USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or
the “Partnership”) announced today its financial and operating
results for the first quarter 2019.
First Quarter 2019 Highlights
- Total revenues were $170.7
million.
- Net income was $6.6 million.
- Net cash provided by operating
activities was $47.8 million.
- Adjusted EBITDA was $101.4
million.
- Distributable Cash Flow was $54.9
million.
- Announced cash distribution of
$0.525 per common unit.
- Distributable Cash Flow Coverage was
1.16x.
- Cash Coverage was 1.16x.
“The first quarter represented a great start to the year for USA
Compression. Having now owned the CDM assets for a full 12 months,
we’ve successfully completed the integration and continue to see
the benefits from the combination as we operate the combined
company across our diverse geographical footprint,” commented Eric
D. Long, USA Compression’s President & Chief Executive Officer.
“We experienced an increase in both utilization and pricing to near
record levels, reflecting continued strong market dynamics and our
focus on high-quality customers operating in active regions.
Continued strong operating margins - Gross Operating Margin
Percentage of 66.6% and Adjusted EBITDA Percentage of 59.4% -
demonstrate the stability of our large horsepower-focused business
model and reflect the successful achievement of the full cost
synergies we expected with the CDM transaction.”
He continued, “The market dynamics from which we’ve benefitted
over the last several quarters have continued through the first
quarter and into the second quarter. U.S. natural gas production is
strong, as is the demand for that natural gas, both domestically
and abroad, which is driving the demand for our compression
services. We remain focused on deploying capital in a prudent
manner which, combined with attractive margins, should keep USA
Compression positioned well within our industry. Our commitments
for new large horsepower deliveries for the remainder of 2019 are
approximately 103,000 horsepower, allowing us to meet customer
demand without any planned equity issuance. The remainder of the
year looks to continue many of the positive macro trends we have
been experiencing lately.”
Expansion capital expenditures were $33.0 million, maintenance
capital expenditures were $6.9 million and cash interest expense,
net was $27.2 million for the first quarter of 2019.
On April 18, 2019, the Partnership announced a first quarter
cash distribution of $0.525 per common unit, which corresponds to
an annualized distribution rate of $2.10 per common unit. The
distribution will be paid on May 10, 2019 to common unitholders of
record as of the close of business on April 29, 2019. For the first
quarter of 2019, the Partnership’s Distributable Cash Flow Coverage
Ratio was 1.16x and Cash Coverage Ratio was 1.16x.
On April 2, 2018, the Partnership completed the acquisition of
the CDM compression business (the “USA Compression Predecessor”)
from Energy Transfer Partners, L.P., now Energy Transfer Operating,
L.P. (the “CDM Acquisition”), and Energy Transfer Equity, L.P., now
Energy Transfer LP, completed the acquisition of the Partnership’s
general partner, USA Compression GP, LLC (collectively, the
“Transactions”).
For accounting purposes, the USA Compression Predecessor is the
acquirer in the business combination because its ultimate parent
company obtained control of the Partnership through the acquisition
of the Partnership’s general partner. Accordingly, any financial
and operational results provided by the Partnership in filings
subsequent to the closing of the Transactions will reflect (i) the
financial and operational results of the USA Compression
Predecessor for all periods prior to the closing of the
Transactions and (ii) the financial and operational results of the
combined businesses, including the impact of the Transactions, for
all periods subsequent to the closing of the Transactions.
Therefore, the first quarter 2019 results are not comparable to
certain prior periods.
Operational and
Financial Data
Three Months Ended March 31, December
31, 2019 2018
Operational
Data
Fleet Horsepower (at period end) 3,619,898 3,597,097 Revenue
Generating Horsepower (at period end) 3,293,903 3,262,470 Average
Revenue Generating Horsepower 3,280,601 3,274,201 Revenue
Generating Compression Units (at period end) 4,595 4,753 Horsepower
Utilization (at period end) (1) 94.5 % 94.0 % Average Horsepower
Utilization (for the period) (1) 94.2 % 93.8 %
Financial Data ($ in
thousands, except per horsepower data)
Revenue $ 170,746 $ 171,977 Average Revenue Per Revenue Generating
Horsepower Per Month (2) $ 16.45 $ 16.42 Net income $ 6,587 $
10,185 Operating income $ 35,528 $ 36,567 Net cash provided by
operating activities $ 47,769 $ 93,140 Gross Operating Margin (3) $
113,721 $ 116,430 Gross Operating Margin Percentage 66.6 % 67.7 %
Adjusted EBITDA (3) $ 101,377 $ 103,256 Adjusted EBITDA Percentage
59.4 % 60.0 % Distributable Cash Flow (3) $ 54,852 $ 56,421
(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 that is subject to a purchase order, divided by
(ii) total available horsepower less idle horsepower that is
under repair.
Horsepower utilization based on revenue generating horsepower
and fleet horsepower at March 31, 2019 and December 31, 2018 was
91.0% and 90.7%, respectively.
Average horsepower utilization based on revenue generating
horsepower and fleet horsepower was 90.8% and 91.0% for the three
months ended March 31, 2019 and December 31, 2018,
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, as well as reconciliations of each measure to its most
directly comparable financial measures calculated and presented in
accordance with GAAP, see “Non-GAAP Financial Measures” below.
Liquidity and Long-Term
Debt
As of March 31, 2019, the Partnership was in compliance with all
covenants under its $1.6 billion revolving credit facility. As of
March 31, 2019, the Partnership had outstanding borrowings under
the revolving credit facility of $361.4 million, $1.2 billion
of borrowing base availability and, subject to compliance with the
applicable financial covenants, available borrowing capacity of
$492.7 million. As of March 31, 2019, the outstanding aggregate
principal amount of the Partnership’s 6.875% senior notes due 2026
and 6.875% senior notes due 2027 was $725 million and $750 million,
respectively.
Full-Year 2019 Outlook
USA Compression is confirming its full-year 2019 guidance as
follows:
- Net income range of $20.0 million to
$60.0 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 $380.0 million
to $420.0 million; and
- Distributable Cash Flow range of $180.0
million to $220.0 million.
Conference Call
The Partnership will host a conference call today beginning at
11:00 a.m. Eastern Time (10:00 a.m. Central Time) to
discuss first quarter 2019 performance. The call will be broadcast
live over the Internet. Investors may participate either by phone
or audio webcast.
By Phone: Dial 800-667-5617 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 334-323-0509. The conference ID for both is
5257016. A replay of the call will be available through May
17, 2019. 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 5257016.
By Webcast: Connect to the webcast via the “Events” page of
USA Compression’s Investor Relations website at
http://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
gross operating margin, Adjusted EBITDA, Distributable Cash Flow,
Distributable Cash Flow Coverage Ratio and Cash Coverage Ratio.
Management views Adjusted EBITDA as one of its primary tools for
evaluating the Partnership’s results of operations, and the
Partnership tracks this item on a monthly basis 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 (loss) before net interest expense, depreciation and
amortization expense, and income tax expense (benefit). The
Partnership defines Adjusted EBITDA as EBITDA plus impairment of
compression equipment, impairment of goodwill, interest income on
capital 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 pay
distributions; and
- the Partnership’s operating performance
as compared to those of other companies in its industry without
regard to the impact of financing methods and capital
structure.
Management believes that Adjusted EBITDA provides useful
information to investors because, when viewed with 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 (loss), operating income (loss),
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
(loss), 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 (loss) 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 (loss) is provided in this news release.
Distributable Cash Flow is defined as net income (loss) plus
non-cash interest expense, non-cash income tax expense (benefit),
depreciation and amortization expense, unit-based compensation
expense, 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 distributions on the Partnership’s Series A Preferred
Units (“Preferred Units”) and maintenance capital expenditures.
Distributable Cash Flow should not be considered as an
alternative to, or more meaningful than, net income (loss),
operating income (loss), cash flows from operating activities or
any other measure of financial performance presented in accordance
with GAAP as measures of operating performance and liquidity.
Moreover, our Distributable Cash Flow as presented may not be
comparable to similarly titled measures of other companies.
Management believes Distributable Cash Flow is an important
measure of operating performance because it allows management,
investors and others to compare basic cash flows the Partnership
generates (after distributions on the Partnership’s Preferred Units
but prior to any retained cash reserves established by the
Partnership’s general partner and the effect of the Distribution
Reinvestment Plan (“DRIP”)) to the cash distributions the
Partnership expects to pay its common unitholders.
Distributable Cash Flow Coverage Ratio is defined as
Distributable Cash Flow divided by distributions declared to common
unitholders in respect of such period. Cash Coverage Ratio is
defined as Distributable Cash Flow divided by cash distributions
expected to be paid to common 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 common
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 2019 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 (loss) and net cash provided by
operating activities, and net income (loss) 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,” “if,”
“project,” “outlook,” “will,” “could,” “should,” or other similar
words or the negatives thereof, and include the Partnership’s
expectation of future performance contained herein, including as
described under “Full-Year 2019 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, 2018, which was filed with the Securities and Exchange
Commission on February 19, 2019, and include:
- changes in general economic conditions
and changes in economic conditions of the crude oil and natural gas
industries specifically;
- competitive conditions in the
industry;
- changes in the long-term supply of and
demand for crude oil and natural gas;
- the Partnership’s ability to realize
the anticipated benefits of acquisitions and to integrate acquired
assets with our existing fleet, including the CDM Acquisition;
- 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
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except for per unit
amounts — Unaudited)
Three Months Ended March 31, December
31, 2019 2018 Revenues: Contract operations $
163,976 $ 163,164 Parts and service 2,684 4,566 Related party
4,086 4,247 Total revenues 170,746
171,977 Cost of operations, exclusive of depreciation and
amortization 57,025 55,547 Gross
operating margin 113,721 116,430 Other operating and administrative
costs and expenses: Selling, general and administrative 15,995
16,104 Depreciation and amortization 58,924 56,749 Loss on
disposition of assets 40 636 Impairment of compression equipment
3,234 6,374 Total other operating and
administrative costs and expenses 78,193
79,863 Operating income 35,528 36,567 Other income
(expense): Interest expense, net (28,857 ) (27,252 ) Other
20 20
Total other expense
(28,837 ) (27,232 ) Net income before income tax
expense (benefit) 6,691 9,335 Income tax expense (benefit)
104 (850 ) Net income $ 6,587 $ 10,185
Less: distributions on Preferred Units (12,187 )
(12,188 ) Net loss attributable to common and Class B unitholders’
interests $ (5,600 ) $ (2,003 ) Net income (loss)
attributable to: Common units $ (2,088 ) $ 1,267 Class B Units $
(3,512 ) $ (3,270 ) Weighted average common units
outstanding - basic and diluted 90,060 89,993
Weighted average Class B Units outstanding - basic
and diluted 6,398 6,398 Basic
and diluted net income (loss) per common unit $ (0.02 ) $ 0.01
Basic and diluted net loss per Class B Unit $ (0.55 )
$ (0.51 ) Distributions declared per common unit in
respective periods $ 0.525 $ 0.525
USA COMPRESSION PARTNERS, LP
SELECTED BALANCE SHEET DATA
(In thousands, except unit amounts —
Unaudited)
March 31, 2019 Selected Balance Sheet Data Total
assets $ 3,757,847 Long-term debt, net $ 1,808,309 Total partners’
capital $ 1,328,642 Common units outstanding 90,157,764
USA COMPRESSION PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands — Unaudited)
Three Months Ended March 31, December
31, 2019 2018 Net cash provided by operating
activities $ 47,769 $ 93,140 Net cash used in investing activities
$ (34,653 ) $ (63,814 ) Net cash used in financing activities $
(12,988 ) $ (32,057 )
USA COMPRESSION PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
ADJUSTED EBITDA TO NET INCOME AND NET
CASH PROVIDED BY OPERATING ACTIVITIES
(In thousands — Unaudited)
The following table reconciles Adjusted EBITDA to net income and
net cash provided by operating activities, its most directly
comparable GAAP financial measures, for each of the periods
presented:
Three Months Ended March
31, December 31, 2019 2018 Net income $
6,587 $ 10,185 Interest expense, net 28,857 27,252 Depreciation and
amortization 58,924 56,749 Income tax expense (benefit) 104
(850 )
EBITDA $ 94,472 $
93,336 Impairment of compression equipment (1) 3,234 6,374
Interest income on capital lease 194 211 Unit-based compensation
expense (2) 3,134 849 Transaction expenses for acquisitions (3) 86
61 Severance charges 217 1,789 Loss on disposition of assets
40 636
Adjusted EBITDA $
101,377 $ 103,256 Interest expense, net
(28,857 ) (27,252 ) Income tax expense (benefit) (104 ) 850
Interest income on capital lease (194 ) (211 ) Non-cash interest
expense 1,680 1,525 Transaction expenses for acquisitions (86 ) (61
) Severance charges (217 ) (1,789 ) Other 14 (800 ) Changes in
operating assets and liabilities (25,844 ) 17,622
Net cash provided by operating activities $
47,769 $ 93,140
____________________________
(1) Represents non-cash charges incurred to write down
long-lived assets with recorded values that are not expected to be
recovered through future cash flows.
(2) For the three months ended March 31, 2019 and December 31,
2018, unit-based compensation expense included $0.7 million and
$0.5 million, respectively, of cash payments related to quarterly
payments of distribution equivalent rights on outstanding phantom
unit awards and $0.3 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 was related to non-cash adjustments
to the unit-based compensation liability.
(3) Represents certain transaction expenses related to potential
and completed acquisitions and other items. The Partnership
believes it is useful to investors to exclude these fees.
USA COMPRESSION PARTNERS, LP
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
DISTRIBUTABLE CASH FLOW TO NET INCOME
AND NET CASH PROVIDED BY OPERATING ACTIVITIES
(Dollars in thousands —
Unaudited)
The following table reconciles Distributable Cash Flow to net
income and net cash provided by operating activities, its most
directly comparable GAAP financial measures, for each of the
periods presented:
Three Months Ended March
31, December 31, 2019 2018 Net income $
6,587 $ 10,185 Non-cash interest expense 1,680 1,525 Non-cash
income tax expense (benefit) 14 (800 ) Depreciation and
amortization 58,924 56,749 Unit-based compensation expense (1)
3,134 849 Impairment of compression equipment (2) 3,234 6,374
Transaction expenses for acquisitions (3) 86 61 Severance charges
217 1,789 Proceeds from insurance recovery 44 156 Loss on
disposition of assets 40 636 Distributions on Preferred Units
(12,187 ) (12,188 ) Maintenance capital expenditures (4)
(6,921 ) (8,915 )
Distributable Cash Flow $
54,852 $ 56,421 Maintenance capital
expenditures 6,921 8,915 Changes in operating assets and
liabilities (25,844 ) 17,622 Transaction expenses for acquisitions
(86 ) (61 ) Severance charges (217 ) (1,789 ) Distributions on
Preferred Units 12,187 12,188 Other (44 ) (156 )
Net cash provided by operating activities $
47,769 $ 93,140
Distributable Cash Flow $ 54,852 $ 56,421
Distributions for Distributable Cash Flow Coverage Ratio (5) $
47,333 $ 47,241 Distributions reinvested in
the DRIP (6) $ 226 $ 252 Distributions for
Cash Coverage Ratio (7) $ 47,107 $ 46,989
Distributable Cash Flow Coverage Ratio 1.16
1.19 Cash Coverage Ratio 1.16
1.20
___________________________
(1) For the three months ended March 31, 2019 and December 31,
2018, unit-based compensation expense included $0.7 million and
$0.5 million, respectively, of cash payments related to quarterly
payments of distribution equivalent rights on outstanding phantom
unit awards and $0.3 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 was related to non-cash adjustments
to the unit-based compensation liability.
(2) Represents non-cash charges incurred to write down
long-lived assets with recorded values that are not expected to be
recovered through future cash flows.
(3) Represents certain transaction expenses related to potential
and completed acquisitions and other items. The Partnership
believes it is useful to investors to exclude these fees.
(4) 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 cash flow.
(5) Represents distributions to the holders of the Partnership’s
common units as of the record date.
(6) Represents distributions to holders enrolled in the DRIP as
of the record date.
(7) Represents cash distributions declared on the Partnership’s
common units not participating in the DRIP for each period.
USA COMPRESSION PARTNERS, LP
FULL-YEAR 2019 ADJUSTED EBITDA AND
DISTRIBUTABLE CASH FLOW GUIDANCE RANGE
RECONCILIATION TO NET INCOME
(Unaudited)
Guidance Net income $20.0 million to $60.0 million
Plus: Interest expense $127.5 million Plus: Depreciation and
amortization $222.0 million Plus: Income tax expense $0.5 million
EBITDA $370.0 million to $410.0 million Plus: Interest income on
capital lease $0.5 million Plus: Unit-based compensation expense
$9.5 million Adjusted EBITDA $380.0 million to $420.0 million Less:
Cash interest expense $125.5 million Less: Current income tax
expense $0.5 million Less: Maintenance capital expenditures $25.0
million Less: Distributions on Preferred Units $49.0 million
Distributable Cash Flow $180.0 million to $220.0 million
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190507005221/en/
USA Compression Partners, LPMatthew C. LiuzziChief
Financial Officer512-369-1624ir@usacompression.com
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