Cypress Energy Partners, L.P. (NYSE:CELP) today
reported:
- Revenues of $84.8 million for the third
quarter, an increase of 9% from the third quarter of 2017, and a
sequential increase of 11% over the second quarter of 2018;
- Gross margin of $12.9 million for the
third quarter, an increase of 37% from the third quarter of 2017,
and a sequential increase of 18% over the second quarter of
2018;
- Coverage ratio of 2.29x, an increase of
67% from the third quarter of 2017;
- Cash distribution of $0.21 per unit,
consistent with the last six quarters; and
- Largest inspection contract award in
its 15-year history, with an investment-grade client.
Peter C. Boylan III, Cypress Energy Partners, L.P.’s (“CELP” or
the “Partnership”) Chairman and Chief Executive Officer stated, “I
am very pleased with our strong, organic operating results during
the quarter across all three of our reporting segments. During the
quarter we generated a gross margin of $12.9 million, representing
a 15% gross margin and a 37% increase over the same period last
year, reflecting our solid improvement in focusing on higher margin
opportunities. Year to date, our Adjusted EBITDA has increased 38%
over the same period in 2017, reflecting the solid, continuing
recovery in our business. I am also proud to report that our
year-to-date gross margin has increased an impressive 31% compared
to 2017 and our Pipeline and Process Services (formerly Integrity
Services) segment has seen a year-to-date 276% increase in gross
margin, consistent with our previously-stated strategy of focusing
on our higher margin services.
“We have evaluated numerous acquisition opportunities to expand
and enhance the breadth and depth of the essential pipeline
inspection and integrity services we offer to our clients. Our
sponsor, Cypress Energy Holdings, LLC, recently completed two
acquisitions that we believe will allow us to accomplish that goal.
Both transactions were asset purchases that require some
repositioning before bringing them into the Partnership. Our
sponsor intends to offer them to the Partnership once it has
accomplished certain developmental goals. These acquisitions would
move us into several new lines of work, including water treatment,
in-line inspection for oil and gas and other customers, equipment
rental (which could be converted into a service business before
offering this line of business to the Partnership), and offshore
hydrostatic testing, and would give us a platform to expand into
other pipeline and process services, both onshore and offshore.
These two transactions would also allow us to enter the growing and
attractive in-line inspection (“ILI”) industry with next-generation
technology capable of helping pipeline owners and operators better
manage the integrity of their assets in both the energy industry
and municipal water industry.
“In both our Pipeline Inspection and Pipeline and Process
Services segments, we continue to invest in talent, technologies,
and capabilities that we believe will drive growth, expand the
number of customers we serve, increase margins, and deliver
attractive returns on capital. The outlook for global commodity
supply and demand dynamics is positive. I am confident that CELP
has the right strategy, talent, technology, and services to deliver
attractive, long-term growth. We have a solid balance sheet and,
with these two new acquisitions, some attractive future strategic
drop-down opportunities to enhance our growth. We remain a leader
in North America in the inspection and integrity industry, which we
believe is poised for attractive long-term growth, given the aging
energy infrastructure in North America, as well as new construction
that requires our essential midstream services.”
Additionally, Mr. Boylan stated, “We have completed the
previously-announced process of evaluating strategic alternatives
and concluded that remaining independent at this time and building
out these acquisition opportunities represents the most attractive
opportunity to build long-term value for the Partnership. The
long-term increasing demand for pipeline inspection, integrity
services, and water solutions remains strong due to our nation’s
aging pipeline infrastructure and growing production, and we
believe we are well-positioned to capitalize on the opportunities
that improving market conditions will create. The future drop down
of the recent acquisitions should also position us to eventually
resume increasing our distributions.”
Third Quarter:
- Revenue of $84.8 million for the three
months ended September 30, 2018, compared with $77.7 million for
the three months ended September 30, 2017, representing a 9%
increase. For the quarter, revenue increased by 11% over the three
months ended June 30, 2018 of $76.5 million.
- Gross margin of $12.9 million for the
three months ended September 30, 2018, compared to $9.4 million for
the three months ended September 30, 2017, representing a 37%
increase. For the quarter, gross margin increased 18% over the
three months ended June 30, 2018, with a gross margin of $10.9
million. The gross margin percentage was 15% for the three months
ended September 30, 2018, compared to 12% for the three months
ended September 30, 2017 and 14% for the three months ended June
30, 2018.
- Net income of $5.0 million for the
three months ended September 30, 2018, compared to $0.6 million for
the three months ended September 30, 2017. Net income included
gains on asset disposals of $0.8 million and was reduced by losses
on asset disposals of $0.2 million for the three months ended
September 30, 2018 and 2017, respectively. For the three months
ended June 30, 2018, net income was $3.6 million, which included
$1.6 million of gains on asset disposals.
- Net income attributable to CELP limited
partners (“limited partners”) of $4.7 million for the three months
ended September 30, 2018, compared to $1.6 million for the three
months ended September 30, 2017, representing a 200% increase.
During the three months ended September 30, 2017, net income
attributable to limited partners benefitted from $1.0 million of
sponsor support. For the three months ended June 30, 2018, net
income attributable to limited partners was $3.4 million.
- Adjusted EBITDA of $7.6 million for the
three months ended September 30, 2018 (including noncontrolling
interests), compared to $4.5 million for the three months ended
September 30, 2017 (including noncontrolling interests),
representing an increase of 70%. The third-quarter Adjusted EBITDA
increased 29% compared to the Adjusted EBITDA of $5.9 million
during the three months ended June 30, 2018.
- Adjusted EBITDA attributable to limited
partners of $7.2 million for the three months ended September 30,
2018, compared to $5.3 million for the three months ended September
30, 2017, representing an increase of 35%. During the three months
ended September 30, 2017, Adjusted EBITDA attributable to limited
partners benefitted from $1.0 million of sponsor support. The
third-quarter Adjusted EBITDA attributable to limited partners
increased 28% compared to Adjusted EBITDA attributable to limited
partners of $5.6 million during the three months ended June 30,
2018.
- Distributable Cash Flow available to
limited partners of $5.7 million for the three months ended
September 30, 2018, compared to $3.4 million for the three months
ended September 30, 2017, representing an increase of 68%. During
the three months ended September 30, 2017, Distributable Cash Flow
available to limited partners benefitted from $1.0 million of
sponsor support. The third-quarter Distributable Cash Flow
increased 84% compared to the Distributable Cash Flow of $3.1
million during the three months ended June 30, 2018.
- A distribution coverage ratio of 2.29x
in the third quarter of 2018, compared to a coverage ratio of 1.37x
in the third quarter of 2017 and a coverage ratio of 1.25x in the
second quarter of 2018.
- A leverage ratio of 3.3x compared to a
4.0x covenant maximum and an interest coverage ratio of 5.2x
compared to a 3.0x covenant minimum at September 30, 2018, as
calculated under the terms of the credit facility.
Year-To-Date:
- Revenue of $226.1 million for the nine
months ended September 30, 2018, an increase of 4% from the same
period in the prior year. This increase was due to increased
customer activity in each of the business segments, despite the
sale during 2018 of the two saltwater disposal facilities in Texas
and a significant reduction in our Canadian operations. Revenues of
the U.S. operations of our Pipeline Inspection segment increased by
12% in 2018 compared to 2017. Revenues of the North Dakota
operations of our Water Services segment increased by 81% in 2018
compared to 2017 in part driven by our two new pipelines.
- Net income of $9.5 million for the nine
months ended September 30, 2018, compared to net loss of $3.9
million for the same period in the prior year. Net income for the
nine months ended September 30, 2018 included gains on asset
disposals of $4.1 million. Net income for the nine months ended
September 30, 2017 was reduced by losses on asset disposals of $0.1
million and impairment charges of $3.6 million.
- Net income attributable to limited
partners of $8.8 million for the nine months ended September 30,
2018, compared to $0.2 million for the same period in the prior
year (including impairment charges of $2.8 million). During the
nine months ended September 30, 2017, net income attributable to
limited partners benefitted from $2.8 million of sponsor
support.
- Adjusted EBITDA of $16.8 million for
the nine months ended September 30, 2018 (including non-controlling
interests), compared to $12.1 million for the same period in the
prior year, an increase of 38%. During the nine months ended
September 30, 2017, Adjusted EBITDA included $1.8 million of
sponsor support. Excluding sponsor support in the prior year
period, Adjusted EBITDA increased 62%.
- Adjusted EBITDA attributable to limited
partners of $15.7 million for the nine months ended September 30,
2018, compared to $13.2 million for the same period in the prior
year, an increase of 19%. During the nine months ended September
30, 2017, Adjusted EBITDA attributable to limited partners included
$2.8 million of sponsor support. Excluding sponsor support in the
prior year period, Adjusted EBITDA attributable to limited partners
increased 50%.
- Distributable Cash Flow attributable to
limited partners of $9.8 million for the nine months ended
September 30, 2018, an increase of 44% from the same period in the
prior year, and an increase of 141% excluding sponsor support in
the prior year.
Highlights include:
- A more attractive mix of businesses
generating higher margins, EBITDA, and distributable cash flow on
less working capital, as previously outlined by executive
management.
- The Pipeline Inspection segment
averaged 1,263 inspectors per week for the third quarter of 2018,
an increase compared to 1,211 in the third quarter of 2017 and
1,188 in the second quarter of 2018. The focus on maintenance and
integrity work and non-destructive examination (“NDE”) continues to
benefit gross margins in comparison with basic inspection
work.
- The Water Services segment disposed 4.3
million barrels of saltwater at an average revenue per barrel of
$0.78 for the third quarter of 2018, compared with the disposal of
3.1 million barrels of saltwater at an average revenue per barrel
of $0.68 for the third quarter of 2017 and 3.6 million barrels of
saltwater at an average revenue per barrel of $0.85 for the second
quarter of 2018. The significant increase reflects the successful
divestiture of two saltwater disposal facilities in the Permian,
two new pipelines in the Bakken, and the re-opening of a saltwater
disposal facility that was struck by lightning in 2017.
- Maintenance capital expenditures for
the nine months ended September 30, 2018 were $0.5 million,
compared to $0.3 million in the same period in 2017.
- Expansion capital expenditures during
the first nine months of 2018 totaled $4.9 million and were
primarily related to a new pipeline system at one of the facilities
in North Dakota, the rebuilding of two saltwater disposal
facilities that were struck by lightning in 2017 (one of which was
subsequently sold), and equipment purchases in the Pipeline
Inspection segment to support its growth. We received insurance
recoveries to fund the reconstruction of the two saltwater disposal
facilities struck by lightning.
Looking forward:
- CELP continues to successfully grow its
business organically, pursuing new projects, new customers, and
renewing existing contracts. CELP has solid growth prospects in the
foreseeable future. During the third quarter, Tulsa Inspection
Resources, our Pipeline Inspection Services segment, secured the
largest contract in its 15-year history.
- The Pipeline and Process Services
segment’s third-quarter results substantially improved over the
prior year with an increase in average revenue per field personnel.
This segment continued to see improvement as the energy industry
continues to recover from the two-year downturn and as CELP invests
in its senior management team.
- During the third quarter, 95% of total
water volumes came from produced water, and piped water represented
approximately 40% of total water volumes. As commodity prices have
improved and drilling activity has increased, CELP expects to have
operating leverage with its cost structure and minimal maintenance
capital expenditure requirements as volumes increase. CELP has
several new pipelines under construction by the producers that will
be coming online in the fourth quarter.
- Our saltwater disposal facilities have
substantial unused capacity to support growth with current
utilization of approximately 45%. The operating leverage is very
substantial as seen in our financial results, given the fixed and
variable cost model in this segment.
- The interest on CELP’s credit agreement
is based on a floating rate, and LIBOR rates have continued to rise
over the last quarter by approximately 15 basis points, and by
nearly 76 basis points compared to this time last year. The
reduction in outstanding debt upon amending the credit facility
will favorably impact interest expense.
- Distributions on preferred equity will
be approximately $4.1 million per year, and the first quarterly
distribution will be paid in November 2018.
CELP will file its quarterly report on Form 10-Q for the period
ended September 30, 2018 with the Securities and Exchange
Commission on November 13, 2018. CELP will also post a copy of the
Form 10-Q on its website at www.cypressenergy.com.
CELP will host the Cypress Energy Partners’ Third-Quarter
Earnings Conference Call on Tuesday, November 13, 2018, at 10:00 am
EST (9:00 am CST) to discuss its third-quarter 2018 financial
results. Analysts, investors, and other interested parties may
access the conference call by dialing Toll-Free (US & Canada):
1-888-339-2688, Passcode 507 273 50, or International Dial-In
(Toll): +1 617-847-3007, Passcode 507 273 50. An archived audio
replay of the call will be available on the Investor section of our
website at www.cypressenergy.com no later than 10:00 am EST
(9:00 am CST) on November 15, 2018.
Non-GAAP Measures:
CELP defines Adjusted EBITDA as net income (loss), plus interest
expense, depreciation, amortization and accretion expenses, income
tax expenses, impairments, non-cash allocated expenses, and
equity-based compensation, plus or minus other extraordinary or
non-recurring items. CELP defines Adjusted EBITDA attributable to
limited partners as net income (loss) attributable to limited
partners, plus interest expense attributable to limited partners,
depreciation, amortization and accretion attributable to limited
partners, impairments attributable to limited partners, income tax
expense attributable to limited partners, and equity-based
compensation attributable to limited partners, plus or minus other
extraordinary or non-recurring items attributable to limited
partners. CELP defines Distributable Cash Flow as Adjusted EBITDA
attributable to limited partners less cash interest paid, cash
income taxes paid, maintenance capital expenditures, and cash
distributions on preferred equity. These are supplemental, non-GAAP
financial measures used by management and by external users of our
financial statements, such as investors and commercial banks, to
assess our operating performance as compared to those of other
companies in the midstream sector, without regard to financing
methods, historical cost basis or capital structure; the ability of
our assets to generate sufficient cash flow to make distributions
to our unitholders; our ability to incur and service debt and fund
capital expenditures; the viability of acquisitions and other
capital expenditure projects; and the returns on investment of
various investment opportunities. The GAAP measures most directly
comparable to Adjusted EBITDA, Adjusted EBITDA attributable to
limited partners, and Distributable Cash Flow are net income (loss)
and cash flow from operating activities, respectively. These
non-GAAP measures should not be considered as alternatives to the
most directly comparable GAAP financial measure. Each of these
non-GAAP financial measures exclude some, but not all, items that
affect the most directly comparable GAAP financial measure.
Adjusted EBITDA, Adjusted EBITDA attributable to limited partners
and Distributable Cash Flow should not be considered an alternative
to net income, income before income taxes, net income attributable
to limited partners, cash flows from operating activities, or any
other measure of financial performance calculated in accordance
with GAAP as those items are used to measure operating performance,
liquidity, or the ability to service debt obligations. CELP
believes that the presentation of Adjusted EBITDA, Adjusted EBITDA
attributable to limited partners and Distributable Cash Flow will
provide useful information to investors in assessing our financial
condition and results of operations. CELP uses Adjusted EBITDA,
Adjusted EBITDA attributable to limited partners and Distributable
Cash Flow as a supplemental financial measure to both manage our
business and assess the cash flows generated by our assets (prior
to the establishment of any retained cash reserves by the general
partner) to fund the cash distributions we expect to pay to
unitholders, to evaluate our success in providing a cash return on
investment, and whether or not the Partnership is generating cash
flow at a level that can sustain or support an increase in its
quarterly distribution rates and to determine the yield of our
units, which is a quantitative standard used throughout the
investment community with respect to publicly-traded partnerships,
as the value of a unit is generally determined by a unit’s yield
(which in turn is based on the amount of cash distributions the
entity pays to a unitholder). Because Adjusted EBITDA, Adjusted
EBITDA attributable to limited partners and Distributable Cash Flow
may be defined differently by other companies in our industry, our
definitions of Adjusted EBITDA, Adjusted EBITDA attributable to
limited partners and Distributable Cash Flow may not be comparable
to similarly titled measures of other companies, thereby
diminishing their utility. Reconciliations of (i) Net Income (Loss)
to Adjusted EBITDA and Distributable Cash Flow, (ii) Net Income
(Loss) attributable to limited partners to Adjusted EBITDA
attributable to limited partners and Distributable Cash Flow and
(iii) Net Cash Provided by Operating Activities to Adjusted EBITDA
and Distributable Cash Flow are provided below.
This press release includes “forward-looking statements.”
All statements, other than statements of historical facts included
or incorporated herein, may constitute forward-looking statements.
Actual results could vary significantly from those expressed or
implied in such statements, and are subject to a number of risks
and uncertainties. While CELP believes its expectations, as
reflected in the forward-looking statements, are reasonable, CELP
can give no assurance that such expectations will prove to be
correct. The forward-looking statements involve risks and
uncertainties that affect operations, financial performance, and
other factors as discussed in filings with the Securities and
Exchange Commission. Other factors that could impact any
forward-looking statements are those risks described in CELP’s
Annual Report filed on Form 10-K and other public filings. You are
urged to carefully review and consider the cautionary statements
and other disclosures made in those filings, specifically those
under the heading “Risk Factors.” CELP undertakes no obligation to
publicly update or revise any forward-looking statements except as
required by law.
About Cypress Energy Partners, L.P.
Cypress Energy Partners, L.P. is a master limited partnership
that provides essential midstream services, including pipeline
inspection, integrity, and hydrostatic testing services to various
energy companies and their vendors throughout the U.S. and Canada.
Cypress also provides saltwater disposal and environmental services
to upstream energy companies and their vendors in North Dakota in
the Bakken region of the Williston Basin. In all of these business
segments, Cypress works closely with its customers to help them
comply with increasingly complex and strict environmental and
safety rules and regulations and to reduce their operating costs.
Cypress is headquartered in Tulsa, Oklahoma.
CYPRESS ENERGY PARTNERS, L.P. Unaudited Condensed
Consolidated Balance Sheets As of September 30, 2018 and
December 31, 2017 (in thousands, except unit data)
September 30, December
31, 2018 2017 ASSETS Current
assets: Cash and cash equivalents $ 11,230 $ 24,508 Trade accounts
receivable, net 51,027 41,693 Prepaid expenses and other 1,511
2,294 Assets held for sale - 2,172
Total current assets 63,768 70,667 Property and equipment: Property
and equipment, at cost 23,694 22,700 Less: Accumulated depreciation
10,666 9,312 Total property and
equipment, net 13,028 13,388 Intangible assets, net 23,433 25,477
Goodwill 50,370 53,435 Debt issuance costs, net 1,391 - Other
assets 285 236 Total assets $ 152,275
$ 163,203
LIABILITIES AND OWNERS'
EQUITY Current liabilities: Accounts payable $ 2,230 $ 3,757
Accounts payable - affiliates 3,656 3,173 Accrued payroll and other
14,132 9,109 Liabilities held for sale - 97 Income taxes payable
708 646 Current portion of long-term debt -
136,293 Total current liabilities 20,726 153,075 Long-term
debt 76,129 - Other non-current liabilities 369
143 Total liabilities 97,224 153,218 Owners'
equity: Partners’ capital: Common units (11,946,040 and 11,889,958
units outstanding at September 30, 2018 and December 31, 2017,
respectively) 35,266 34,614 Preferred units (5,769,231 units
outstanding at September 30, 2018) 44,671 - General partner (25,876
) (25,876 ) Accumulated other comprehensive loss (2,616 )
(2,677 ) Total partners' capital 51,445 6,061 Noncontrolling
interests 3,606 3,924 Total owners'
equity 55,051 9,985 Total liabilities
and owners' equity $ 152,275 $ 163,203
CYPRESS ENERGY PARTNERS, L.P. Unaudited Condensed
Consolidated Statements of Operations For the Three and Nine
Months Ended September 30, 2018 and 2017 (in thousands, except
unit and per unit data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2018 2017 2018 2017 Revenue $
84,778 $ 77,682 $ 226,072 $ 216,971 Costs of services 71,870
68,292 194,092 192,643
Gross margin 12,908 9,390 31,980 24,328 Operating
costs and expense: General and administrative 6,064 5,574 17,341
16,013 Depreciation, amortization and accretion 1,124 1,184 3,368
3,561 Impairments - - - 3,598 (Gains) losses on asset disposals,
net (822 ) 208 (4,137 ) 95
Operating income 6,542 2,424 15,408 1,061 Other
(expense) income: Interest expense, net (1,283 ) (1,907 ) (4,907 )
(5,411 ) Debt issuance cost write-off - - (114 ) - Foreign currency
gains (losses) 97 557 (354 ) 824 Other, net 95
17 302 122 Net income (loss)
before income tax expense 5,451 1,091 10,335 (3,404 ) Income tax
expense (benefit) 497 529 865
458 Net income (loss) 4,954 562 9,470 (3,862 )
Net income (loss) attributable to noncontrolling interests
289 8 673 (1,290 )
Net income (loss) attributable to partners / controlling interests
4,665 554 8,797 (2,572 ) Net loss attributable to general partner
- (1,000 ) - (2,750 ) Net
income attributable to limited partners 4,665 1,554 8,797 178 Net
income attributable to preferred unitholder 1,045
- 1,412 - Net income
attributable to common unitholders $ 3,620 $ 1,554 $
7,385 $ 178 Net income per common limited
partner unit: Basic $ 0.30 $ 0.13 $ 0.62 $ 0.02 Diluted $ 0.26 $
0.13 $ 0.59 $ 0.02 Weighted average common units
outstanding: Basic 11,940,032 11,884,196 11,924,183 10,902,838
Diluted 18,140,691 11,994,881 14,970,434 11,111,454 Weighted
average subordinated units outstanding - basic and diluted - - -
974,670
Reconciliation of Net Income (Loss) to
Adjusted EBITDAto Distributable Cash Flow
Three Months
ended September 30, Nine Months ended September 30,
2018 2017 2018 2017 (in thousands)
Net income (loss) $ 4,954 $ 562 $ 9,470 $ (3,862 ) Add:
Interest expense 1,283 1,907 4,907 5,411 Debt issuance cost
write-off - - 114 -
Depreciation, amortization and
accretion
1,393 1,465 4,186 4,378 Impairments - - - 3,598 Income tax expense
497 529 865 458 Non-cash allocated expenses - - - 1,750
Equity-based compensation 361 371 908 1,137 Foreign currency losses
- - 354 - Losses on asset disposals, net - 208 - 77 Less: Foreign
currency gains 97 557 - 824 Gain on asset disposals, net 769
- 4,039 - Adjusted EBITDA $
7,622 $ 4,485 $ 16,765 $ 12,123 Adjusted
EBITDA attributable to general partner - (1,000 ) - (1,000 )
Adjusted EBITDA attributable to noncontrolling interests 412
163 1,076 (73 ) Adjusted EBITDA
attributable to limited partners / controlling interests $ 7,210 $
5,322 $ 15,689 $ 13,196 Less: Cash interest
paid, cash taxes paid, maintenance capital expenditures
1,469 1,910 5,897 6,380
Distributable cash flow $ 5,741 $ 3,412 $ 9,792 $ 6,816
Reconciliation of Net Income
Attributable to Limited Partners to Adjusted EBITDA Attributable
toLimited Partners and Distributable Cash Flow
Three Months
ended September 30, Nine Months ended September 30,
2018 2017 2018 2017 (in thousands)
Net income attributable to limited partners $ 4,665 $ 1,554
$ 8,797 $ 178 Add: Interest expense attributable to limited
partners 1,283 1,907 4,907 5,411 Debt issuance cost write-off
attributable to limited partners - - 114 - Depreciation,
amortization and accretion attributable to limited partners 1,277
1,322 3,804 3,952 Impairments attributable to limited partners - -
- 2,823 Income tax expense attributable to limited partners 490 517
844 442 Equity based compensation attributable to limited partners
361 371 908 1,137 Losses on asset disposals attributable to limited
partners, net - 208 - 77 Foreign currency losses attributable to
limited partners - - 354 - Less: Foreign currency gains
attributable to limited partners 97 557 - 824 Gain on asset
disposals attributable to limited partners, net 769 -
4,039 - Adjusted EBITDA attributable to limited
partners 7,210 5,322 15,689 13,196 Less:
Cash interest paid, cash taxed paid and
maintenance capital expenditures attributable to limited
partners
1,469 1,910 5,897 6,380 Distributable
cash flow $ 5,741 $ 3,412 $ 9,792 $ 6,816
Reconciliation of Net Cash Provided by
Operating Activities to Adjusted EBITDAto Distributable Cash
Flow
Nine Months ended September
30, 2018 2017 (in thousands) Cash flows
provided by operating activities $
6,955
$ 263 Changes in trade accounts receivable, net 9,395 11,583
Changes in prepaid expenses and other (891 ) 765 Changes in
accounts payable and accrued liabilities
(4,129
) (6,552 ) Change in income taxes payable (62 ) 271 Interest
expense (excluding non-cash interest) 4,478 4,968 Income tax
expense (excluding deferred tax benefit) 865 819 Other 154
6 Adjusted EBITDA $ 16,765 $ 12,123
Adjusted EBITDA attributable to general partner -
(1,000 ) Adjusted EBITDA attributable to noncontrolling interests
1,076 (73 ) Adjusted EBITDA attributable to
limited partners / controlling interests $ 15,689 $ 13,196
Less: Cash interest paid, cash taxes paid,
maintenance capital expenditures 5,897 6,380
Distributable cash flow $ 9,792 $ 6,816
Three Months Nine
Months Ended September 30, Ended September 30,
2018 2017 2018 2017
Total barrels of saltwater disposed
(in thousands)
4,276 3,102 10,928 8,841 Average revenue per barrel $ 0.78 $ 0.68 $
0.81 $ 0.68 Water and environmental services gross margins 71.1 %
60.4 % 66.4 % 61.2 % Average number of inspectors 1,263 1,211 1,160
1,160 Average number of U.S. inspectors 1,259 1,191 1,154 1,042
Average revenue per inspector per week $ 4,675 $ 4,570 $ 4,552 $
4,532 Pipeline inspection services gross margins 11.9 % 10.2 % 11.0
% 9.6 % Average number of field personnel 23 21 22 18 Average
revenue per field personnel per week $ 12,839 $ 10,268 $ 13,178 $
8,443 Pipeline and Process services gross margins 33.2 % 24.8 %
30.7 % 15.6 % Maintenance capital expenditures (in thousands) $ 255
$ 224 $ 518 $ 312 Expansion capital expenditures (in thousands) $
1,296 $ 511 $ 4,928 $ 802 Distributions (in thousands) $ 2,509 $
2,497 $ 7,521 $ 7,487 Coverage ratio 2.29x 1.37x 1.30x 0.91x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181112005759/en/
Cypress Energy Partners, L.P.Jeff Herbers,
918-947-5730VP & Chief Financial
Officerjeff.herbers@cypressenergy.com
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