Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for
the first quarter of 2019.
First Quarter 2019 Financial
Results
- Net income for the first quarter of 2019 was $19.5
million, compared to $2.1 million in the first quarter of
2018.
- Adjusted EBITDA (a non-GAAP measure as defined below) for the
first quarter of 2019 was $91.2 million, up 13% compared to first
quarter of 2018.
- Total operating horsepower increased by 31,000 in the first
quarter of 2019.
- Previously declared quarterly dividend of $0.132 per common
share for the first quarter of 2019, representing growth of 10%
compared to the first quarter of 2018.
- Dividend coverage was 2.81x for the first quarter of 2019; the
leverage ratio was 4.4x at quarter end.
Management Commentary and
Outlook
“This year is off to a solid start with
continued strong demand for contract compression equipment and
services,” said Brad Childers, Archrock’s President and Chief
Executive Officer. “The record level of U.S. natural gas production
growth in 2018 has resulted in the build-out of additional
midstream infrastructure that is driving our profitable growth. Our
first quarter 2019 adjusted EBITDA of $91.2 million represents a
13% increase over the first quarter of last year. We are focused on
strategically placing committed horsepower in the field, providing
excellent customer service and diligently managing costs.”
“During the quarter, we successfully completed a
$500 million senior notes offering maturing in 2027, which replaced
$350 million of senior notes maturing in 2021,” continued Childers.
“We remain committed to our capital allocation policy of
selectively investing in high-return assets and decreasing leverage
below 4.0x in 2020, enabling us to increase our dividend 10% to 15%
annually through 2020. Additionally, we are on pace to achieve our
previously communicated full-year 2019 guidance,” concluded
Childers.
Contract Operations
For the first quarter of 2019, contract
operations segment revenue totaled $182.5 million, reflecting an
increase of 13% compared to $161.2 million in the first quarter of
2018. Gross margin was $107.8 million, up $11.2 million or 12% from
the first quarter of 2018, reflecting a gross margin percentage of
59.1% compared to 59.9% in the prior year first quarter. Total
operating horsepower at the end of the first quarter of 2019 was
3.6 million, up from 3.3 million at the end of the prior year first
quarter, reflecting a 7% increase. Utilization at the end of the
first quarter of 2019 was 88% compared to 86% at the end of the
first quarter of 2018.
Aftermarket Services
For the first quarter of 2019, aftermarket
services segment revenue totaled $53.7 million, reflecting an
increase of 6% compared to $50.8 million in the first quarter of
2018. Gross margin was $9.8 million, up 15% from the first quarter
of 2018, reflecting a gross margin percentage of 18.2% compared to
16.7% in the prior year first quarter.
Balance Sheet
Total consolidated debt as of March 31, 2019 was
$1.58 billion compared to $1.53 billion as of December 31, 2018.
Archrock’s leverage ratio was 4.4x as of March 31, 2019 and
December 31, 2018. Our available liquidity as of March 31,
2019 was $485.8 million compared to $391.6 million as of December
31, 2018.
On March 21, 2019, Archrock Partners, L.P.
closed a private offering of $500 million of 6.875% senior
unsecured notes due 2027. Proceeds were used to redeem the $350
million senior unsecured notes due 2021 and partially repay
outstanding borrowings under the revolving credit facility.
Quarterly Dividend
Archrock’s Board of Directors recently declared
a quarterly dividend of $0.132 per share of common stock, or $0.528
per share on an annualized basis, unchanged sequentially and up 10%
compared to the first quarter of 2018. Dividend coverage in the
first quarter of 2019 was 2.81x. The dividend will be paid on May
15, 2019 to stockholders of record at the close of business on May
8, 2019.
Summary Metrics
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(in
thousands, except percentages, per share amounts and ratios) |
2019 |
|
2018 |
|
2018 |
|
|
|
|
|
|
Net income |
$ |
19,456 |
|
|
$ |
12,968 |
|
|
$ |
2,069 |
|
Net
income (loss) attributable to Archrock stockholders |
$ |
19,456 |
|
|
$ |
12,968 |
|
|
$ |
(3,816 |
) |
Net
income (loss) per common share attributable to Archrock common
stockholders |
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
(0.06 |
) |
Adjusted
EBITDA |
$ |
91,196 |
|
|
$ |
97,557 |
|
|
$ |
80,539 |
|
|
|
|
|
|
|
Contract
operations revenue |
$ |
182,507 |
|
|
$ |
176,380 |
|
|
$ |
161,197 |
|
Contract
operations gross margin |
$ |
107,772 |
|
|
$ |
104,827 |
|
|
$ |
96,602 |
|
Contract
operations gross margin percentage |
59 |
% |
|
59 |
% |
|
60 |
% |
|
|
|
|
|
|
Aftermarket services revenue |
$ |
53,652 |
|
|
$ |
56,779 |
|
|
$ |
50,843 |
|
Aftermarket services gross margin |
$ |
9,750 |
|
|
$ |
8,598 |
|
|
$ |
8,506 |
|
Aftermarket services gross margin percentage |
18 |
% |
|
15 |
% |
|
17 |
% |
|
|
|
|
|
|
Selling,
general, and administrative |
$ |
28,989 |
|
|
$ |
21,108 |
|
|
$ |
27,508 |
|
|
|
|
|
|
|
Cash
available for dividend |
$ |
48,412 |
|
|
$ |
58,647 |
|
|
$ |
45,137 |
|
Cash
available for dividend coverage |
2.81x |
|
3.40x |
|
2.90x |
|
|
|
|
|
|
Total
available horsepower (at period end) |
4,035 |
|
|
3,963 |
|
|
3,862 |
|
Total
operating horsepower (at period end) |
3,561 |
|
|
3,530 |
|
|
3,314 |
|
Horsepower utilization spot (at period end) |
88 |
% |
|
89 |
% |
|
86 |
% |
Conference Call Details
Archrock will host a conference call on Tuesday, April 30, 2019,
to discuss their first quarter 2019 financial results. The call
will begin at 12:00 p.m. Eastern Time.
To listen to the call via a live webcast, please
visit Archrock’s website at www.archrock.com. The call will also be
available by dialing 1-877-407-0784 in the United States and Canada
or 1-201-689-8560 for international calls. Please call
approximately 15 minutes prior to the scheduled start time and
reference Archrock.
A replay of the conference call will be
available on Archrock’s website for approximately seven days. Also,
a replay may be accessed by dialing 1-844-512-2921 in the United
States and Canada, or 1-412-317-6671 for international calls. The
access code is 13688983.
Adjusted EBITDA, a non-GAAP measure, is defined
as net income (loss) excluding loss from discontinued operations,
net of tax, income taxes, interest expense, depreciation and
amortization, long-lived asset impairment, restatement and other
charges, merger-related costs, non-cash stock-based compensation
expense, indemnification (income) expense, net, and other items. A
reconciliation of adjusted EBITDA to net income (loss), the most
directly comparable GAAP measure, appears below.
Gross margin, a non-GAAP measure, is defined as
total revenue less cost of sales (excluding depreciation and
amortization). Gross margin percentage is defined as gross margin
divided by revenue. A reconciliation of gross margin to net income
(loss), the most directly comparable GAAP measure, appears
below.
Cash available for dividend, a non-GAAP measure,
is defined as net income (loss) excluding loss from
discontinued operations, net of tax, income taxes, interest
expense, depreciation and amortization, long-lived asset
impairment, restatement and other charges, merger-related costs,
non-cash stock-based compensation expense, and indemnification
(income) expense, net, less maintenance capital expenditures, other
capital expenditures, cash taxes and cash interest expense.
Reconciliations of cash available for dividend to net income (loss)
and cash flows from operating activities, the most directly
comparable GAAP measures, appear below.
About Archrock
Archrock is an energy infrastructure company
with a pure-play focus on midstream natural gas compression.
Archrock is the leading provider of natural gas compression
services to customers in the oil and natural gas industry
throughout the U.S. and a leading supplier of aftermarket services
to customers that own compression equipment in the U.S. Archrock is
headquartered in Houston, Texas, with approximately 1,700
employees. For more information, please visit www.archrock.com.
Forward-Looking Statements
All statements in this release (and oral
statements made regarding the subjects of this release) other than
historical facts are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside the
control of Archrock, Inc. Forward-looking information includes, but
is not limited to statements regarding: guidance or estimates
related to Archrock’s results of operations or of financial
condition; fundamentals of Archrock’s industry, including the
attractiveness of returns and valuation, stability of cash flows,
demand dynamics and overall outlook, and Archrock’s ability to
realize the benefits thereof; Archrock’s expectations regarding
future economic and market conditions and trends; Archrock’s
operational and financial strategies, including planned growth
strategies, Archrock’s ability to successfully effect those
strategies and the expected results therefrom; Archrock’s financial
and operational outlook; demand and growth opportunities for
Archrock’s services; structural and process improvement
initiatives, the expected timing thereof, Archrock’s ability to
successfully effect those initiatives and the expected results
therefrom; the operational and financial synergies provided by
Archrock’s size; and statements regarding Archrock’s dividend
policy.
While Archrock believes that the assumptions
concerning future events are reasonable, it cautions that there are
inherent difficulties in predicting certain important factors that
could impact the future performance or results of its business. The
factors that could cause results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to: changes in customer, employee or supplier
relationships; local, regional and national economic and financial
market conditions and the impact they may have on Archrock and its
customers; changes in tax laws; conditions in the oil and gas
industry, including a sustained decrease in the level of supply or
demand for oil or natural gas or a sustained decrease in the price
of oil or natural gas; changes in economic conditions in key
operating markets; the financial condition of Archrock’s customers;
the failure of any customer to perform its contractual obligations;
changes in safety, health, environmental and other regulations; and
the effectiveness of Archrock’s control environment, including the
identification of control deficiencies.
These forward-looking statements are also
affected by the risk factors, forward-looking statements and
challenges and uncertainties described in Archrock’s Annual Report
on Form 10-K for the year ended December 31, 2018, and those
set forth from time to time in Archrock’s filings with the
Securities and Exchange Commission, which are available at
www.archrock.com. Except as required by law, Archrock expressly
disclaims any intention or obligation to revise or update any
forward-looking statements whether as a result of new information,
future events or otherwise.
SOURCE: Archrock, Inc.
For information,
contact:
Paul BurkhartTreasurer & VP of Investor
Relations281-836-8688investor.relations@archrock.com
ARCHROCK,
INC. UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(in thousands, except per
share amounts)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Revenue: |
|
|
|
|
|
Contract operations |
$ |
182,507 |
|
|
$ |
176,380 |
|
|
$ |
161,197 |
|
Aftermarket services |
53,652 |
|
|
56,779 |
|
|
50,843 |
|
Total
revenue |
236,159 |
|
|
233,159 |
|
|
212,040 |
|
Cost of sales
(excluding depreciation and amortization): |
|
|
|
|
|
Contract
operations |
74,735 |
|
|
71,553 |
|
|
64,595 |
|
Aftermarket services |
43,902 |
|
|
48,181 |
|
|
42,337 |
|
Total cost
of sales (excluding depreciation and amortization) |
118,637 |
|
|
119,734 |
|
|
106,932 |
|
Selling, general and
administrative |
28,989 |
|
|
21,108 |
|
|
27,508 |
|
Depreciation and
amortization |
44,106 |
|
|
43,381 |
|
|
44,455 |
|
Long-lived asset
impairment |
3,092 |
|
|
9,804 |
|
|
4,710 |
|
Restatement and other
charges |
421 |
|
|
214 |
|
|
485 |
|
Interest expense |
23,617 |
|
|
23,926 |
|
|
22,547 |
|
Merger-related
costs |
180 |
|
|
169 |
|
|
4,125 |
|
Other income, net |
(205 |
) |
|
(2,382 |
) |
|
(1,145 |
) |
Income before income
taxes |
17,322 |
|
|
17,205 |
|
|
2,423 |
|
Provision for (benefit
from) income taxes |
(2,407 |
) |
|
4,237 |
|
|
354 |
|
Income from continuing
operations |
19,729 |
|
|
12,968 |
|
|
2,069 |
|
Loss from discontinued
operations, net of tax |
(273 |
) |
|
— |
|
|
— |
|
Net income |
19,456 |
|
|
12,968 |
|
|
2,069 |
|
Less: Net income
attributable to the noncontrolling interest |
— |
|
|
— |
|
|
(5,885 |
) |
Net income (loss)
attributable to Archrock stockholders |
$ |
19,456 |
|
|
$ |
12,968 |
|
|
$ |
(3,816 |
) |
|
|
|
|
|
|
Basic and diluted net
income (loss) per common share attributable to Archrock common
stockholders (1) |
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
Basic |
128,209 |
|
|
128,036 |
|
|
69,916 |
|
Diluted |
128,255 |
|
|
128,133 |
|
|
69,916 |
|
——————
(1) Basic and diluted net income
(loss) per common share attributable to Archrock common
stockholders was computed using the two-class method to determine
the net income (loss) per share for each class of common stock and
participating security (restricted stock and stock-settled
restricted stock units that have non-forfeitable rights to receive
dividends or dividend equivalents) according to dividends declared
and participation rights in undistributed earnings. Accordingly, we
have excluded net income attributable to participating securities
from our calculation of basic and diluted net income (loss) per
common share attributable to Archrock common stockholders.
ARCHROCK,
INC.UNAUDITED SUPPLEMENTAL
INFORMATION(in thousands, except percentages, per
share amounts and ratios)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Revenue: |
|
|
|
|
|
Contract operations |
$ |
182,507 |
|
|
$ |
176,380 |
|
|
$ |
161,197 |
|
Aftermarket services |
53,652 |
|
|
56,779 |
|
|
50,843 |
|
Total
revenue |
$ |
236,159 |
|
|
$ |
233,159 |
|
|
$ |
212,040 |
|
|
|
|
|
|
|
Gross margin (1): |
|
|
|
|
|
Contract
operations |
$ |
107,772 |
|
|
$ |
104,827 |
|
|
$ |
96,602 |
|
Aftermarket services |
9,750 |
|
|
8,598 |
|
|
8,506 |
|
Total
gross margin |
$ |
117,522 |
|
|
$ |
113,425 |
|
|
$ |
105,108 |
|
|
|
|
|
|
|
Gross margin
percentage: |
|
|
|
|
|
Contract
operations |
59 |
% |
|
59 |
% |
|
60 |
% |
Aftermarket services |
18 |
% |
|
15 |
% |
|
17 |
% |
Total
gross margin percentage |
50 |
% |
|
49 |
% |
|
50 |
% |
|
|
|
|
|
|
Selling, general and
administrative |
$ |
28,989 |
|
|
$ |
21,108 |
|
|
$ |
27,508 |
|
% of
revenue |
12 |
% |
|
9 |
% |
|
13 |
% |
|
|
|
|
|
|
Adjusted EBITDA
(1) |
$ |
91,196 |
|
|
$ |
97,557 |
|
|
$ |
80,539 |
|
% of
revenue |
39 |
% |
|
42 |
% |
|
38 |
% |
|
|
|
|
|
|
Capital
expenditures |
$ |
132,697 |
|
|
$ |
77,919 |
|
|
$ |
69,972 |
|
Less: Proceeds from
sale of property, plant and equipment |
(11,155 |
) |
|
(9,866 |
) |
|
(14,845 |
) |
Net capital
expenditures |
$ |
121,542 |
|
|
$ |
68,053 |
|
|
$ |
55,127 |
|
|
|
|
|
|
|
Total available
horsepower (at period end) (2) |
4,035 |
|
|
3,963 |
|
|
3,862 |
|
Total operating
horsepower (at period end) (3) |
3,561 |
|
|
3,530 |
|
|
3,314 |
|
Average operating
horsepower |
3,545 |
|
|
3,502 |
|
|
3,289 |
|
Horsepower
utilization: |
|
|
|
|
|
Spot (at
period end) |
88 |
% |
|
89 |
% |
|
86 |
% |
Average |
89 |
% |
|
88 |
% |
|
85 |
% |
|
|
|
|
|
|
Dividend declared for
the period per share |
$ |
0.132 |
|
|
$ |
0.132 |
|
|
$ |
0.120 |
|
Dividend declared for
the period to all shareholders |
$ |
17,242 |
|
|
$ |
17,261 |
|
|
$ |
15,553 |
|
Cash available for
dividend coverage (4) |
2.81x |
|
3.40x |
|
2.90x |
——————
(1) Management believes gross margin
and adjusted EBITDA provide useful information to investors because
these non-GAAP measures, when viewed with our GAAP results and
accompanying reconciliations, provide a more complete understanding
of our performance than GAAP results alone. Management uses these
non-GAAP measures as supplemental measures to review current period
operating performance, comparability measures and performance
measures for period-to-period comparisons.(2) Defined as
idle and operating horsepower. New compressor units completed by a
third party manufacturer that have been delivered to us are
included in the fleet.(3) Defined as horsepower that is
operating under contract and horsepower that is idle but under
contract and generating revenue such as standby
revenue.(4) Defined as cash available for dividend
divided by dividends declared for the period.
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Balance
Sheet |
|
|
|
|
|
Debt - Parent level |
$ |
— |
|
|
$ |
— |
|
|
$ |
52,500 |
|
Debt - Archrock
Partners, L.P. |
1,582,217 |
|
|
1,529,501 |
|
|
1,374,552 |
|
Total
consolidated debt (1) |
$ |
1,582,217 |
|
|
$ |
1,529,501 |
|
|
$ |
1,427,052 |
|
|
|
|
|
|
|
Archrock stockholders’
equity |
$ |
842,292 |
|
|
$ |
841,574 |
|
|
$ |
782,280 |
|
——————(1) Carrying values are shown net of
unamortized debt discounts and unamortized deferred financing
costs.
ARCHROCK, INC.UNAUDITED
SUPPLEMENTAL INFORMATION(in
thousands)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Reconciliation
of Net Income to Adjusted EBITDA and Gross Margin |
|
|
|
|
|
Net income |
$ |
19,456 |
|
|
$ |
12,968 |
|
|
$ |
2,069 |
|
Less: Loss from
discontinued operations, net of tax |
(273 |
) |
|
— |
|
|
— |
|
Income from continuing
operations |
19,729 |
|
|
12,968 |
|
|
2,069 |
|
Depreciation and
amortization |
44,106 |
|
|
43,381 |
|
|
44,455 |
|
Long-lived asset
impairment |
3,092 |
|
|
9,804 |
|
|
4,710 |
|
Restatement and other
charges |
421 |
|
|
214 |
|
|
485 |
|
Interest expense |
23,617 |
|
|
23,926 |
|
|
22,547 |
|
Merger-related
costs |
180 |
|
|
169 |
|
|
4,125 |
|
Stock-based
compensation expense |
2,357 |
|
|
1,821 |
|
|
1,794 |
|
Indemnification
expense, net (1) |
101 |
|
|
1,037 |
|
|
— |
|
Provision for (benefit
from) income taxes |
(2,407 |
) |
|
4,237 |
|
|
354 |
|
Adjusted EBITDA
(2) |
91,196 |
|
|
97,557 |
|
|
80,539 |
|
Selling, general and
administrative |
28,989 |
|
|
21,108 |
|
|
27,508 |
|
Stock-based
compensation expense |
(2,357 |
) |
|
(1,821 |
) |
|
(1,794 |
) |
Indemnification
expense, net (1) |
(101 |
) |
|
(1,037 |
) |
|
— |
|
Other income, net |
(205 |
) |
|
(2,382 |
) |
|
(1,145 |
) |
Gross margin (2) |
$ |
117,522 |
|
|
$ |
113,425 |
|
|
$ |
105,108 |
|
——————
(1) Represents net expense incurred
pursuant to indemnification provisions of our separation and
distribution and tax matters agreements with Exterran
Corporation.(2) Management believes adjusted EBITDA and
gross margin provide useful information to investors because these
non-GAAP measures, when viewed with our GAAP results and
accompanying reconciliations, provide a more complete understanding
of our performance than GAAP results alone. Management uses these
non-GAAP measures as supplemental measures to review current period
operating performance, comparability measures and performance
measures for period-to-period comparisons.
ARCHROCK, INC.UNAUDITED
SUPPLEMENTAL INFORMATION(in
thousands)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Reconciliation
of Net Income to Adjusted EBITDA and Cash Available for
Dividend |
|
|
|
|
|
Net income |
$ |
19,456 |
|
|
$ |
12,968 |
|
|
$ |
2,069 |
|
Less: Loss from
discontinued operations, net of tax |
(273 |
) |
|
— |
|
|
— |
|
Income from continuing
operations |
19,729 |
|
|
12,968 |
|
|
2,069 |
|
Depreciation and
amortization |
44,106 |
|
|
43,381 |
|
|
44,455 |
|
Long-lived asset
impairment |
3,092 |
|
|
9,804 |
|
|
4,710 |
|
Restatement and other
charges |
421 |
|
|
214 |
|
|
485 |
|
Interest expense |
23,617 |
|
|
23,926 |
|
|
22,547 |
|
Merger-related
costs |
180 |
|
|
169 |
|
|
4,125 |
|
Stock-based
compensation expense |
2,357 |
|
|
1,821 |
|
|
1,794 |
|
Indemnification
expense, net |
101 |
|
|
1,037 |
|
|
— |
|
Provision for (benefit
from) income taxes |
(2,407 |
) |
|
4,237 |
|
|
354 |
|
Adjusted EBITDA
(1) |
91,196 |
|
|
97,557 |
|
|
80,539 |
|
Less: Maintenance
capital expenditures |
(14,524 |
) |
|
(12,924 |
) |
|
(11,135 |
) |
Less: Other capital
expenditures |
(7,124 |
) |
|
(3,975 |
) |
|
(4,564 |
) |
Less: Cash tax
refund |
623 |
|
|
91 |
|
|
679 |
|
Less: Cash interest
expense |
(21,759 |
) |
|
(22,102 |
) |
|
(20,382 |
) |
Cash available for
dividend (2) |
$ |
48,412 |
|
|
$ |
58,647 |
|
|
$ |
45,137 |
|
——————
(1) Management believes adjusted
EBITDA provides useful information to investors because this
non-GAAP measure, when viewed with our GAAP results and
accompanying reconciliations, provides a more complete
understanding of our performance than GAAP results alone.
Management uses this non-GAAP measure as a supplemental measure to
review current period operating performance, comparability measure
and performance measure for period-to-period
comparisons.(2) Management uses cash available for
dividend as a supplemental performance measure. Using this metric,
management can quickly compute the coverage ratio of estimated cash
flows to planned dividends.
ARCHROCK, INC.UNAUDITED
SUPPLEMENTAL INFORMATION(in
thousands)
|
Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
|
2019 |
|
2018 |
|
2018 |
Reconciliation
of Cash Flows from Operating Activities to Cash Available for
Dividend |
|
|
|
|
|
Cash flows from
operating activities |
$ |
81,400 |
|
|
$ |
55,242 |
|
|
$ |
62,455 |
|
Inventory
write-downs |
(222 |
) |
|
(429 |
) |
|
(465 |
) |
Provision for doubtful
accounts |
(428 |
) |
|
(133 |
) |
|
(620 |
) |
Gain (loss) on sale of
assets |
(16 |
) |
|
2,780 |
|
|
1,195 |
|
Current income tax
provision |
476 |
|
|
513 |
|
|
59 |
|
Cash tax refund |
623 |
|
|
91 |
|
|
679 |
|
Amortization of
operating lease ROU assets |
(712 |
) |
|
— |
|
|
— |
|
Amortization of
contract costs |
(5,117 |
) |
|
(4,607 |
) |
|
(2,884 |
) |
Deferred revenue
recognized in earnings |
12,749 |
|
|
11,008 |
|
|
5,171 |
|
Restatement and other
charges |
421 |
|
|
214 |
|
|
485 |
|
Merger-related
costs |
180 |
|
|
169 |
|
|
4,125 |
|
Indemnification
expense, net |
101 |
|
|
1,037 |
|
|
— |
|
Changes in assets and
liabilities |
(19,788 |
) |
|
9,410 |
|
|
(9,159 |
) |
Maintenance capital
expenditures |
(14,524 |
) |
|
(12,924 |
) |
|
(11,135 |
) |
Other capital
expenditures |
(7,124 |
) |
|
(3,975 |
) |
|
(4,564 |
) |
(Payments for) proceeds
from settlement of interest rate swaps that include financing
elements |
393 |
|
|
251 |
|
|
(205 |
) |
Cash available for
dividend (1) |
$ |
48,412 |
|
|
$ |
58,647 |
|
|
$ |
45,137 |
|
——————
(1) Management uses cash available
for dividend as a supplemental performance measure. Using this
metric, management can quickly compute the coverage ratio of
estimated cash flows to planned dividends.
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