USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or
the “Partnership”) announced today its financial and operating
results for the second quarter 2017. Revenues for the second
quarter of 2017 were $66.0 million, compared to $66.0 million for
the first quarter of 2017 and $63.5 million for the second quarter
of 2016.
Net income was $0.6 million for the second quarter of
2017, compared to $1.6 million for the first quarter of 2017 and
$3.3 million for the second quarter of 2016. Net cash provided
by operating activities was $34.0 million for the second quarter of
2017, compared to $18.3 million for the first quarter of 2017 and
$36.5 million for the second quarter of 2016.
Adjusted EBITDA was $36.7 million for the second quarter of
2017, compared to $36.0 million for the first quarter of 2017 and
$37.1 million for the second quarter of 2016. Distributable Cash
Flow was $27.1 million for the second quarter of 2017, compared to
$27.2 million for the first quarter of 2017 and $30.5 million for
the second quarter of 2016.
“In the second quarter, USA Compression benefitted from
increasing customer demand for our compression services, with
contract compression service revenues up almost 5% over the first
quarter and average revenue generating horsepower increasing over
4%, or almost 60,000 horsepower,” said Eric D. Long, USA
Compression’s President and Chief Executive Officer. “This demand
and the resulting increase in our active fleet horsepower
contributed to increased utilization and strong gross operating
margins. As our customer base continues to adapt to the current and
future commodity price environment, we have better future
visibility and are seeing new demand for our compression services
reaching well into 2018. As a result, we are expanding our fleet of
large horsepower assets by taking delivery of approximately 70,000
horsepower during the second half of 2017 and we have made
commitments to take delivery of approximately 150,000 horsepower
throughout 2018, all of which consists of large horsepower units.
We expect the continued deployment of this new horsepower to drive
increased Adjusted EBITDA and Distributable Cash Flow in the coming
quarters and beyond.”
Average revenue generating horsepower increased to 1,465,401 for
the second quarter of 2017 from 1,406,206 for the first quarter of
2017 and 1,378,496 for the second quarter of 2016. Average revenue
per revenue generating horsepower per month decreased to $14.95 for
the second quarter of 2017 from $14.98 for the first quarter of
2017 and $15.52 for the second quarter of 2016 due, in part, to
fluctuation in the mix of small and large fleet horsepower between
comparable periods.
Operating income was $6.7 million for the second quarter of
2017, compared to $7.4 million for the first quarter of 2017 and
$8.5 million for the second quarter of 2016. Gross operating margin
was $44.4 million for the second quarter of 2017, compared to $43.5
million for the first quarter of 2017 and $44.9 million for the
second quarter of 2016. Gross operating margin as a percentage of
total revenues was 67.3% for the second quarter of 2017, compared
to 65.9% for the first quarter of 2017 and 70.6% for the second
quarter of 2016.
Expansion capital expenditures were $14.5 million, maintenance
capital expenditures were $3.7 million and cash interest expense,
net was $5.5 million for the second quarter of 2017.
On July 20, 2017, the Partnership announced a cash distribution
of $0.525 per unit on its common units. This second quarter
distribution corresponds to an annualized distribution rate of
$2.10 per unit. The distribution will be paid on August 11, 2017 to
unitholders of record as of the close of business on August 1,
2017. USA Compression Holdings, LLC, the owner of
approximately 39.8% of the Partnership’s outstanding limited
partner interests, elected to reinvest 50% of this distribution
with respect to its units pursuant to the Partnership’s
Distribution Reinvestment Plan (the “DRIP”). For the second quarter
of 2017, the Partnership’s Distributable Cash Flow Coverage Ratio
was 0.81x and Cash Coverage Ratio was 1.03x.
Operational and Financial
Data
Three Months Ended June 30,
March 31, June 30, 2017
2017 2016
Operational
Data
Fleet Horsepower (at period end) 1,736,988 1,739,379 1,718,757
Revenue Generating Horsepower (at period end) 1,477,992 1,427,634
1,359,523 Average Revenue Generating Horsepower 1,465,401 1,406,206
1,378,496 Revenue Generating Compression Units (at period end)
2,694 2,612 2,558 Horsepower Utilization (at period end) (1) 92.6 %
89.9 % 86.0 % Average Horsepower Utilization (for the period) (1)
91.2 % 88.2 % 86.1 %
Financial Data ($ in
thousands, except per horsepower data)
Revenue $ 66,014 $ 66,032 $ 63,511 Average Revenue Per Revenue
Generating Horsepower Per Month (2) $ 14.95 $ 14.98 $ 15.52 Net
income $ 553 $ 1,552 $ 3,274 Operating income $ 6,677 $ 7,368 $
8,500 Net cash provided by operating activities $ 33,986 $ 18,286 $
36,497 Gross Operating Margin (3) $ 44,431 $ 43,510 $ 44,857 Gross
Operating Margin Percentage 67.3 % 65.9 % 70.6 % Adjusted EBITDA
(3) $ 36,740 $ 36,003 $ 37,149 Adjusted EBITDA Percentage 55.7 %
54.5 % 58.5 % Distributable Cash Flow (3) $ 27,073 $ 27,223 $
30,490
___________________
(1) 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, not yet generating revenue and 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 at each applicable period end was 85.1%, 82.1% and 79.1%
for the quarters ended June 30, 2017, March 31, 2017 and June 30,
2016, respectively. Average horsepower utilization based on revenue
generating horsepower and fleet horsepower was 84.3%, 80.9% and
80.4% for the quarters ended June 30, 2017, March 31, 2017 and June
30, 2016, respectively. (2) Calculated as the average of the
result of dividing the contractual monthly rate 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.
(3) Gross operating 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, see “Non-GAAP Financial Measures”
below.
Liquidity and Credit
Facility
As of June 30, 2017, the Partnership was in compliance with
all covenants under its $1.1 billion revolving credit facility. As
of June 30, 2017, the outstanding balance under the revolving
credit facility, which matures in 2020, was
$725.0 million.
Full-Year 2017 Outlook
USA Compression is updating its net income guidance and
confirming its Adjusted EBITDA and Distributable Cash Flow guidance
for 2017:
- Net income range of $6.0 million to
$21.0 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 the 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 $145.0 million
to $160.0 million; and
- Distributable Cash Flow range of $108.0
million to $123.0 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 second quarter 2017 performance. The call will be broadcast
live over the Internet. Investors may participate either by phone
or audio webcast.
By Phone: Dial 866-564-2846 inside the U.S.
and Canada at least 10 minutes before the call and ask for the USA
Compression Partners Earnings Call. Investors outside the U.S. and
Canada should dial 323-701-0225. The conference ID for both is
4981063. A replay of the call will be available through
August 15, 2017. Callers inside the U.S. and Canada may access the
replay by dialing 888-203-1112. Investors outside the U.S. and
Canada should dial 719-457-0820. The conference ID for both is
4981063. By Webcast: Connect to the webcast via the “Events”
page of USA Compression’s Investor Relations website at
investors.usacompression.com. Please log in at least 10 minutes in
advance to register and download any necessary software. A replay
will be available shortly after the call.
About USA Compression Partners,
LP
USA Compression Partners, LP is a growth-oriented Delaware
limited partnership that is one of the nation’s largest independent
providers of compression services in terms of total compression
fleet horsepower. The Partnership partners with a broad customer
base composed of producers, processors, gatherers and transporters
of natural gas and crude oil. The Partnership focuses on providing
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 EBITDA, Gross operating margin, Distributable Cash Flow,
Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio.
Management views Adjusted EBITDA as one of its primary
management tools, and the Partnership tracks this item on a monthly
basis both 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 before net interest
expense, depreciation and amortization expense, and income tax
expense. The Partnership defines Adjusted EBITDA as EBITDA plus
impairment of compression equipment, impairment of goodwill,
interest income on capital lease, unit-based compensation expense,
severance charges, certain transaction fees, loss (gain) on
disposition of assets and other. Adjusted EBITDA is used as a
supplemental financial measure by management and external users of
its 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 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 to make
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 that Adjusted EBITDA provides useful
information to investors because, when viewed with U.S. generally
accepted accounting principles (“GAAP”) results and the
accompanying reconciliations, it provides a more complete
understanding of the Partnership’s performance than GAAP results
alone. Management also believes that external users of its
financial statements benefit from having access to the same
financial measures that management uses in evaluating the results
of the Partnership’s business.
Adjusted EBITDA should not be considered an alternative to, or
more meaningful than, net income, operating income, cash flows from
operating activities or any other measure of financial performance
or liquidity presented in accordance with GAAP as measures of
operating performance and liquidity. Moreover, Adjusted EBITDA as
presented may not be comparable to similarly titled measures of
other companies.
Gross operating margin is defined as revenue less cost of
operations, exclusive of depreciation and amortization expense.
Management believes that gross operating margin is useful as a
supplemental measure of the Partnership’s operating profitability.
Gross operating margin is impacted primarily by the pricing trends
for service operations and cost of operations, including labor
rates for service technicians, volume and per unit costs for
lubricant oils, quantity and pricing of routine preventative
maintenance on compression units and property tax rates on
compression units. Gross operating margin should not be considered
an alternative to, or more meaningful than, operating income, its
most directly comparable GAAP financial measure, or any other
measure of financial performance presented in accordance with GAAP.
Moreover, gross operating 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 costs. To compensate for
the limitations of gross operating margin as a measure of the
Partnership’s performance, management believes that it is important
to consider operating income determined under GAAP, as well as
gross operating margin, to evaluate the Partnership’s operating
profitability. A reconciliation of gross operating margin to
operating income is provided in this news release.
Distributable Cash Flow is defined as net income plus non-cash
interest expense, non-cash income tax expense, depreciation and
amortization expense, unit-based compensation expense, impairment
of compression equipment, impairment of goodwill, certain
transaction fees, severance charges, loss (gain) on disposition of
assets, proceeds from insurance recovery and other, less
maintenance capital expenditures.
Management believes Distributable Cash Flow is an important
measure of operating performance because such measure allows
management, investors and others to compare basic cash flows the
Partnership generates (prior to any retained cash reserves
established by the Partnership’s general partner and the effect of
the DRIP) to the cash distributions the Partnership expects to pay
its unitholders.
Distributable Cash Flow Coverage Ratio, a non-GAAP measure, is
defined as Distributable Cash Flow less cash distributions to be
paid to the Partnership’s general partner and incentive
distribution rights (“IDRs”) in respect of such period, divided by
distributions declared to limited partner unitholders in respect of
such period. Cash Coverage Ratio is defined as Distributable Cash
Flow less cash distributions to be paid to the Partnership’s
general partner and IDRs in respect of such period, divided by cash
distributions expected to be paid to limited partner unitholders in
respect of such period, after taking into account the non-cash
impact of the DRIP. Management believes Distributable Cash Flow
Coverage Ratio and Cash Coverage Ratio are important measures of
operating performance because they allow management, investors and
others to gauge the Partnership’s ability to pay cash distributions
to limited partner unitholders using the cash flows the Partnership
generates. The Partnership’s Distributable Cash Flow Coverage Ratio
and Cash 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 in its 2017 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 the 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
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, Distributable
Cash Flow Coverage Ratio and Cash 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,” or other
similar words, and include the Partnership’s expectation of future
performance contained herein, including as described under
“Full-Year 2017 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 are 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, 2016, which was filed with the Securities and Exchange
Commission on February 13, 2017, and include:
- changes in general economic conditions
and changes in economic conditions of the crude oil and natural gas
industry specifically;
- competitive conditions in the
industry;
- changes in the long-term supply of and
demand for crude oil and natural gas;
- our ability to realize the anticipated
benefits of acquisitions and to integrate acquired assets with our
existing fleet;
- actions taken by the Partnership’s
customers, competitors and third-party operators;
- the deterioration of the financial
condition of our customers;
- changes in the availability and cost of
capital;
- operating hazards, natural disasters,
weather-related delays, casualty losses and other matters beyond
the Partnership’s control;
- the effects of existing and future laws
and governmental regulations;
- the effects of future litigation;
and
- other factors discussed in the
Partnership’s filings with the Securities and Exchange
Commission.
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 CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per unit amounts — Unaudited)
Three Months Ended June 30, March 31,
June 30, 2017 2017 2016 Revenues:
Contract operations $ 63,325 $ 60,432 $ 62,785 Parts and service
2,689 5,600 726 Total
revenues 66,014 66,032 63,511 Cost of operations, exclusive of
depreciation and amortization 21,583 22,522
18,654 Gross operating margin 44,431 43,510
44,857 Other operating and administrative costs and expenses:
Selling, general and administrative 10,632 11,123 11,180
Depreciation and amortization 24,534 24,151 23,412 Loss (gain) on
disposition of assets (13 ) (244 ) 1,072 Impairment of compression
equipment 2,601 1,112 693
Total other operating and administrative costs and expenses
37,754 36,142 36,357 Operating
income 6,677 7,368 8,500 Other income (expense): Interest expense,
net (6,002 ) (5,674 ) (5,139 ) Other 12 7
7 Total other expense (5,990 )
(5,667 ) (5,132 ) Net income before income tax expense 687
1,701 3,368 Income tax expense 134 149
94 Net income $ 553 $ 1,552 $ 3,274
Net income allocated to: General partner's interest
in net income $ 344 $ 353 $ 345 Common units' interest in net
income $ 209 $ 1,199 $ 2,929 Weighted average common units
outstanding: Basic 61,396 60,877
54,506 Diluted 61,559 61,154
54,752 Basic and diluted net income per common
unit $ 0.003 $ 0.02 $ 0.05
Distributions declared per limited partner unit in respective
periods $ 0.525 $ 0.525 $ 0.525
USA COMPRESSION PARTNERS,
LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands— Unaudited) Three Months Ended
June 30, March 31, June 30, 2017
2017 2016 Net cash provided by operating activities $
33,986 $ 18,286 $ 36,497 Net cash used in investing activities $
(17,010 ) $ (15,590 ) $ (8,481 ) Net cash used in financing
activities $ (16,664 ) $ (2,754 ) $ (28,016 )
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 June 30,
March 31, June 30, 2017
2017 2016 Net income $ 553 $ 1,552 $ 3,274 Interest
expense, net 6,002 5,674 5,139 Depreciation and amortization 24,534
24,151 23,412 Income tax expense 134 149
94
EBITDA $ 31,223
$ 31,526 $ 31,919 Impairment of
compression equipment 2,601 1,112 693 Interest income on capital
lease 408 431 362 Unit-based compensation expense (1) 2,402 2,945
3,022 Severance charges 58 62 81 Other 61 171 — Loss (gain) on
disposition of assets (13 ) (244 ) 1,072
Adjusted EBITDA $ 36,740 $
36,003 $ 37,149 Interest expense, net (6,002 )
(5,674 ) (5,139 ) Income tax expense (134 ) (149 ) (94 ) Interest
income on capital lease (408 ) (431 ) (362 ) Non-cash interest
expense 547 547 548 Severance charges (58 ) (62 ) (81 ) Other (61 )
(171 ) — Changes in operating assets and liabilities 3,362
(11,777 ) 4,476
Net cash provided by
operating activities $ 33,986 $
18,286 $ 36,497
___________________
(1) For the quarters ended June 30, 2017, March 31, 2017 and
June 30, 2016, unit-based compensation expense included $0.6
million, $0.8 million, and $0.7 million, respectively, of cash
payments related to quarterly payments of distribution equivalent
rights on outstanding phantom unit awards and $0, $0.4 million and
$0, respectively, related to the cash portion of any settlement of
phantom unit awards upon vesting. The remainder of the unit-based
compensation expense for each period presented in 2017 and 2016 was
related to non-cash adjustments to the unit-based compensation
liability.
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 June 30,
March 31, June 30, 2017
2017 2016 Net income $ 553 $ 1,552 $ 3,274 Plus:
Non-cash interest expense 547 547 548 Plus: Non-cash income tax
expense 20 109 32 Plus: Depreciation and amortization 24,534 24,151
23,412 Plus: Unit-based compensation expense (1) 2,402 2,945 3,022
Plus: Impairment of compression equipment 2,601 1,112 693 Plus:
Severance charges 58 62 81 Plus: Other 61 171 — Less: Loss (gain)
on disposition of assets (13 ) (244 ) 1,072 Less: Maintenance
capital expenditures (2) (3,690 ) (3,182 )
(1,644 )
Distributable cash flow $ 27,073
$ 27,223 $ 30,490 Plus: Maintenance
capital expenditures 3,690 3,182 1,644 Plus: Changes in operating
assets and liabilities 3,362 (11,777 ) 4,476 Less: Other
(139 ) (342 ) (113 )
Net cash provided by
operating activities $ 33,986 $
18,286 $ 36,497
Distributable Cash Flow $ 27,073 $ 27,223 $ 30,490 Less: Cash
distributions to general partner and IDRs 751
749 715 Distributable Cash Flow attributable
to limited partner interest $ 26,322 $ 26,474 $
29,775 Distributions for Distributable Cash Flow
Coverage Ratio (3) $ 32,327 $ 32,119 $ 28,805
Distributions reinvested in the DRIP (4) $ 6,733 $
6,635 $ 6,483 Distributions for Cash Coverage
Ratio (5) $ 25,594 $ 25,484 $ 22,322
Distributable Cash Flow Coverage Ratio 0.81
0.82 1.03 Cash Coverage Ratio
1.03 1.04 1.33
___________________
(1) For the quarters ended June 30, 2017, March 31, 2017 and
June 30, 2016, unit-based compensation expense included $0.6
million, $0.8 million, and $0.7 million, respectively, of cash
payments related to quarterly payments of distribution equivalent
rights on outstanding phantom unit awards and $0, $0.4 million and
$0, respectively, related to the cash portion of any settlement of
phantom unit awards upon vesting. The remainder of the unit-based
compensation expense for each period presented in 2017 and 2016 was
related to non-cash adjustments to the unit-based compensation
liability. (2) Reflects actual maintenance capital
expenditures for the period 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 operating income.
(3) Represents distributions to the holders of the
Partnership’s common units as of the record date for each period.
(4) Represents distributions to holders enrolled in the DRIP
as of the record date for each period. The amount for the quarter
ended June 30, 2017 is based on an estimate as of the record date.
(5) Represents cash distributions declared for common units
not participating in the DRIP for each period.
USA COMPRESSION PARTNERS, LP FULL-YEAR 2017 ADJUSTED
EBITDA AND DISTRIBUTABLE CASH FLOW GUIDANCE RANGE
RECONCILIATION TO NET INCOME (Unaudited)
Guidance Net income $6.0 million to $21.0 million Plus:
Interest expense, net $25.4 million Plus: Depreciation and
amortization $98.2 million Plus: Income tax expense $0.4 million
EBITDA $130.0 million to $145.0 million Plus: Interest income on
capital lease $1.6 million Plus: Unit-based compensation expense
(1) $9.6 million Plus: Impairment of compression equipment $3.7
million Plus: Other $0.1 million Adjusted EBITDA $145.0 million to
$160.0 million Less: Cash interest expense $24.1 million Less:
Current income tax expense $0.4 million Less: Maintenance capital
expenditures $12.5 million Distributable Cash Flow $108.0 million
to $123.0 million
___________________
(1) Based on the Partnership’s unit closing price as of June
30, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170804005181/en/
USA Compression Partners, LPMatthew C. Liuzzi,
512-369-1624Chief Financial Officermliuzzi@usacompression.com
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