 $ 17.0 $
51.9 $ 29.6 General partner's interest in net
income $ 1.7 $ 1.4 $ 11.8 $ 3.2 Limited partners' interest in net
income $ 10.4 $ 15.6 $ 40.1 $ 27.0 Net income per common unit
(basic and diluted) $ 0.23 $ 0.40 $ 0.86 $ 0.69 Net income per
subordinated unit (basic and diluted) $ — $ 0.40 $ — $ 0.69
Weighted average common units outstanding (basic and diluted) 46.2
23.6 46.2 23.4 Weighted average subordinated units outstanding
(basic and diluted) — 15.7 — 15.7
SunCoke Energy
Partners, L.P. Combined and Consolidated Balance Sheets
June 30, 2016 December 31, 2015
(Unaudited) (Dollars in millions) Assets Cash
and cash equivalents $ 54.1 $ 48.6 Receivables 34.7 40.0
Receivables from affiliates, net — 1.4 Inventories 72.8 77.1 Other
current assets 3.8 2.0 Total current assets 165.4
169.1 Restricted cash 2.3 17.7 Properties, plants and equipment
(net of accumulated depreciation of $322.5 million and $291.1
million at June 30, 2016 and December 31, 2015, respectively)
1,313.1 1,326.5 Goodwill 67.1 67.7 Other intangible assets, net
182.0 187.4 Deferred charges and other assets — 0.5 Total
assets $ 1,729.9 $ 1,768.9
Liabilities and Equity
Accounts payable $ 50.4 $ 45.3 Accrued liabilities 13.3 10.8
Deferred revenue 20.3 2.1 Payable to affiliate, net 9.4 — Current
portion of long-term debt 1.1 1.1 Interest payable 15.3 17.5
Total current liabilities 109.8 76.8 Long-term debt 824.1
894.5 Deferred income taxes 38.4 38.0 Asset retirement obligations
5.9 5.6 Other deferred credits and liabilities 6.0 9.0 Total
liabilities 984.2 1,023.9
Equity Held by public:
Common units (issued 20,794,423 and 20,787,744 units at June 30,
2016 and December 31, 2015, respectively) 296.4 300.0 Held by
parent: Common units (issued 25,415,696 and 9,705,999 units at June
30, 2016 and December 31, 2015, respectively) 410.1 211.0
Subordinated units (issued zero units at June 30, 2016 and
15,709,697 units at December 31, 2015) — 203.3 General partner
interest 24.3 15.1 Partners' capital attributable to SunCoke
Energy Partners, L.P. 730.8 729.4 Noncontrolling interest 14.9
15.6 Total equity 745.7 745.0 Total liabilities and
equity $ 1,729.9 $ 1,768.9
SunCoke Energy
Partners, L.P. Combined and Consolidated Statements of Cash
Flows (Unaudited) Six Months Ended June
30, 2016 2015 (Dollars in
millions) Cash Flows from Operating Activities: Net
income $ 53.1 $ 34.5 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation and
amortization expense 39.2 30.0 Deferred income tax expense
(benefit) 0.4 (3.5 ) (Gain) loss on extinguishment of debt (23.9 )
9.4 Changes in working capital pertaining to operating activities:
Receivables 5.3 (11.4 ) Receivables (payables) from affiliate, net
9.4 4.0 Inventories 4.3 20.1 Accounts payable 5.3 (12.6 ) Accrued
liabilities 2.5 1.7 Deferred revenue 18.2 — Interest payable (2.2 )
1.5 Other (3.5 ) (1.2 ) Net cash provided by operating activities
108.1 72.5
Cash Flows from Investing
Activities: Capital expenditures (22.1 ) (16.2 ) Decrease in
restricted cash 15.4 — Other investing activities 2.1 —
Net cash used in investing activities (4.6 ) (16.2 )
Cash
Flows from Financing Activities: Proceeds from issuance of
long-term debt — 210.8 Repayment of long-term debt (47.0 ) (149.5 )
Debt issuance costs — (4.5 ) Proceeds from revolving credit
facility 20.0 — Repayment of revolving credit facility (20.0 ) —
Distributions to unitholders (public and parent) (57.5 ) (46.0 )
Distributions to noncontrolling interest (SunCoke Energy, Inc.)
(1.9 ) (1.5 ) Capital contributions from SunCoke 8.4 —
Net cash (used in) provided by financing activities (98.0 )
9.3 Net increase in cash and cash equivalents 5.5 65.6 Cash
and cash equivalents at beginning of period 48.6 33.3
Cash and cash equivalents at end of period $ 54.1 $ 98.9
Supplemental Disclosure of Cash Flow Information
Interest paid $ 28.3 $ 21.0
SunCoke Energy
Partners, L.P. Segment Operating Data
The following tables set forth financial
and operating data for the three months ended March 31, 2016 and
2015:
Three Months Ended June 30, Six Months Ended June
30, 2016 2015 2016
2015 (Dollars in millions) Sales and other
operating revenues: Domestic Coke $ 167.5 $ 195.7 $ 346.4 $
388.7 Coal Logistics 13.9 11.9 29.5 22.2 Coal Logistics
intersegment sales 1.7 1.6 3.2 3.3 Elimination of intersegment
sales (1.7 ) (1.6 ) (3.2 ) (3.3 ) Total $ 181.4 $ 207.6
$ 375.9 $ 410.9
Adjusted
EBITDA(1): Domestic Coke $ 41.1 $ 42.2 $ 87.4 $
90.7 Coal Logistics 5.3 5.0 11.2 7.6 Corporate and Other (4.7 )
(2.5 ) (8.7 ) (5.3 ) Total $ 41.7 $ 44.7 $ 89.9
$ 93.0
Domestic Coke Operating Data: Domestic
Coke capacity utilization (%) 101 106 102 106 Domestic Coke
production volumes (thousands of tons) 583 605 1,158 1,209 Domestic
Coke sales volumes (thousands of tons) 579 633 1,160 1,211 Domestic
Coke Adjusted EBITDA per ton(2) $ 70.98 $ 66.67 $ 75.34 $ 74.90
Coal Logistics Operating Data: Tons handled, excluding CMT
(thousands of tons)(3) 2,962 4,366 6,052 8,160 Tons handled by CMT
(thousands of tons)(3) 976 — 1,921 —
(1) See definition of Adjusted EBITDA and reconciliation
elsewhere in this release. (2) Reflects Domestic Coke Adjusted
EBITDA divided by Domestic Coke sales volumes. (3) Reflects inbound
tons handled during the period.
SunCoke Energy
Partners, L.P. Reconciliations of Non-GAAP Information
Adjusted EBITDA to Net Income and Net Cash Provided by Operating
Activities Three Months Ended June 30, Six
Months Ended June 30, 2016 2015
2016(1) 2015 (Dollars in
millions) Net cash provided by operating activities $
67.7 $ 42.8 $ 108.1 $ 72.5 Subtract: Depreciation and amortization
expense $ 20.5 $ 15.4 $ 39.2 $ 30.0 (Gain) loss on extinguishment
of debt (3.5 ) — (23.9 ) 9.4 Changes in working capital and other
38.1 9.3 39.7 (1.4 )
Net income
$ 12.6 $ 18.1 $
53.1 $ 34.5 Add: Depreciation
and amortization expense $ 20.5 $ 15.4 $ 39.2 $ 30.0 Interest
expense, net 11.7 10.8 24.2 22.0 (Gain) loss on extinguishment of
debt (3.5 ) — (23.9 ) 9.4 Income tax, net 0.4 0.4 1.0 (2.9 )
Reduction of contingent consideration(2) — — (3.7 ) —
Adjusted EBITDA $ 41.7 $
44.7 $ 89.9 $ 93.0
Subtract: Adjusted EBITDA attributable to Previous Owner(3)
$ — $ — $ — $ 1.5 Adjusted EBITDA attributable to noncontrolling
interest (4) 0.8 2.6 1.7 5.6 Adjusted
EBITDA attributable to SunCoke Energy Partners, L.P. $ 40.9
$ 42.1 $ 88.2 $ 85.9
(1) In response to the Securities & Exchange
Commission’s May 2016 update to its guidance on the appropriate use
of non-GAAP financial measures, first quarter of 2016 Adjusted
EBITDA has been recast to no longer include Coal Logistics deferred
revenue until it is recognized as GAAP revenue. (2) The Partnership
amended the contingent consideration terms with The Cline Group,
which reduced the fair value of the contingent consideration
liability, resulting in a $3.7 million gain recorded during the six
months ended June 30, 2016, which was excluded from Adjusted
EBITDA. (3) Reflects net income attributable to our Granite City
facility prior to the Granite City Dropdown on January 13, 2015
adjusted for Granite City's share of interest, taxes, depreciation
and amortization during the same period. (4) Reflects net income
attributable to noncontrolling interest adjusted for noncontrolling
interest's share of interest, taxes, income, and depreciation and
amortization.
SunCoke Energy Partners, L.P.
Reconciliations of Non-GAAP Information
Reconciliation of Adjusted EBITDA and Distributable Cash
Flow to Net Income
Three Months Ended June 30, 2016 (As Reported)
(Dollars in millions) Net cash provided by operating
activities $ 67.7 Less: Depreciation and amortization expense
20.5 Gain on debt extinguishment (3.5 ) Changes in working capital
and other 38.1 Net income $ 12.6 Add:
Depreciation and amortization expense 20.5 Interest expense, net
11.7 Gain on extinguishment of debt (3.5 ) Income tax expense 0.4
Adjusted EBITDA $ 41.7 Less: Adjusted EBITDA
attributable to noncontrolling interest(1) 0.8 Adjusted
EBITDA attributable to SXCP $ 40.9 Plus: Corporate
cost holiday / deferral(2) 6.9 Coal Logistics deferred revenue(3)
9.1 Less: Ongoing capex 3.1 Replacement capex accrual 1.9
Cash interest accrual 12.5 Cash tax accrual 0.3
Distributable cash flow $ 39.1 Quarterly Cash
Distribution $ 29.5 Distribution Coverage Ratio(4) 1.33
(1) Reflects net income attributable to
noncontrolling interest adjusted for noncontrolling interest’s
share of interest, taxes, depreciation and amortization. (2)
Represents SXC corporate cost reimbursement holiday/deferral. (3)
Coal Logistics deferred revenue adjusts for coal and liquid tons
the Partnership did not handle, but are included in Distributable
Cash Flow as the associated take-or-pay fees are billed to the
customer. Deferred revenue on take-or-pay contracts is recognized
into GAAP income annually based on the terms of the contract. (4)
Distribution cash coverage ratio is distributable cash flow divided
by total estimated distributions to the limited and general
partners.
SunCoke Energy Partners, L.P.
Reconciliations of Non-GAAP Information Estimated 2016
Consolidated Adjusted EBITDA to Estimated Net Income and Net
Cash Provided by Operating Activities 2016
Low High Net cash provided by operating
activities $ 149 $ 163 Subtract: Depreciation and amortization
expense 74 74 Gain on extinguishment of debt (20 ) (27 ) Changes in
working capital and other (7 ) (7 )
Net income $ 102
$ 123 Add: Depreciation and amortization expense 74 74
Interest expense, net 57 53 (Gain) loss on extinguishment of debt
(20 ) (27 ) Income tax expense 1 1 Reduction of contingent
consideration(1) (4 ) (4 )
Adjusted EBITDA $ 210 $
220 Subtract: Adjusted EBITDA attributable to noncontrolling
interest(2) 3 3
Adjusted EBITDA attributable to
SunCoke Energy Partners, L.P. $ 207 $ 217 Add:
Corporate cost holiday / deferral(3) 14 14 Subtract: Ongoing capex
12 12 Replacement capex accrual 8 8 Cash interest accrual 53 49
Cash tax accrual 1 1
Estimated distributable cash
flow $ 147 $ 161 (1)
The Partnership amended the contingent consideration terms
with The Cline Group, which reduced the fair value of the
contingent consideration liability, resulting in a $3.7 million
gain recorded during the six months ended June 30, 2016, which was
excluded from Adjusted EBITDA. (2) Reflects net income attributable
to noncontrolling interest adjusted for noncontrolling interest's
share of interest, taxes, income, and depreciation and
amortization. (3) Represents SXC corporate cost reimbursement
holiday/deferral for Q1 and Q2 2016. Actual capital allocation and
distribution decisions to be made quarterly.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160728005338/en/
SunCoke Energy Partners, L.P.Investors:Kyle Bland:
630-824-1987orMedia:Steve
Carlson: 630-824-1783
Suncoke Energy Partners, L.P. Common Units Representing Limited Partner Interests (NYSE:SXCP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Suncoke Energy Partners, L.P. Common Units Representing Limited Partner Interests (NYSE:SXCP)
Historical Stock Chart
From Apr 2023 to Apr 2024