PARSIPPANY, N.J., Feb. 10, 2022 /PRNewswire/ -- PBF Logistics
LP (NYSE:PBFX, the "Partnership") announced today fourth quarter
2021 net income attributable to the limited partners of
$42.3 million, or $0.67 per common unit. During the fourth quarter,
the Partnership generated cash from operations of $44.1 million, EBITDA attributable to PBFX of
$62.7 million, Adjusted EBITDA of
$60.8 million and distributable cash
flow of $52.3 million. Included in
reported results for the fourth quarter is a net gain of
$1.9 million, or $0.03 per common unit, consisting of a gain on
sale of assets, partially offset by non-cash unit-based
compensation and environmental remediation costs associated with
the East Coast Terminals.
For the year-ended December 31, 2021, the Partnership
reported net income attributable to the limited partners of
$153.3 million, or $2.44 per common unit, generated cash from
operations of $187.8 million, EBITDA
attributable to PBFX of $234.5
million, Adjusted EBITDA of $237.7
million and distributable cash flow of $195.8 million. Included in reported results for
the year-ended December 31, 2021 are $3.2 million, or $0.05 per common unit, of non-cash unit-based
compensation, environmental remediation costs associated with the
East Coast Terminals and a gain on sale of assets.
As of December 31, 2021, the Partnership had approximately
$430.4 million of liquidity,
including approximately $33.9 million
in cash and cash equivalents and access to approximately
$396.5 million under its revolving
credit facility. For the year-ended December
31, 2021, the outstanding balance of the revolving credit
facility has been reduced by $100.0
million.
PBF Logistics GP LLC Executive Vice President Matt Lucey said, "PBF Logistics' assets finished
the year with another solid quarter of operating performance. The
Partnership maintained consistent revenues through the course of
the year while continuing to lower Partnership leverage by reducing
our outstanding revolver balance." Mr. Lucey continued, "Heading
into 2022, we expect the Partnership's revenues to remain stable,
allowing us to maintain high distribution coverage while reducing
debt and strengthening the balance sheet."
PBF Logistics Announces Quarterly Distribution
The
board of directors of PBF Logistics GP LLC, the Partnership's
general partner, declared a regular quarterly cash distribution of
$0.30 per unit. The distribution is
payable on March 10, 2022, to PBFX
unitholders of record at the close of business on February 24, 2022.
This release is intended to be a qualified notice to nominees
under Treasury Regulations Section 1.1446-4(b). All of the
Partnership's distributions to foreign investors are attributable
to income that is effectively connected with a United States trade or business. Accordingly,
the Partnership's distributions to foreign investors are subject to
federal income tax withholding at the highest effective tax
rate.
Guidance
The Partnership expects full-year 2022
revenue to be approximately $320 to
$340 million. Partnership revenues
reflect the lower minimum volume commitments for the Partnership's
East Coast rail facilities which took effect as of January 1, 2022. The contract extension and
adjusted minimum volume commitments were originally announced in
February of 2019.
Non-GAAP Financial Measures
The Partnership defines
EBITDA as net income (loss) before net interest expense (including
amortization of loan fees and debt premium and accretion on
discounted liabilities), income tax expense, depreciation,
amortization, impairment expense and change in contingent
consideration. The Partnership defines EBITDA attributable to PBFX
as net income (loss) attributable to PBFX before net interest
expense (including amortization of loan fees and debt premium and
accretion on discounted liabilities), income tax expense,
depreciation, amortization, impairment expense and change in
contingent consideration attributable to PBFX, which excludes
results of acquisitions from affiliates of PBF Energy Company LLC
prior to the effective dates of such transactions and earnings
attributable to the CPI earn-out (the portion of earnings
associated with an earn-out provision related to the purchase of
CPI Operations LLC). The Partnership defines Adjusted EBITDA as
EBITDA attributable to PBFX excluding acquisition and transaction
costs, non-cash unit-based compensation expense and items that meet
the conditions of unusual, infrequent and/or non-recurring charges.
The Partnership defines distributable cash flow as EBITDA
attributable to PBFX plus non-cash unit-based compensation expense,
less cash interest, maintenance capital expenditures attributable
to PBFX and income taxes. Distributable cash flow will not reflect
changes in working capital balances. EBITDA, EBITDA attributable to
PBFX, Adjusted EBITDA and distributable cash flow are not
presentations made in accordance with U.S. generally accepted
accounting principles ("GAAP").
For additional information on the Partnership's non-GAAP
financial measures, including reconciliations to their most
directly comparable financial measures calculated and presented in
accordance with GAAP, refer to the supplemental information
provided in "Results of Operations" and the Earnings Release Tables
included herein.
Conference Call Information
The Partnership's senior
management will host a conference call and webcast regarding
earnings results and other business matters on Thursday, February 10, 2022, at 11:00 a.m. ET. The call is being webcast and can
be accessed at PBF Logistics' website, http://www.pbflogistics.com.
The call can also be accessed by dialing (877) 407-8029 or (201)
689-8029. The audio replay will be available approximately two
hours after the end of the call and will be available through the
Partnership's website.
Forward-Looking Statements
This press release contains
forward-looking statements (as that term is defined under the
federal securities laws) made by the Partnership and its
management. Such statements are based on current expectations,
forecasts and projections, including, but not limited to,
anticipated financial and operating results, plans, objectives,
expectations and intentions that are not historical in nature.
Forward-looking statements should not be read as a guarantee of
future performance or results, and may not necessarily be accurate
indications of the times at, or by which, such performance or
results will be achieved. Forward-looking statements are based on
information available at the time, and are subject to various risks
and uncertainties, including risks relating to the securities
markets generally, the impact of adverse market conditions
impacting PBFX's logistics and other assets and other risks
inherent in PBFX's business including but not limited to our
ability to consummate potential acquisitions, the timing for the
closing of any such acquisition and our plans for financing any
acquisition; unforeseen liabilities associated with any potential
acquisition; inability to successfully integrate acquired assets or
other acquired businesses or operations; effects of existing and
future laws and governmental regulations, including environmental,
health and safety regulations; and various other factors. For more
information concerning factors that could cause actual results to
differ from those expressed or forecasted, see PBFX's filings with
the Securities and Exchange Commission. Forward-looking statements
reflect information, facts and circumstances only as of the date
they are made. PBFX assumes no responsibility or obligation to
update forward-looking statements except as may be required by
law.
PBF Logistics LP
PBF Logistics LP, headquartered in
Parsippany, New Jersey, is a
fee-based, growth-oriented master limited partnership formed by PBF
Energy Inc. to own or lease, operate, develop and acquire crude oil
and refined petroleum products terminals, pipelines, storage
facilities and similar logistics assets.
Results of Operations (Unaudited)
Business Developments
COVID-19
The outbreak of the coronavirus disease 2019 ("COVID-19")
pandemic negatively impacted worldwide economic and commercial
activity and financial markets, as well as global demand for
petroleum and petrochemical products starting in the first quarter
of 2020. The continuance of the COVID-19 pandemic, and the related
variants thereof, and the resulting governmental and consumer
responses also resulted in significant business and operational
disruptions, including business and school closures, supply chain
disruptions, travel restrictions, stay-at-home orders and
limitations on the availability of workforces. Such impacts
resulted in revenue declines due to lower demand and throughput
volumes across certain of our facilities. Demand improved in 2021
but remained below pre-pandemic levels. In response to the COVID-19
pandemic, we have taken and are continuing to take steps to
mitigate potential adverse impacts on our business and operations
by limiting capital expenditures, reducing discretionary activities
and third-party services and lowering our quarterly distribution to
our minimum quarterly distribution of $0.30 per unit.
This distribution reduction, effective with the distribution for
the first quarter of 2020 that was paid on June 17, 2020, represents a strategic shift to
build our cash flow coverage, de-lever our business and increase
our financial resources as we continue to identify potential
organic growth projects or strategic acquisitions. In addition, our
parent sponsor and largest customer, PBF Energy Inc. ("PBF
Energy"), has endeavored to take the necessary steps to preserve
liquidity and solidify its operations under the adverse market
conditions caused by the COVID-19 pandemic, including reducing the
amount of crude oil processed at its refineries and temporary
idling of various units at certain refineries. Despite the measures
we and PBF Energy have taken and the increases in demand and
overall market conditions experienced in 2021, we and PBF Energy
have been, and likely will continue to be, adversely impacted by
the COVID-19 pandemic. We are unable to predict the ultimate
outcome of the economic impact and can provide no assurance that
measures taken to mitigate the impact of the COVID-19 pandemic will
be effective.
Factors Affecting Comparability
The following tables present our results of operations, related
operational information and reconciliations of net income and net
cash provided by operating activities to our EBITDA, EBITDA
attributable to PBFX, Adjusted EBITDA and distributable cash flow
(each as defined below) for the three months and years ended
December 31, 2021 and 2020.
In connection with our acquisition of CPI Operations LLC ("CPI")
from Crown Point International LLC in October 2018, the purchase and sale agreement
included an earn-out provision (the "CPI earn-out") related to an
existing commercial agreement (the "CPI Processing Agreement"),
based on the future results of certain acquired idled assets, which
recommenced operations in October
2019. In the third quarter of 2020, pursuant to the terms of
the CPI Processing Agreement, the counterparty exercised its right
to terminate the contract at the conclusion of the initial contract
year, effective in the fourth quarter of 2020 (the "CPI Contract
Termination"). As a result of the CPI Contract Termination, we
recorded an impairment charge of $7.0
million in the third quarter of 2020 to write-down the
related processing unit assets and customer contract intangible
asset. While the counterparty and the Partnership subsequently
agreed to extensions of certain of the originally contracted
services under the CPI Processing Agreement, the limited nature of
these services affected the comparability of our results of
operations, specifically within our Storage segment, on a
year-over-year basis.
On December 30, 2021, we closed on
a third-party sale of real property at the East Coast Terminals. We
recognized a gain of $2.8 million on
the sale, which is included within Gain on sale of assets in our
Consolidated Statements of Operations included within the following
tables.
As a result of the factors above, the information included in
the following tables is not necessarily comparable on a
year-over-year basis.
Non-GAAP Financial Measures
We define EBITDA as net income (loss) before net interest
expense (including amortization of loan fees and debt premium and
accretion on discounted liabilities), income tax expense,
depreciation, amortization, impairment expense and change in
contingent consideration. We define EBITDA attributable to PBFX as
net income (loss) attributable to PBFX before net interest expense
(including amortization of loan fees and debt premium and accretion
on discounted liabilities), income tax expense, depreciation,
amortization, impairment expense and change in contingent
consideration attributable to PBFX, which excludes the results of
acquisitions from PBF LLC prior to the effective dates of such
transactions and earnings attributable to the CPI earn-out (the
portion of earnings associated with an earn-out provision related
to the purchase of CPI (the "Contingent Consideration")). We define
Adjusted EBITDA as EBITDA attributable to PBFX excluding
acquisition and transaction costs, non-cash unit-based compensation
expense and items that meet the conditions of unusual, infrequent
and/or non-recurring charges. We define distributable cash flow as
EBITDA attributable to PBFX plus non-cash unit-based compensation
expense, less cash interest, maintenance capital expenditures
attributable to PBFX and income taxes. Distributable cash flow will
not reflect changes in working capital balances. We use
distributable cash flow to calculate a measure we refer to as our
coverage ratio. Our coverage ratio is calculated by dividing
distributable cash flow by our total distribution declared. EBITDA,
EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash
flow are not presentations made in accordance with U.S. generally
accepted accounting principles ("GAAP").
While EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and
distributable cash flow are not presentations made in accordance
with GAAP, they are supplemental financial measures that management
and external users of our consolidated financial statements, such
as industry analysts, investors, lenders and rating agencies, may
use to assess:
- our operating performance as compared to other publicly traded
partnerships in the midstream energy industry, without regard to
historical cost basis or, in the case of EBITDA, financing
methods;
- 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; and
- the viability of acquisitions and other capital expenditure
projects and the economic returns on various investment
opportunities.
We believe that the presentation of EBITDA, EBITDA attributable
to PBFX and Adjusted EBITDA provides useful information to
investors in assessing our financial condition and results of
operations and assists in evaluating our ongoing operating
performance for current and comparative periods. We believe that
the presentation of distributable cash flow provides useful
information to investors as it is a widely accepted financial
indicator used by investors to compare partnership performance and
it provides investors with another perspective of the operating
performance of our assets and the cash our business is generating.
However, EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and
distributable cash flow should not be considered alternatives to
net income, income from operations, net cash provided by operating
activities or any other measure of financial performance or
liquidity presented in accordance with GAAP.
EBITDA, EBITDA attributable to PBFX, Adjusted EBITDA and
distributable cash flow have important limitations as analytical
tools because they exclude some, but not all, items that affect net
income and net cash provided by operating activities. EBITDA,
EBITDA attributable to PBFX, Adjusted EBITDA and distributable cash
flow are reconciled to their most directly comparable financial
measures calculated and presented in accordance with GAAP in the
Earnings Release Tables included herein.
These non-GAAP financial measures should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP. Our definitions of these non-GAAP financial
measures may not be comparable to similarly titled measures of
other partnerships, because they may be defined differently by
other partnerships in our industry, thereby limiting their
utility.
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited, in
thousands, except unit and per unit data)
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
Revenue
(a):
|
|
|
|
|
|
|
|
|
Affiliate
|
$
77,596
|
|
$
70,725
|
|
$
304,100
|
|
$
289,406
|
|
Third-party
|
11,743
|
|
18,362
|
|
51,435
|
|
70,849
|
Total
revenue
|
89,339
|
|
89,087
|
|
355,535
|
|
360,255
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Operating and
maintenance expenses
|
25,678
|
|
24,467
|
|
103,438
|
|
99,852
|
|
General and
administrative expenses
|
4,143
|
|
5,950
|
|
18,735
|
|
18,748
|
|
Depreciation and
amortization (a)
|
9,337
|
|
16,886
|
|
37,805
|
|
53,707
|
|
Impairment expense
(a)
|
—
|
|
—
|
|
—
|
|
7,000
|
|
Gain on sale of
assets (a)
|
(2,795)
|
|
—
|
|
(2,795)
|
|
—
|
|
Change in contingent
consideration (a)
|
423
|
|
(155)
|
|
2,988
|
|
(14,390)
|
Total costs and
expenses
|
36,786
|
|
47,148
|
|
160,171
|
|
164,917
|
|
|
|
|
|
|
|
|
Income from
operations
|
52,553
|
|
41,939
|
|
195,364
|
|
195,338
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(9,829)
|
|
(10,448)
|
|
(40,355)
|
|
(44,377)
|
|
Amortization of loan
fees and debt premium
|
(421)
|
|
(432)
|
|
(1,699)
|
|
(1,741)
|
|
Accretion on
discounted liabilities
|
(5)
|
|
(62)
|
|
(23)
|
|
(1,788)
|
Net income
attributable to PBF Logistics LP unitholders
|
$
42,298
|
|
$
30,997
|
|
$
153,287
|
|
$
147,432
|
|
|
|
|
|
|
|
|
Net income per
limited partner unit (g):
|
|
|
|
|
|
|
|
|
Common units -
basic
|
$
0.67
|
|
$
0.50
|
|
$
2.44
|
|
$
2.36
|
|
Common units -
diluted
|
0.67
|
|
0.49
|
|
2.44
|
|
2.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
limited partner units outstanding (g):
|
|
|
|
|
|
|
|
|
Common units -
basic
|
62,890,691
|
|
62,611,899
|
|
62,810,703
|
|
62,535,964
|
|
Common units -
diluted
|
62,968,197
|
|
62,699,661
|
|
62,906,080
|
|
62,543,700
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
KEY OPERATING AND
FINANCIAL INFORMATION
|
(Unaudited,
amounts in thousands except barrel and per unit
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Transportation and
Terminaling Segment
|
|
|
|
|
|
|
|
|
|
Terminals
|
|
|
|
|
|
|
|
|
|
Total
throughput (barrels per day ("bpd")) (b)(d)
|
|
|
238,447
|
|
200,409
|
|
244,969
|
|
230,167
|
Lease
tank capacity (average lease capacity barrels per month)
(d)
|
|
|
1,957,334
|
|
2,555,001
|
|
2,224,084
|
|
2,396,478
|
Pipelines
|
|
|
|
|
|
|
|
|
|
Total
throughput (bpd) (b)(d)
|
|
|
156,287
|
|
134,576
|
|
156,949
|
|
149,049
|
Lease
tank capacity (average lease capacity barrels per month)
(d)
|
|
|
1,170,656
|
|
1,110,334
|
|
1,103,331
|
|
1,136,222
|
|
|
|
|
|
|
|
|
|
|
Storage
Segment
|
|
|
|
|
|
|
|
|
|
Storage
capacity reserved (average shell capacity barrels per month)
(d)
|
|
|
7,727,436
|
|
7,620,005
|
|
7,682,733
|
|
7,630,699
|
Total
throughput (bpd) (b)(d)
|
6,307
|
|
17,757
|
|
14,140
|
|
22,958
|
|
|
|
|
|
|
|
|
Cash Flow
Information:
|
|
|
|
|
|
|
|
Net cash provided by
(used in):
|
|
|
|
|
|
|
|
Operating activities
|
$
44,066
|
|
$
45,213
|
|
$
187,770
|
|
$
186,642
|
Investing activities
|
5,485
|
|
(2,673)
|
|
(1,407)
|
|
(12,308)
|
Financing activities
|
(44,294)
|
|
(34,107)
|
|
(188,743)
|
|
(173,016)
|
Net change
in cash and cash equivalents
|
|
|
$
5,257
|
|
$
8,433
|
|
$
(2,380)
|
|
$
1,318
|
|
|
|
|
|
|
|
|
Other Financial
Information:
|
|
|
|
|
|
|
|
EBITDA
attributable to PBFX (c)
|
$
62,678
|
|
$
55,538
|
|
$
234,456
|
|
$
229,995
|
Adjusted
EBITDA (c)
|
$
60,811
|
|
$
58,551
|
|
$
237,676
|
|
$
237,010
|
Distributable cash flow (c)
|
$
52,338
|
|
$
45,507
|
|
$
195,833
|
|
$
181,740
|
Quarterly distribution declared per unit (e)
|
$
0.30
|
|
$
0.30
|
|
$
1.20
|
|
$
1.20
|
Distributions (e):
|
|
|
|
|
|
|
|
|
Common
units
|
$
19,009
|
|
$
18,940
|
|
$
76,065
|
|
$
75,578
|
Total distributions
|
$
19,009
|
|
$
18,940
|
|
$
76,065
|
|
$
75,578
|
Coverage ratio (c)
|
|
|
2.75x
|
|
2.40x
|
|
2.57x
|
|
2.40x
|
Capital
expenditures
|
$
1,730
|
|
$
2,673
|
|
$
8,622
|
|
$
12,308
|
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
KEY OPERATING AND
FINANCIAL INFORMATION (continued)
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December
31,
2020
|
Balance Sheet
Information:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents (f)
|
$
33,904
|
|
$
36,284
|
|
Property, plant and
equipment, net
|
787,338
|
|
820,174
|
|
Total
assets
|
901,297
|
|
933,552
|
|
Total debt
(f)
|
622,544
|
|
720,845
|
|
Total
liabilities
|
652,601
|
|
766,335
|
|
Partners'
equity
|
248,696
|
|
167,217
|
|
Total liabilities and
equity
|
901,297
|
|
933,552
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER GAAP
|
TO EBITDA AND
DISTRIBUTABLE CASH FLOW
|
(Unaudited, in
thousands)
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Reconciliation of
net income to EBITDA and distributable
cash flow (c):
|
|
|
|
|
|
|
|
|
Net
income
|
$
42,298
|
|
$
30,997
|
|
$
153,287
|
|
$
147,432
|
|
|
Interest expense,
net
|
9,829
|
|
10,448
|
|
40,355
|
|
44,377
|
|
|
Amortization of loan
fees and debt premium
|
421
|
|
432
|
|
1,699
|
|
1,741
|
|
|
Accretion on
discounted liabilities
|
5
|
|
62
|
|
23
|
|
1,788
|
|
|
Change in contingent
consideration
|
423
|
|
(155)
|
|
2,988
|
|
(14,390)
|
|
|
Impairment
expense
|
—
|
|
—
|
|
—
|
|
7,000
|
|
|
Depreciation and
amortization
|
9,337
|
|
16,886
|
|
37,805
|
|
53,707
|
|
EBITDA
|
62,313
|
|
58,670
|
|
236,157
|
|
241,655
|
|
|
Less: Earnings
attributable to the CPI earn-out
|
(365)
|
|
3,132
|
|
1,701
|
|
11,660
|
|
EBITDA
attributable to PBFX
|
62,678
|
|
55,538
|
|
234,456
|
|
229,995
|
|
|
Non-cash unit-based
compensation expense
|
662
|
|
1,697
|
|
5,320
|
|
4,939
|
|
|
Cash
interest
|
(9,864)
|
|
(10,607)
|
|
(40,542)
|
|
(45,088)
|
|
|
Maintenance capital
expenditures attributable to PBFX
|
(1,138)
|
|
(1,121)
|
|
(3,401)
|
|
(8,106)
|
|
Distributable cash flow
|
$
52,338
|
|
$
45,507
|
|
$
195,833
|
|
$
181,740
|
|
|
|
|
|
|
|
|
Reconciliation of
net cash provided by operating activities
to EBITDA and distributable cash flow (c):
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
$
44,066
|
|
$
45,213
|
|
$
187,770
|
|
$
186,642
|
|
|
Change in operating
assets and liabilities
|
6,285
|
|
4,706
|
|
10,557
|
|
15,575
|
|
|
Interest expense,
net
|
9,829
|
|
10,448
|
|
40,355
|
|
44,377
|
|
|
Gain on sale of
assets
|
2,795
|
|
—
|
|
2,795
|
|
—
|
|
|
Non-cash unit-based
compensation expense
|
(662)
|
|
(1,697)
|
|
(5,320)
|
|
(4,939)
|
|
EBITDA
|
62,313
|
|
58,670
|
|
236,157
|
|
241,655
|
|
|
Less: Earnings
attributable to the CPI earn-out
|
(365)
|
|
3,132
|
|
1,701
|
|
11,660
|
|
EBITDA
attributable to PBFX
|
62,678
|
|
55,538
|
|
234,456
|
|
229,995
|
|
|
Non-cash unit-based
compensation expense
|
662
|
|
1,697
|
|
5,320
|
|
4,939
|
|
|
Cash
interest
|
(9,864)
|
|
(10,607)
|
|
(40,542)
|
|
(45,088)
|
|
|
Maintenance capital
expenditures attributable to PBFX
|
(1,138)
|
|
(1,121)
|
|
(3,401)
|
|
(8,106)
|
|
Distributable cash flow
|
$
52,338
|
|
$
45,507
|
|
$
195,833
|
|
$
181,740
|
|
See Footnotes to
Earnings Release Tables
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
RECONCILIATION OF
AMOUNTS REPORTED UNDER GAAP
|
TO EBITDA AND
ADJUSTED EBITDA
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December
31,
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Reconciliation of
net income to EBITDA and Adjusted EBITDA (c):
|
|
|
|
|
|
|
|
|
Net
income
|
$
42,298
|
|
$
30,997
|
|
$
153,287
|
|
$
147,432
|
|
|
Interest expense,
net
|
9,829
|
|
10,448
|
|
40,355
|
|
44,377
|
|
|
Amortization of loan
fees and debt premium
|
421
|
|
432
|
|
1,699
|
|
1,741
|
|
|
Accretion on
discounted liabilities
|
5
|
|
62
|
|
23
|
|
1,788
|
|
|
Change in contingent
consideration
|
423
|
|
(155)
|
|
2,988
|
|
(14,390)
|
|
|
Impairment
expense
|
—
|
|
—
|
|
—
|
|
7,000
|
|
|
Depreciation and
amortization
|
9,337
|
|
16,886
|
|
37,805
|
|
53,707
|
|
EBITDA
|
62,313
|
|
58,670
|
|
236,157
|
|
241,655
|
|
|
Less: Earnings
attributable to the CPI earn-out
|
(365)
|
|
3,132
|
|
1,701
|
|
11,660
|
|
EBITDA
attributable to PBFX
|
62,678
|
|
55,538
|
|
234,456
|
|
229,995
|
|
|
Acquisition and
transaction costs
|
—
|
|
1,266
|
|
—
|
|
1,382
|
|
|
Non-cash unit-based
compensation expense
|
662
|
|
1,697
|
|
5,320
|
|
4,939
|
|
|
East Coast Terminals
environmental remediation costs
|
266
|
|
50
|
|
695
|
|
694
|
|
|
Gain on sale of
assets
|
(2,795)
|
|
—
|
|
(2,795)
|
|
—
|
|
Adjusted
EBITDA
|
$
60,811
|
|
$
58,551
|
|
$
237,676
|
|
$
237,010
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
SEGMENT FINANCIAL
INFORMATION
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total revenue
(a)
|
|
$
72,916
|
|
$
16,423
|
|
$
—
|
|
$
89,339
|
Depreciation and
amortization
|
|
7,288
|
|
2,049
|
|
—
|
|
9,337
|
Income (loss) from
operations
|
|
50,331
|
|
6,365
|
|
(4,143)
|
|
52,553
|
Other
expense
|
|
—
|
|
—
|
|
10,255
|
|
10,255
|
Capital
expenditures
|
|
1,458
|
|
272
|
|
—
|
|
1,730
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2020
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total revenue
(a)
|
|
$
67,079
|
|
$
22,008
|
|
$
—
|
|
$
89,087
|
Depreciation and
amortization
|
|
7,203
|
|
9,683
|
|
—
|
|
16,886
|
Income (loss) from
operations
|
|
41,707
|
|
6,182
|
|
(5,950)
|
|
41,939
|
Other
expense
|
|
—
|
|
—
|
|
10,942
|
|
10,942
|
Capital
expenditures
|
|
1,865
|
|
808
|
|
—
|
|
2,673
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2021
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total revenue
(a)
|
|
$
284,819
|
|
$
70,716
|
|
$
—
|
|
$
355,535
|
Depreciation and
amortization
|
|
29,241
|
|
8,564
|
|
—
|
|
37,805
|
Income (loss) from
operations
|
|
185,132
|
|
28,967
|
|
(18,735)
|
|
195,364
|
Other
expense
|
|
—
|
|
—
|
|
42,077
|
|
42,077
|
Capital
expenditures
|
|
8,048
|
|
574
|
|
—
|
|
8,622
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2020
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total revenue
(a)
|
|
$
271,023
|
|
$
89,232
|
|
$
—
|
|
$
360,255
|
Depreciation and
amortization
|
|
28,308
|
|
25,399
|
|
—
|
|
53,707
|
Income (loss) from
operations
|
|
169,264
|
|
44,822
|
|
(18,748)
|
|
195,338
|
Other
expense
|
|
—
|
|
—
|
|
47,906
|
|
47,906
|
Capital
expenditures
|
|
8,334
|
|
3,974
|
|
—
|
|
12,308
|
|
|
|
|
|
|
|
|
|
See Footnotes to
Earnings Release Tables
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
SEGMENT FINANCIAL
INFORMATION (continued)
|
(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2021
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total
assets
|
|
$
688,005
|
|
$
188,393
|
|
$
24,899
|
|
$
901,297
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
December 31, 2020
|
|
|
Transportation
and Terminaling
|
|
Storage
|
|
Corporate
|
|
Consolidated
Total
|
Total
assets
|
|
$
715,308
|
|
$
200,130
|
|
$
18,114
|
|
$
933,552
|
PBF LOGISTICS
LP
|
EARNINGS RELEASE
TABLES
|
FOOTNOTES TO
EARNINGS RELEASE TABLES
|
(Unaudited, in
thousands, except per unit data)
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
See discussion of the
factors affecting comparability noted on page 4. Our results of
operations may not be comparable to the historical results of
operations for the reasons described below:
Revenue - As a result
of the CPI Contract Termination, effective in the fourth quarter of
2020, our revenues, specifically within our Storage segment, have
decreased on a year-over-year basis.
Depreciation and
amortization - Decreased on a year-over-year basis due to
accelerated depreciation and amortization of certain CPI tangible
and intangible assets in 2020 as a result of the CPI Contract
Termination.
Impairment expense -
We incurred an impairment charge to write-down the processing unit
assets and customer contract intangible asset in connection with
the CPI Contract Termination in 2020.
Gain on sale of
assets - Increased due to a third-party sale of real property at
the East Coast Terminals in the fourth quarter of 2021.
Change in contingent
consideration - Increased due to the extension of certain services
subject to the CPI earn-out at our East Coast storage facility
during the current year, coupled with the reduction of the prior
year projected future earn-out liability at the time of the CPI
Contract Termination.
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
|
Calculated as the sum
of the average throughput per day for each asset group for the
period presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
(c)
|
|
See "Non-GAAP
Financial Measures" on page 5 for definitions of EBITDA, EBITDA
attributable to PBFX, Adjusted EBITDA, distributable cash flow and
coverage ratio.
|
|
|
|
|
|
|
|
|
|
|
|
|
(d)
|
|
Operating information
reflects activity subsequent to our acquisitions, the execution of
the commercial agreements with PBF Holding and the completion of
certain organic growth projects.
|
|
|
|
(e)
|
|
On February 10, 2022,
we announced a quarterly cash distribution of $0.30 per common unit
based on the results of the fourth quarter of 2021. The
distribution is payable on March 10, 2022 to PBFX unitholders of
record at the close of business on February 24, 2022. The total
distribution amount includes the expected distributions to be made
related to fourth quarter earnings.
|
|
|
|
(f)
|
|
Management also
utilizes net debt as a metric in assessing our leverage. Net debt
is a non-GAAP measure calculated by subtracting cash and cash
equivalents from total debt. We believe this measurement is also
useful to investors since we have the ability to, and may decide
to, use a portion of our cash and cash equivalents to retire or pay
down our debt. This non-GAAP financial measure should not be
considered in isolation or as a substitute for analysis of our debt
levels as reported under GAAP. Our definition of net debt may not
be comparable to similarly titled measures of other partnerships,
because it may be defined differently by other partnerships in our
industry, thereby limiting its utility. Our net debt as of December
31, 2021 and 2020 was $588,640 and $684,561,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
(g)
|
|
We base our
calculation of net income per limited partner unit on the
weighted-average number of limited partner units outstanding during
the period and the amount of available cash that has been, or will
be, distributed to the limited partners for that reporting
period.
|
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SOURCE PBF Logistics LP