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02.11.2017 11:30:00
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PBF Logistics Increases Quarterly Distribution to $0.48 per Unit and Announces Third Quarter 2017 Earnings Results
PARSIPPANY, N.J., Nov. 2, 2017 /PRNewswire/ -- PBF Logistics LP (NYSE: PBFX, the "Partnership") today announced third quarter 2017 net income attributable to the partners of $28.9 million, or $0.63 per common unit. During the quarter, the Partnership generated cash from operations of approximately $30.3 million, earnings before interest, income taxes, depreciation, and amortization ("EBITDA") of $40.9 million and distributable cash flow of $32.2 million.
"Our third quarter performance reflects another solid operational quarter from our expanding asset base. We completed the Paulsboro natural gas pipeline in August and the Chalmette storage tank will be in service by the middle of the fourth quarter," said PBF Logistics GP LLC Chief Executive Officer, Tom Nimbley. "Our business development efforts continue to generate a number of promising organic projects and a robust third-party acquisition pipeline. We are focusing on opportunities that can be funded organically and with existing liquidity. In light of our continued growth, through both acquisitions and organic projects, we are pleased that the board of directors approved our twelfth consecutive quarterly distribution increase to $0.48 per common unit."
As of September 30, 2017, the Partnership had approximately $206.6 million of liquidity, including approximately $39.4 million in cash and cash equivalents, and access to approximately $167.2 million under its existing revolving credit facility. Following the senior notes offering in October, and the subsequent use of proceeds, our revolving credit facility availability increased to $346.7 million. The Partnership intends to use its financial resources to fund organic growth projects, third-party acquisitions and future drop-downs.
PBF Logistics Announces Increased Quarterly Distribution
The board of directors of PBF Logistics GP LLC, the Partnership's general partner, declared a regular quarterly cash distribution of $0.48 per common unit. The distribution is payable on November 29, 2017, to unitholders of record at the close of business on November 13, 2017.
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.
Senior Notes Offering
On October 3, PBF Logistics LP successfully launched and priced $175.0 million in aggregate principal amount of additional 6.875% Senior Notes due 2023 (the "notes"). Due to market demands, the offering was increased by $25.0 million over the aggregate principal amount originally announced. The notes were issued to the public at an offering price of 102% of the principal amount thereof, plus accrued interest from May 15, 2017. The net proceeds from the offering were used to repay a portion of the indebtedness outstanding under the Partnership's revolving credit facility and for general partnership purposes. Additional information on the Partnership and notes can be found in the Partnerships' filings with the Securities and Exchange Commission.
Non-GAAP Financial Measures
The Partnership defines EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization expense. EBITDA is a non-GAAP supplemental financial measure 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 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 returns on investment of various investment opportunities.
The Partnership's management believes that the presentation of EBITDA provides useful information to investors in assessing our financial condition and results of operations. EBITDA should not be considered an alternative to net income, income from operations, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA has important limitations as an analytical tool because it excludes some, but not all, items that affect net income. Additionally, because EBITDA may be defined differently by other companies in our industry, our definition of EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.
Conference Call Information
The Partnership's senior management will host a conference call and webcast regarding quarterly results and other business matters on Thursday, November 2, 2017, 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 heard by dialing (866) 342-8591 or (203) 518-9822, conference ID: PBFXQ317. The audio replay will be available two hours after the end of the call through November 16, 2017, by dialing (800) 283-4641 or (402) 220-0851.
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. 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 including the Annual Report on Form 10-K. Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The Partnership 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)
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 activity to EBITDA and distributable cash flow (both as defined below) of PBFX for the three and nine months ended September 30, 2017 and 2016. The financial information presented contains the financial results of PBFX and PNGPC (as defined below) prior to our acquisition on February 28, 2017.
On April 17, 2017, our wholly-owned subsidiary, PBF Logistics Products Terminals LLC ("PLPT"), acquired the Toledo, Ohio refined products terminal assets (the "Toledo Terminal") from Sunoco Logistics Partners L.P. (the "Toledo Terminal Acquisition"). The Toledo Terminal is directly connected to, and currently supplied by, PBF Holding Company LLC's ("PBF Holding") Toledo Refinery. The Toledo Terminal is comprised of a ten-bay truck rack and over 110,000 barrels of chemicals, clean product and additive storage capacity.
On February 28, 2017, our wholly-owned subsidiary, PBFX Operating Company LP ("PBFX Op Co"), acquired from PBF Energy Company LLC ("PBF LLC"), a subsidiary of PBF Energy Inc. ("PBF Energy") all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC ("PNGPC") (the "PNGPC Acquisition"). PNGPC owns and operates an existing interstate natural gas pipeline which serves PBF Holding's Paulsboro Refinery (the "Paulsboro Natural Gas Pipeline") and is subject to regulation by the Federal Energy Regulatory Commission ("FERC"). In connection with the PNGPC Acquisition, we constructed a new 24" pipeline (the "New Pipeline") to replace the existing pipeline, which commenced services in August 2017. Concurrent with commencement of operations, a new service agreement was entered into between PNGPC and Paulsboro Refining Company LLC ("PRC") in regards to the New Pipeline.
The PNGPC Acquisition was a transfer between entities under common control. Accordingly, PBFX's financial information contained herein has been retrospectively adjusted to include the historical results of PNGPC for all periods presented. The results of PNGPC are included in the Transportation and Terminaling segment.
On August 31, 2016, PBFX Op Co acquired from PBF LLC a 50% equity interest in Torrance Valley Pipeline Company LLC ("TVPC"), with the other 50% equity interest continuing to be held by a subsidiary of PBF LLC, TVP Holding Company LLC ("TVP Holding") (the "TVPC Acquisition"). TVPC owns the 189-mile San Joaquin Valley pipeline system with capacity of approximately 110,000 barrels per day ("bpd") (the "Torrance Valley Pipeline"), which supports PBF Holding's Torrance Refinery. The Torrance Valley Pipeline consists of the M55, M1 and M70 pipeline systems, including 11 pipeline stations with storage capacity and truck unloading capability at two of the stations. We consolidate the financial results of TVPC, and record a noncontrolling interest for the 50% economic interest in TVPC held by TVP Holding.
On April 29, 2016, our wholly-owned subsidiary, PLPT, purchased four refined product terminals (the "East Coast Terminals") from an affiliate of Plains All American Pipeline, L.P. (the "Plains Asset Purchase"). The East Coast Terminals have subsequently generated third-party revenues. Prior to the Plains Asset Purchase, we did not record third-party revenue, except for third-party revenue generated by the Delaware City Products Pipeline prior to August 2013.
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, income tax expense, depreciation and amortization expense. We define EBITDA attributable to PBFX as net income (loss) attributable to PBFX before net interest expense, income tax expense, depreciation and amortization expense attributable to PBFX, which excludes the results of acquisitions from PBF LLC prior to the effective dates of such transactions. We define distributable cash flow as EBITDA attributable to PBFX plus non-cash unit-based compensation expense, less net cash paid for interest, maintenance capital expenditures 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 distributable cash flow divided by total distribution declared. EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial measures prescribed by U.S. generally accepted accounting principles ("GAAP").
While EBITDA, EBITDA attributable to PBFX and distributable cash flow are not financial measures prescribed by GAAP ("non-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 returns on investment of various investment opportunities.
We believe that the presentation of EBITDA and EBITDA attributable to PBFX provides useful information to investors in assessing our financial condition and results of operations. 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, as it provides investors with an enhanced perspective of the operating performance of our assets and the cash our business is generating. However, EBITDA, EBITDA attributable to PBFX and distributable cash flow should not be considered alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with GAAP.
EBITDA, EBITDA attributable to PBFX 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 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016* | 2017 | 2016* | |||||||||||||
Revenue (a): | ||||||||||||||||
Affiliate | $ | 62,359 | $ | 43,842 | $ | 176,916 | $ | 118,356 | ||||||||
Third-party | 3,135 | 4,591 | 11,384 | 7,285 | ||||||||||||
Total revenue | 65,494 | 48,433 | 188,300 | 125,641 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Operating and maintenance expenses (a) | 15,930 | 12,903 | 47,203 | 26,885 | ||||||||||||
General and administrative expenses | 3,534 | 4,420 | 12,947 | 13,896 | ||||||||||||
Depreciation and amortization | 5,610 | 5,347 | 16,672 | 9,543 | ||||||||||||
Total costs and expenses | 25,074 | 22,670 | 76,822 | 50,324 | ||||||||||||
Income from operations | 40,420 | 25,763 | 111,478 | 75,317 | ||||||||||||
Other expense: | ||||||||||||||||
Interest expense, net | (7,416) | (7,280) | (22,493) | (21,298) | ||||||||||||
Amortization of loan fees | (332) | (416) | (1,125) | (1,261) | ||||||||||||
Net income | 32,672 | 18,067 | 87,860 | 52,758 | ||||||||||||
Less: Net loss attributable to Predecessor | — | (4,428) | (150) | (5,085) | ||||||||||||
Less: Net income attributable to | 3,799 | 1,621 | 11,218 | 1,621 | ||||||||||||
Net income attributable to the partners | 28,873 | 20,874 | 76,792 | 56,222 | ||||||||||||
Less: Net income attributable to the IDR | 2,526 | 1,125 | 6,319 | 2,765 | ||||||||||||
Net income attributable to PBF Logistics LP | $ | 26,347 | $ | 19,749 | $ | 70,473 | $ | 53,457 | ||||||||
Net income per limited partner unit (h): | ||||||||||||||||
Common units - basic | $ | 0.63 | $ | 0.50 | $ | 1.69 | $ | 1.44 | ||||||||
Common units - diluted | 0.63 | 0.50 | 1.69 | 1.44 | ||||||||||||
Subordinated units - basic and diluted | — | 0.50 | 1.61 | 1.45 | ||||||||||||
Weighted-average limited partner units | ||||||||||||||||
Common units - basic | 42,127,288 | 23,492,796 | 33,280,957 | 21,094,154 | ||||||||||||
Common units - diluted | 42,161,008 | 23,571,691 | 33,309,555 | 21,103,919 | ||||||||||||
Subordinated units - basic and diluted | — | 15,886,553 | 8,787,068 | 15,886,553 | ||||||||||||
Cash distributions declared per unit (e) | $ | 0.48 | $ | 0.44 | $ | 1.41 | $ | 1.29 | ||||||||
See Footnotes to Earnings Release Tables | ||||||||||||||||
____________ | ||||||||||||||||
* Prior-period financial information has been retrospectively adjusted for the PNGPC Acquisition on February 28, 2017. | ||||||||||||||||
PBF LOGISTICS LP | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||
PBF Logistics LP | PNGPC* | Consolidated | ||||||||||
Revenue: | ||||||||||||
Affiliate | $ | 176,916 | $ | — | $ | 176,916 | ||||||
Third-party | 11,384 | — | 11,384 | |||||||||
Total revenue | 188,300 | — | 188,300 | |||||||||
Costs and expenses: | ||||||||||||
Operating and maintenance expenses | 47,163 | 40 | 47,203 | |||||||||
General and administrative expenses | 12,947 | — | 12,947 | |||||||||
Depreciation and amortization | 16,562 | 110 | 16,672 | |||||||||
Total costs and expenses | 76,672 | 150 | 76,822 | |||||||||
Income (loss) from operations | 111,628 | (150) | 111,478 | |||||||||
Other expense: | ||||||||||||
Interest expense, net | (22,493) | — | (22,493) | |||||||||
Amortization of loan fees | (1,125) | — | (1,125) | |||||||||
Net income (loss) | 88,010 | (150) | 87,860 | |||||||||
Less: Net loss attributable to Predecessor | — | (150) | (150) | |||||||||
Less: Net income attributable to noncontrolling interest (g) | 11,218 | — | 11,218 | |||||||||
Net income attributable to the partners | 76,792 | — | 76,792 | |||||||||
Less: Net income attributable to the IDR holder | 6,319 | — | 6,319 | |||||||||
Net income attributable to PBF Logistics LP unitholders | $ | 70,473 | $ | — | $ | 70,473 | ||||||
See Footnotes to Earnings Release Tables | ||||||||||||
____________ | ||||||||||||
* Reflects the results of PNGPC prior to our acquisition on February 28, 2017. | ||||||||||||
PBF LOGISTICS LP | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
Three Months Ended September 30, 2016 | ||||||||||||
PBF Logistics LP | PNGPC* | Consolidated | ||||||||||
Revenue: | ||||||||||||
Affiliate | $ | 43,842 | $ | — | $ | 43,842 | ||||||
Third-party | 4,591 | — | 4,591 | |||||||||
Total revenue | 48,433 | — | 48,433 | |||||||||
Costs and expenses: | ||||||||||||
Operating and maintenance expenses | 12,814 | 89 | 12,903 | |||||||||
General and administrative expenses | 4,419 | 1 | 4,420 | |||||||||
Depreciation and amortization | 5,140 | 207 | 5,347 | |||||||||
Total costs and expenses | 22,373 | 297 | 22,670 | |||||||||
Income (loss) from operations | 26,060 | (297) | 25,763 | |||||||||
Other expense: | ||||||||||||
Interest expense, net | (7,280) | — | (7,280) | |||||||||
Amortization of loan fees | (416) | — | (416) | |||||||||
Net income (loss) | 18,364 | (297) | 18,067 | |||||||||
Less: Net loss attributable to Predecessor | (4,131) | (297) | (4,428) | |||||||||
Less: Net income attributable to noncontrolling interest (g) | 1,621 | — | 1,621 | |||||||||
Net income attributable to the partners | 20,874 | — | 20,874 | |||||||||
Less: Net income attributable to the IDR holder | 1,125 | — | 1,125 | |||||||||
Net income attributable to PBF Logistics LP unitholders | $ | 19,749 | $ | — | $ | 19,749 | ||||||
____________ | ||||||||||||
* Reflects the results of PNGPC prior to our acquisition on February 28, 2017. | ||||||||||||
PBF LOGISTICS LP | ||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||
PBF Logistics LP | PNGPC* | Consolidated | ||||||||||
Revenue: | ||||||||||||
Affiliate | $ | 118,356 | $ | — | $ | 118,356 | ||||||
Third-party | 7,285 | — | 7,285 | |||||||||
Total revenue | 125,641 | — | 125,641 | |||||||||
Costs and expenses: | ||||||||||||
Operating and maintenance expenses | 26,555 | 330 | 26,885 | |||||||||
General and administrative expenses | 13,893 | 3 | 13,896 | |||||||||
Depreciation and amortization | 8,922 | 621 | 9,543 | |||||||||
Total costs and expenses | 49,370 | 954 | 50,324 | |||||||||
Income (loss) from operations | 76,271 | (954) | 75,317 | |||||||||
Other expense: | ||||||||||||
Interest expense, net | (21,298) | — | (21,298) | |||||||||
Amortization of loan fees | (1,261) | — | (1,261) | |||||||||
Net income (loss) | 53,712 | (954) | 52,758 | |||||||||
Less: Net loss attributable to Predecessor | (4,131) | (954) | (5,085) | |||||||||
Less: Net income attributable to noncontrolling interest (g) | 1,621 | — | 1,621 | |||||||||
Net income attributable to the partners | 56,222 | — | 56,222 | |||||||||
Less: Net income attributable to the IDR holder | 2,765 | — | 2,765 | |||||||||
Net income attributable to PBF Logistics LP unitholders | $ | 53,457 | $ | — | $ | 53,457 | ||||||
____________ | ||||||||||||
* Reflects the results of PNGPC prior to our acquisition on February 28, 2017. | ||||||||||||
PBF LOGISTICS LP | ||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||
KEY OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||||||
(Unaudited, amounts in thousands except as indicated) | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
2017 | 2016* | 2017 | 2016* | |||||||||||||||||
Transportation and Terminaling Segment | ||||||||||||||||||||
Terminals | ||||||||||||||||||||
Total throughput (bpd) (b)(d) | 196,985 | 154,466 | 202,896 | 158,789 | ||||||||||||||||
Lease tank capacity (average lease capacity barrels | 1,922,453 | 2,036,599 | 2,141,027 | 2,045,556 | ||||||||||||||||
Pipelines | ||||||||||||||||||||
Total throughput (bpd) (b)(d) | 137,262 | 130,063 | 134,951 | 128,434 | ||||||||||||||||
Lease tank capacity (average lease capacity barrels | 1,273,634 | 1,475,619 | 1,132,124 | 1,475,619 | ||||||||||||||||
Storage Segment | ||||||||||||||||||||
Storage capacity reserved (average shell capacity | 3,709,693 | 3,654,916 | 3,729,789 | 3,628,037 | ||||||||||||||||
Cash Flow Information: | ||||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 30,312 | $ | 25,686 | $ | 120,965 | $ | 68,285 | ||||||||||||
Investing activities | (15,056) | 71,550 | (31,417) | 67,861 | ||||||||||||||||
Financing activities | (26,890) | (102,848) | (114,349) | (110,553) | ||||||||||||||||
Net change in cash | $ | (11,634) | $ | (5,612) | $ | (24,801) | $ | 25,593 | ||||||||||||
Other Financial Information: | ||||||||||||||||||||
EBITDA attributable to PBFX (c) | $ | 40,873 | $ | 31,482 | $ | 112,894 | $ | 85,475 | ||||||||||||
Distributable cash flow (c) | $ | 32,169 | $ | 25,073 | $ | 91,242 | $ | 66,558 | ||||||||||||
Quarterly distribution declared per unit (e) | $ | 0.48 | $ | 0.44 | $ | 1.41 | $ | 1.29 | ||||||||||||
Distribution (e): | ||||||||||||||||||||
Common units | $ | 20,417 | $ | 11,621 | $ | 52,686 | $ | 30,348 | ||||||||||||
Subordinated units - PBF LLC | — | 6,990 | 7,308 | 20,493 | ||||||||||||||||
IDR holder - PBF LLC | 2,526 | 1,125 | 6,319 | 2,765 | ||||||||||||||||
Total distribution | $ | 22,943 | $ | 19,736 | $ | 66,313 | $ | 53,606 | ||||||||||||
Coverage ratio (c) | 1.40x | 1.27x | 1.38x | 1.24x | ||||||||||||||||
Capital expenditures, including acquisitions | $ | 15,056 | $ | 4,603 | $ | 71,441 | $ | 106,416 | ||||||||||||
See Footnotes to Earnings Release Tables | ||||||||||||||||||||
____________ | ||||||||||||||||||||
* Prior-period financial information has been retrospectively adjusted for the PNGPC Acquisition on February 28, 2017. | ||||||||||||||||||||
PBF LOGISTICS LP | ||||||||
EARNINGS RELEASE TABLES | ||||||||
KEY OPERATING AND FINANCIAL INFORMATION | ||||||||
(Unaudited, in thousands) | ||||||||
September 30, | December 31, | |||||||
Balance Sheet Information: | 2017 | 2016 | ||||||
Cash, cash equivalents and marketable securities (f) | $ | 39,420 | $ | 104,245 | ||||
Property, plant and equipment, net | 675,793 | 608,802 | ||||||
Total assets | 754,477 | 756,861 | ||||||
Total debt (f) | 544,736 | 571,675 | ||||||
Total liabilities | 597,652 | 604,290 | ||||||
Partners' equity | (15,927) | (27,311) | ||||||
Noncontrolling interest (g) | 172,752 | 179,882 | ||||||
Total liabilities and equity | 754,477 | 756,861 | ||||||
See Footnotes to Earnings Release Tables | ||||||||
PBF LOGISTICS LP | |||||||||||||||||
EARNINGS RELEASE TABLES | |||||||||||||||||
RECONCILIATION OF AMOUNTS REPORTED UNDER U.S. GAAP | |||||||||||||||||
TO EBITDA AND DISTRIBUTABLE CASH FLOW | |||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
2017 | 2016* | 2017 | 2016* | ||||||||||||||
Reconciliation of net income to EBITDA and | |||||||||||||||||
Net income | $ | 32,672 | $ | 18,067 | $ | 87,860 | $ | 52,758 | |||||||||
Interest expense, net | 7,416 | 7,280 | 22,493 | 21,298 | |||||||||||||
Amortization of loan fees | 332 | 416 | 1,125 | 1,261 | |||||||||||||
Depreciation and amortization | 5,610 | 5,347 | 16,672 | 9,543 | |||||||||||||
EBITDA | 46,030 | 31,110 | 128,150 | 84,860 | |||||||||||||
Less: Predecessor EBITDA | — | (2,439) | (40) | (2,682) | |||||||||||||
Less: Noncontrolling interest EBITDA (g) | 5,157 | 2,067 | 15,296 | 2,067 | |||||||||||||
EBITDA attributable to PBFX | 40,873 | 31,482 | 112,894 | 85,475 | |||||||||||||
Non-cash unit-based compensation expense | 807 | 963 | 4,515 | 3,673 | |||||||||||||
Cash interest | (8,006) | (7,280) | (23,622) | (21,298) | |||||||||||||
Maintenance capital expenditures | (1,505) | (92) | (2,545) | (1,292) | |||||||||||||
Distributable cash flow | $ | 32,169 | $ | 25,073 | $ | 91,242 | $ | 66,558 | |||||||||
Reconciliation of net cash provided by operating | |||||||||||||||||
Net cash provided by operating activities | $ | 30,312 | $ | 25,686 | $ | 120,965 | $ | 68,285 | |||||||||
Change in operating assets and liabilities | 9,109 | (893) | (10,793) | (1,050) | |||||||||||||
Interest expense, net | 7,416 | 7,280 | 22,493 | 21,298 | |||||||||||||
Non-cash unit-based compensation expense | (807) | (963) | (4,515) | (3,673) | |||||||||||||
EBITDA | 46,030 | 31,110 | 128,150 | 84,860 | |||||||||||||
Less: Predecessor EBITDA | — | (2,439) | (40) | (2,682) | |||||||||||||
Less: Noncontrolling interest EBITDA (g) | 5,157 | 2,067 | 15,296 | 2,067 | |||||||||||||
EBITDA attributable to PBFX | 40,873 | 31,482 | 112,894 | 85,475 | |||||||||||||
Non-cash unit-based compensation expense | 807 | 963 | 4,515 | 3,673 | |||||||||||||
Cash interest | (8,006) | (7,280) | (23,622) | (21,298) | |||||||||||||
Maintenance capital expenditures | (1,505) | (92) | (2,545) | (1,292) | |||||||||||||
Distributable cash flow | $ | 32,169 | $ | 25,073 | $ | 91,242 | $ | 66,558 | |||||||||
See Footnotes to Earnings Release Tables | |||||||||||||||||
____________ | |||||||||||||||||
* Prior-period financial information has been retrospectively adjusted for the PNGPC Acquisition on February 28, 2017. | |||||||||||||||||
PBF LOGISTICS LP | ||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||
SEGMENT FINANCIAL INFORMATION | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months Ended September 30, 2017 | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total revenue (a) | $ | 59,907 | $ | 5,587 | $ | — | $ | 65,494 | ||||||||
Depreciation and amortization expense | 4,989 | 621 | — | 5,610 | ||||||||||||
Income (loss) from operations | 41,056 | 2,898 | (3,534) | 40,420 | ||||||||||||
Interest expense, net and amortization of | — | — | 7,748 | 7,748 | ||||||||||||
Capital expenditures | 8,763 | 6,293 | — | 15,056 | ||||||||||||
Three Months Ended September 30, 2016* | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total revenue (a) | $ | 42,951 | $ | 5,482 | $ | — | $ | 48,433 | ||||||||
Depreciation and amortization expense | 4,752 | 595 | — | 5,347 | ||||||||||||
Income (loss) from operations | 27,848 | 2,335 | (4,420) | 25,763 | ||||||||||||
Interest expense, net and amortization of | — | — | 7,696 | 7,696 | ||||||||||||
Capital expenditures | 4,511 | 92 | — | 4,603 | ||||||||||||
Nine Months Ended September 30, 2017 | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total revenue (a) | $ | 171,449 | $ | 16,851 | $ | — | $ | 188,300 | ||||||||
Depreciation and amortization expense | 14,830 | 1,842 | — | 16,672 | ||||||||||||
Income (loss) from operations | 114,950 | 9,475 | (12,947) | 111,478 | ||||||||||||
Interest expense, net and amortization of | — | — | 23,618 | 23,618 | ||||||||||||
Capital expenditures, including the Toledo | 56,596 | 14,845 | — | 71,441 | ||||||||||||
Nine Months Ended September 30, 2016* | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total revenue (a) | $ | 109,315 | $ | 16,326 | $ | — | $ | 125,641 | ||||||||
Depreciation and amortization expense | 7,713 | 1,830 | — | 9,543 | ||||||||||||
Income (loss) from operations | 81,463 | 7,750 | (13,896) | 75,317 | ||||||||||||
Interest expense, net and amortization of | — | — | 22,559 | 22,559 | ||||||||||||
Capital expenditures, including the Plains | 105,124 | 1,292 | — | 106,416 | ||||||||||||
____________ | ||||||||||||||||
* Prior-period financial information has been retrospectively adjusted for the PNGPC Acquisition on February 28, 2017. | ||||||||||||||||
Balance at September 30, 2017 | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total assets | $ | 664,251 | $ | 70,306 | $ | 19,920 | $ | 754,477 | ||||||||
Balance at December 31, 2016 | ||||||||||||||||
Transportation | Storage | Corporate | Consolidated | |||||||||||||
Total assets | $ | 606,898 | $ | 57,375 | $ | 92,588 | $ | 756,861 | ||||||||
See Footnotes to Earnings Release Tables | ||||||||||||||||
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: . | ||||||||||
(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, distributable cash flow and coverage ratio. | ||||||||||
(d) | Operating information pertains to assets which are included in the Transportation and Terminaling segment. Throughput information reflects activity subsequent to execution of the commercial agreements in connection with the acquisitions of the Toledo Terminal, the Paulsboro Natural Gas Pipeline and the Torrance Valley Pipeline and activity subsequent to the Plains Asset Purchase. | ||||||||||
(e) | On November 2, 2017, we announced a quarterly cash distribution of $0.48 per limited partner unit based on the results of the third quarter of 2017. The distribution is payable on November 29, 2017 to PBFX unitholders of record at the close of business on November 13, 2017. The total distribution amounts include the expected distributions to be made related to the third quarter. | ||||||||||
(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 and marketable securities from total debt, including our affiliate note payable. 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 September 30, 2017 and December 31, 2016 was $505,316 and $467,430, respectively. | ||||||||||
(g) | Our subsidiary, PBFX Op Co, holds a 50% controlling interest in TVPC, with the other 50% interest in TVPC owned by TVP Holding, an indirect subsidiary of PBF Holding. PBFX Op Co is also the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidate the financial results of TVPC, and record a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of TVPC attributable to TVP Holding. | ||||||||||
(h) | PBFX bases its calculation of net income per limited partner unit on the weighted-average number of limited partner units outstanding during the period. The weighted-average number of common and subordinated units reflects the conversion of all of the outstanding subordinated units to common units on June 1, 2017. | ||||||||||
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SOURCE PBF Logistics LP
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