HOUSTON, May 6, 2015 /PRNewswire/ -- Sunoco LP (NYSE: SUN)
today announced financial and operating results for the three
months ended March 31, 2015 and
provided an update on recent developments.
Adjusted EBITDA(1) totaled $43.7 million as compared to adjusted EBITDA in
the first quarter of 2014 to $15.7
million. Distributable cash flow(1) for the
quarter was $29.6 million, compared
to $14.0 million a year ago.
Revenue was $1.1 billion, down 7.1
percent compared to $1.2 billion in
the same period last year. The decline was the result of
significantly lower retail and wholesale motor fuel prices, mostly
offset by a 40 percent increase in gallons sold, the contribution
of merchandise sales from the MACS and Aloha stores and higher
rental income.
Total gross profit was $87.0
million, compared to $22.1
million in the first quarter of 2014. Key drivers of
the increase were the MACS and Aloha acquisitions along with
organic growth in gallons sold.
Net income attributable to partners was $17.1 million, or $0.44 per diluted unit, compared to $10.1 million, or $0.46 per diluted unit, in the first quarter of
2014.
On a weighted average basis, fuel margin for all gallons sold
increased to 8.8 cents per gallon,
compared to 4.0 cents per gallon a
year earlier. Sales of retail gallons by MACS and Aloha --
and a change in the wholesale fuel customer mix related to the MACS
and Aloha acquisitions -- drove most of the margin increase.
At March 31, SUN operated 155 retail
convenience stores and fuel outlets in Virginia, Hawaii, Tennessee, Maryland and Georgia.
Affiliate customers included 663 Stripes® and
Sac-N-Pac™ convenience stores operated by a subsidiary of our
parent company, Energy Transfer Partners, L.P. (NYSE: ETP), as well
as sales of motor fuel to ETP subsidiaries for resale under
consignment arrangements at approximately 85 independently operated
convenience stores. Motor fuel gallons sold to affiliates
during the first quarter increased 9.5 percent from a year ago to
304.3 million gallons. SUN realized 3.0
cents per gallon gross profit on these gallons, which
totaled $9.1 million in the period
versus $8.4 million in the same
period a year ago.
Third-party customers included 731 independent dealers under
long-term fuel supply agreements, 59 independently operated
consignment locations and approximately 1,600 other commercial
customers. Total gallons sold to third parties increased
year-over-year by 50.8 percent to 234.7 million gallons.
Gross profit on these gallons was $25.2
million, or 9.7 cents per
gallon, compared to $8.8 million, or
5.7 cents per gallon, in the
prior-year period.
Retail gallons sold by MACS and Aloha locations during the first
quarter totaled 67.8 million gallons. Gross profit on these
gallons was $21.2 million, or
31.9 cents per gallon. Merchandise
sales from these locations totaled $47.5
million and contributed $12.7
million of gross profit.
The Partnership announced on April
1 the acquisition of a 31.58 percent equity interest in
Sunoco, LLC, from an affiliate of ETP in a transaction valued at
approximately $816 million. SUN
paid $775 million in cash and issued
to ETP 795,482 new SUN units valued at $40.8
million.
On May 4, 2015, the Board of
Directors of SUN's general partner declared a distribution for the
first quarter of 2015 of $0.645 per
unit, which corresponds to $2.58 per
unit on an annualized basis. This represents a 7.5 percent
increase compared to the distribution for the fourth quarter of
2014 and a 29 percent increase compared with the first quarter of
2014. This is the eighth consecutive quarterly increase. The
distribution will be paid on May 29
to unitholders of record on May 19.
SUN achieved a 1.2 times distribution coverage ratio for the
quarter.
SUN's gross capital expenditures for the first quarter were
$37.2 million, which includes
$2.9 million in maintenance capital.
Of the $34.3 million in growth
capital, $26.1 million was for
purchase and leaseback transactions for six Stripes stores, and
$5.4 million related to growth in the
dealer business, including new dealer supply contracts.
The Partnership currently expects capital spending for the full
year 2015, excluding future acquisitions but including the
additional capital spending related to our equity interest in
Sunoco LLC to be within the following ranges (in millions):
|
Growth
|
|
Maintenance
|
|
Low
|
High
|
|
Low
|
High
|
|
$180
|
$230
|
|
$15
|
$25
|
Included in the above growth capital spending estimate is the
purchase and leaseback of 30 to 40 new convenience stores that
Stripes plans to build in 2015.
On April 1, SUN issued
$800 million of 6.375% Senior Notes
due 2023 through a private offering that raised net proceeds of
$789.2 million. The majority of
the notes proceeds were used to fund the purchase of the
above-mentioned interest in Sunoco LLC and a small portion was used
to repay outstanding borrowings under its senior secured revolving
credit facility.
As of March 31, 2015, SUN had
borrowings against its revolving credit facility of $684.8 million and $11.8
million in standby letters of credit, leaving unused
availability of $553.4 million.
Net debt to Adjusted EBITDA, pro forma for acquisitions, was 3.9
times.
Additionally, on April 10, SUN
increased its existing revolving credit facility by $250 million to $1.5 billion. The facility
matures in 2019.
|
1)
|
Adjusted EBITDA and
distributable cash flow are non-GAAP financial measures of
performance that have limitations and should not be considered as a
substitute for net income. Please refer to the discussion and
tables under "Reconciliations of Non-GAAP Measures" later in this
news release for a discussion of our use of Adjusted EBITDA and
distributable cash flow, and a reconciliation to net income for the
periods presented.
|
First Quarter 2015 Earnings Conference Call
Sunoco LP management will hold a conference call on Thursday, May 7, at 10:00
a.m. ET (9:00 a.m. CT) to
discuss first quarter results and recent developments. To
participate, dial 412-902-0003 approximately 10 minutes early and
ask for the Sunoco LP conference call. The call will also be
accessible live and for later replay via webcast in the Investor
Relations section of Sunoco's website at www.SunocoLP.com under
Events and Presentations. A telephone replay will be
available through May 14 by calling
201-612-7415 and using the access code 13608202#.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership (MLP) that
primarily distributes motor fuel to convenience stores, independent
dealers, commercial customers and distributors. SUN also operates
more than 150 convenience stores and retail fuel sites. SUN
conducts its business through wholly owned subsidiaries, as well as
through its 31.58 percent interest in Sunoco, LLC, in partnership
with an affiliate of its parent company, Energy Transfer
Partners. While primarily engaged in natural gas, natural gas
liquids, crude oil and refined products transportation, ETP also
operates a retail and fuel distribution business through its
interest in Sunoco, LLC, as well as wholly owned subsidiaries,
Sunoco, Inc. and Stripes LLC that operate approximately 1,100
convenience stores and retail fuel sites. For more
information, visit the Sunoco LP website at www.SunocoLP.com.
Forward-Looking Statements
This news release contains "forward-looking statements" which
may describe Sunoco LP's ("SUN") objectives, expected results of
operations, targets, plans, strategies, costs, anticipated capital
expenditures, potential acquisitions, new store openings and/or new
dealer locations, management's expectations, beliefs or goals
regarding proposed transactions between ETP and SUN, the expected
timing of those transactions and the future financial and/or
operating impact of those transactions, including the anticipated
integration process and any related benefits, opportunities or
synergies. These statements are based on current plans,
expectations and projections and involve a number of risks and
uncertainties that could cause actual results and events to vary
materially, including but not limited to: execution, integration,
environmental and other risks related to acquisitions (including
drop-downs) and our overall acquisition strategy; competitive
pressures from convenience stores, gasoline stations, other
non-traditional retailers and other wholesale fuel distributors
located in SUN's markets; dangers inherent in storing and
transporting motor fuel; SUN's ability to renew or renegotiate
long-term distribution contracts with customers; changes in the
price of and demand for motor fuel; changing consumer preferences
for alternative fuel sources or improvement in fuel efficiency;
competition in the wholesale motor fuel distribution industry;
seasonal trends; severe or unfavorable weather conditions;
increased costs; SUN's ability to make and integrate acquisitions;
environmental laws and regulations; dangers inherent in the storage
of motor fuel; reliance on suppliers to provide trade credit terms
to adequately fund ongoing operations; acts of war and terrorism;
dependence on information technology systems; SUN's and ETP's
ability to consummate any proposed transactions, or to satisfy the
conditions precedent to the consummation of such transactions;
successful development and execution of integration plans; ability
to realize anticipated synergies or cost-savings and the potential
impact of the transactions on employee, supplier, customer and
competitor relationships; and other unforeseen factors. For a full
discussion of these and other risks and uncertainties, refer to the
"Risk Factors" section of SUN's and ETP's most recently filed
annual reports on Form 10-K. These forward-looking statements are
based on and include our estimates as of the date hereof.
Subsequent events and market developments could cause our estimates
to change. While we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so, even if new information becomes available,
except as may be required by applicable law.
Qualified Notice
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
100 percent of Sunoco LP's distributions to non-U.S. investors as
being attributable to income that is effectively connected with a
United States trade or business.
Accordingly, Sunoco LP's distributions to non-U.S. investors are
subject to federal income tax withholding at the highest applicable
effective tax rate.
Contacts
Investors:
Scott Grischow, Director of
Investor Relations and Treasury
(361) 884-2463, scott.grischow@susser.com
Anne Pearson
Dennard-Lascar Associates
(210) 408-6321, apearson@dennardlascar.com
Media:
Jeff Shields, Communications
Manager
(215) 977-6056, jpshields@sunocoinc.com
Jessica Davila-Burnett, Public
Relations Director
(361) 654-4882, jessica.davila-burnett@susser.com
- Financial Schedules Follow -
|
SUNOCO
LP
CONSOLIDATED
BALANCE SHEETS
(in thousands,
except units) (unaudited)
|
|
|
|
|
|
December 31,
2014
|
|
March 31,
2015
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
67,151
|
|
|
$
|
50,971
|
|
|
Accounts receivable,
net
|
64,082
|
|
|
65,704
|
|
|
Receivables from
affiliates (MACS: $3,484 at December 31, 2014 and $4,173 at
March 31, 2015)
|
36,716
|
|
|
33,511
|
|
|
Inventories,
net
|
48,646
|
|
|
52,683
|
|
|
Other current
assets
|
8,546
|
|
|
9,051
|
|
|
Total current
assets
|
225,141
|
|
|
211,920
|
|
|
Property and
equipment, net (MACS: $45,340 at December 31, 2014, and $44,947
at March 31, 2015)
|
905,465
|
|
|
927,760
|
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
863,458
|
|
|
864,088
|
|
|
Intangible assets,
net
|
172,108
|
|
|
169,579
|
|
|
Deferred income
taxes
|
14,893
|
|
|
20,969
|
|
|
Other noncurrent
assets (MACS: $3,665 at December 31, 2014 and March 31,
2015)
|
16,416
|
|
|
16,089
|
|
|
Total
assets
|
$
|
2,197,481
|
|
|
$
|
2,210,405
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts payable
(MACS: $6 at December 31, 2014 and March 31,
2015)
|
95,932
|
|
|
106,916
|
|
|
Accounts payable to
affiliates
|
3,112
|
|
|
2,605
|
|
|
Accrued expenses and
other current liabilities (MACS: $484 at December 31, 2014 and
March 31, 2015)
|
41,881
|
|
|
45,531
|
|
|
Current maturities of
long-term debt (MACS: $8,422 at December 31, 2014, and $8,389 at
March 31, 2015)
|
13,757
|
|
|
13,749
|
|
|
Total current
liabilities
|
154,682
|
|
|
168,801
|
|
|
Revolving line of
credit
|
683,378
|
|
|
684,775
|
|
|
Long-term debt
(MACS: $48,029 at December 31, 2014, and $47,514 at March 31,
2015)
|
173,383
|
|
|
171,412
|
|
|
Other noncurrent
liabilities (MACS: $1,190 at December 31, 2014 and March 31,
2015)
|
49,306
|
|
|
49,396
|
|
|
Total
liabilities
|
1,060,749
|
|
|
1,074,384
|
|
|
Commitments and
contingencies (Note 12)
|
|
|
|
|
Partners'
capital:
|
|
|
|
|
Limited partner
interest:
|
|
|
|
|
Common unitholders -
public (20,036,329 units issued and outstanding at December 31,
2014 and March 31, 2015)
|
874,688
|
|
|
873,116
|
|
|
Common unitholders -
affiliated (4,062,848 units issued and outstanding at December 31,
2014 and March 31, 2015)
|
31,378
|
|
|
32,254
|
|
|
Subordinated
unitholders - affiliated (10,939,436 units issued and outstanding
at December 31, 2014 and March 31, 2015)
|
236,310
|
|
|
235,449
|
|
|
Total partners'
capital
|
1,142,376
|
|
|
1,140,819
|
|
|
Noncontrolling
interest
|
(5,644)
|
|
|
(4,798)
|
|
|
Total
equity
|
1,136,732
|
|
|
1,136,021
|
|
|
Total liabilities and
equity
|
$
|
2,197,481
|
|
|
$
|
2,210,405
|
|
Parenthetical amounts represent assets and liabilities
attributable to consolidated variable interest entities of
Mid-Atlantic Convenience Stores, LLC (MACS) as of December 31, 2014 and March 31, 2015.
|
SUNOCO
LP
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands,
except unit and per unit amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
March 31,
2014
|
|
|
March 31,
2015
|
|
Predecessor
|
|
|
Successor
|
|
Revenues
|
|
|
|
|
|
Retail motor fuel
sales
|
$
|
—
|
|
|
|
$
|
160,761
|
|
|
Wholesale motor fuel
sales to third parties
|
444,566
|
|
|
|
413,847
|
|
|
Wholesale motor fuel
sales to affiliates
|
766,090
|
|
|
|
487,500
|
|
|
Merchandise
sales
|
—
|
|
|
|
47,519
|
|
|
Rental
income
|
3,923
|
|
|
|
13,362
|
|
|
Other
income
|
2,008
|
|
|
|
6,739
|
|
|
Total
revenues
|
1,216,587
|
|
|
|
1,129,728
|
|
|
Cost of
sales
|
|
|
|
|
|
Retail motor fuel
cost of sales
|
—
|
|
|
|
139,564
|
|
|
Wholesale motor fuel
cost of sales to third parties
|
435,723
|
|
|
|
388,632
|
|
|
Wholesale motor fuel
cost of sales to affiliates
|
757,723
|
|
|
|
478,418
|
|
|
Merchandise cost of
sales
|
—
|
|
|
|
34,825
|
|
|
Other
|
1,021
|
|
|
|
1,240
|
|
|
Total cost of
sales
|
1,194,467
|
|
|
|
1,042,679
|
|
|
Gross
profit
|
22,120
|
|
|
|
87,049
|
|
|
Operating
expenses
|
|
|
|
|
|
General and
administrative
|
4,870
|
|
|
|
10,873
|
|
|
Personnel
|
—
|
|
|
|
11,211
|
|
|
Other
operating
|
2,034
|
|
|
|
16,609
|
|
|
Rent
|
249
|
|
|
|
4,111
|
|
|
Gain on disposal of
assets
|
—
|
|
|
|
(266)
|
|
|
Depreciation,
amortization and accretion
|
3,326
|
|
|
|
17,566
|
|
|
Total operating
expenses
|
10,479
|
|
|
|
60,104
|
|
|
Income from
operations
|
11,641
|
|
|
|
26,945
|
|
|
Interest expense,
net
|
(1,502)
|
|
|
|
(8,197)
|
|
|
Income before income
taxes
|
10,139
|
|
|
|
18,748
|
|
|
Income tax
expense
|
(7)
|
|
|
|
(830)
|
|
|
Net income and
comprehensive income
|
10,132
|
|
|
|
17,918
|
|
|
Less: Net income and
comprehensive income attributable to noncontrolling
interest
|
—
|
|
|
|
846
|
|
|
Net income and
comprehensive income attributable to partners
|
$
|
10,132
|
|
|
|
$
|
17,072
|
|
|
Net income per
limited partner unit:
|
|
|
|
|
|
Common (basic and
diluted)
|
$
|
0.46
|
|
|
|
$
|
0.44
|
|
|
Subordinated (basic
and diluted)
|
$
|
0.46
|
|
|
|
$
|
0.44
|
|
|
Weighted average
limited partner units outstanding:
|
|
|
|
|
|
Common units -
public
|
10,938,053
|
|
|
|
20,036,329
|
|
|
Common units -
affiliated
|
79,308
|
|
|
|
4,062,848
|
|
|
Subordinated units -
affiliated
|
10,939,436
|
|
|
|
10,939,436
|
|
|
|
|
|
|
|
Cash distribution
per unit
|
$
|
0.5021
|
|
|
|
$
|
0.6450
|
|
Key Operating Metrics
The following information is intended to provide investors with a
reasonable basis for assessing our historical operations but should
not serve as the only criteria for predicting our future
performance.
Beginning in late 2014, with the acquisition of MACS, we began
operating our business in two primary operating segments, wholesale
and retail, both of which are included as reportable segments. As a
result, the Predecessor periods operated as one segment, wholesale,
and the Successor period operated with our wholesale and retail
segments.
The following table sets forth, for the periods indicated,
information concerning key measures we rely on to gauge our
operating performance by segment (in thousands, except for selling
price and gross profit per gallon):
|
Three Months Ended
March 31,
|
|
2014
|
|
|
2015
|
|
Predecessor
|
|
|
Successor
|
|
|
|
|
Wholesale
|
Retail
|
Total
|
|
Revenues
|
|
|
|
|
|
|
|
Retail motor fuel
sales (1)
|
$
|
—
|
|
|
|
$
|
—
|
|
$
|
160,761
|
|
$
|
160,761
|
|
|
Wholesale motor fuel
sales to third parties
|
444,566
|
|
|
|
413,847
|
|
—
|
|
413,847
|
|
|
Wholesale motor fuel
sales to affiliates
|
766,090
|
|
|
|
487,500
|
|
—
|
|
487,500
|
|
|
Merchandise
sales
|
—
|
|
|
|
—
|
|
47,519
|
|
47,519
|
|
|
Rental
income
|
3,923
|
|
|
|
7,524
|
|
5,838
|
|
13,362
|
|
|
Other
income
|
2,008
|
|
|
|
4,200
|
|
2,539
|
|
6,739
|
|
|
Total
revenue
|
1,216,587
|
|
|
|
913,071
|
|
216,657
|
|
1,129,728
|
|
|
Gross
profit
|
|
|
|
|
|
|
|
Retail motor
fuel
|
—
|
|
|
|
—
|
|
21,197
|
|
21,197
|
|
|
Wholesale motor fuel
to third parties
|
8,843
|
|
|
|
25,215
|
|
—
|
|
25,215
|
|
|
Wholesale motor fuel
to affiliates
|
8,366
|
|
|
|
9,082
|
|
—
|
|
9,082
|
|
|
Merchandise
|
—
|
|
|
|
—
|
|
12,694
|
|
12,694
|
|
|
Rental
|
3,923
|
|
|
|
7,524
|
|
5,838
|
|
13,362
|
|
|
Other
|
988
|
|
|
|
2,960
|
|
2,539
|
|
5,499
|
|
|
Total gross
profit
|
$
|
22,120
|
|
|
|
$
|
44,781
|
|
$
|
42,268
|
|
$
|
87,049
|
|
|
|
|
|
|
|
|
|
Net income
attributable to partners (2)
|
$
|
10,132
|
|
|
|
$
|
10,751
|
|
$
|
6,321
|
|
$
|
17,072
|
|
|
Adjusted EBITDA
attributable to partners (2) (3)
|
$
|
15,674
|
|
|
|
$
|
25,104
|
|
$
|
14,592
|
|
$
|
39,696
|
|
|
|
|
|
|
|
|
|
Distributable cash
flow attributable to partners (2) (3)
|
$
|
14,037
|
|
|
|
|
|
$
|
29,570
|
|
|
|
|
|
|
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
Total motor fuel
gallons sold:
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
67,834
|
|
67,834
|
|
|
Wholesale
third-party
|
155,595
|
|
|
|
234,715
|
|
|
234,715
|
|
|
Wholesale
affiliated
|
277,796
|
|
|
|
304,304
|
|
|
304,304
|
|
|
Motor fuel gross
profit (cents per gallon):
|
|
|
|
|
|
|
|
Retail
|
|
|
|
|
31.9
|
¢
|
|
|
Wholesale
third-party
|
5.7
|
¢
|
|
|
9.7
|
¢
|
|
|
|
Wholesale
affiliated
|
3.0
|
¢
|
|
|
3.0
|
¢
|
|
|
|
Volume-weighted
average for all gallons
|
4.0
|
¢
|
|
|
|
|
8.8
|
¢
|
|
Retail merchandise
margin
|
|
|
|
|
26.7
|
%
|
|
|
(1)
|
Retail motor fuel
sales include sales of motor fuel at company operated convenience
stores beginning September 1, 2014 and are included in motor sales
to third parties in the Consolidated Statement of Operations and
Comprehensive Income.
|
|
(2)
|
Excludes the
noncontrolling interest results of operations related to our
consolidated VIE.
|
|
(3)
|
We define EBITDA as
net income before net interest expense, income tax expense and
depreciation, amortization and accretion expense. Adjusted EBITDA
further adjusts EBITDA to reflect certain other non-recurring and
non-cash items. Effective September 1, 2014, as a result of the ETP
Merger and in an effort to conform the method by which we measure
our business to that of ETP's operations, we now define Adjusted
EBITDA to also include adjustments for unrealized gains and losses
on commodity derivatives and inventory fair value adjustments. We
define distributable cash flow as Adjusted EBITDA less cash
interest expense including the accrual of interest expense related
to our 2023 Senior Notes which is paid on a semi-annual basis,
current income tax expense, maintenance capital expenditures, and
other non-cash adjustments.
|
|
|
|
|
We believe EBITDA,
Adjusted EBITDA and distributable cash flow are useful to investors
in evaluating our operating performance because:
|
|
•
|
Adjusted EBITDA is
used as a performance measure under our revolving credit
facility;
|
|
•
|
securities analysts
and other interested parties use such metrics as measures of
financial performance, ability to make distributions to our
unitholders and debt service capabilities;
|
|
•
|
they are used by our
management for internal planning purposes, including aspects of our
consolidated operating budget, and capital expenditures;
and
|
|
•
|
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 an enhanced
perspective of the operating performance of our assets and the cash
our business is generating.
|
|
|
|
|
EBITDA, Adjusted
EBITDA and distributable cash flow are not recognized terms under
GAAP and do not purport to be alternatives to net income (loss) as
measures of operating performance or to cash flows from operating
activities as a measure of liquidity. EBITDA, Adjusted EBITDA and
distributable cash flow have limitations as analytical tools, and
one should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP. Some of these
limitations include:
|
|
•
|
they do not reflect
our total cash expenditures, or future requirements for capital
expenditures or contractual commitments;
|
|
•
|
they do not reflect
changes in, or cash requirements for, working capital;
|
|
•
|
they do not reflect
interest expense, or the cash requirements necessary to service
interest or principal payments on our revolving credit
facility or term loan;
|
|
•
|
although depreciation
and amortization are non-cash charges, the assets being depreciated
and amortized will often have to be replaced in the future, and
EBITDA and Adjusted EBITDA do not reflect cash requirements for
such replacements; and
|
|
•
|
because not all
companies use identical calculations, our presentation of EBITDA,
Adjusted EBITDA and distributable cash flow may not be comparable
to similarly titled measures of other companies.
|
The following tables present a reconciliation of net income to
EBITDA, Adjusted EBITDA and distributable cash flow by segment (in
thousands):
|
Three Months Ended
March 31,
|
|
2014
|
|
|
2015
|
|
Predecessor
|
|
|
Successor
|
|
|
|
|
Wholesale
|
Retail
|
Total
|
|
|
|
|
|
|
|
|
Net income
|
$
|
10,132
|
|
|
|
$
|
10,751
|
|
$
|
7,167
|
|
$
|
17,918
|
|
|
Depreciation,
amortization and accretion
|
3,326
|
|
|
|
11,950
|
|
5,616
|
|
17,566
|
|
|
Interest expense,
net
|
1,502
|
|
|
|
2,402
|
|
5,795
|
|
8,197
|
|
|
Income tax
expense
|
7
|
|
|
|
1,069
|
|
(239)
|
|
830
|
|
|
EBITDA
|
14,967
|
|
|
|
26,172
|
|
18,339
|
|
44,511
|
|
|
Non-cash stock based
compensation
|
707
|
|
|
|
120
|
|
75
|
|
195
|
|
|
(Gain) loss on
disposal of assets
|
—
|
|
|
|
19
|
|
(285)
|
|
(266)
|
|
|
Unrealized loss on
commodity derivatives
|
—
|
|
|
|
1,174
|
|
—
|
|
1,174
|
|
|
Inventory fair value
adjustments
|
—
|
|
|
|
(2,381)
|
|
426
|
|
(1,955)
|
|
|
Adjusted
EBITDA
|
$
|
15,674
|
|
|
|
$
|
25,104
|
|
$
|
18,555
|
|
$
|
43,659
|
|
|
Adjusted EBITDA
attributable to noncontrolling interest
|
—
|
|
|
|
—
|
|
3,963
|
|
3,963
|
|
|
Adjusted EBITDA
attributable to partners
|
15,674
|
|
|
|
25,104
|
|
14,592
|
|
39,696
|
|
|
Cash interest expense
(4)
|
1,406
|
|
|
|
|
|
7,129
|
|
|
Current income tax
expense
|
68
|
|
|
|
|
|
133
|
|
|
Maintenance capital
expenditures
|
163
|
|
|
|
|
|
2,864
|
|
|
Distributable cash
flow attributable to partners
|
$
|
14,037
|
|
|
|
|
|
$
|
29,570
|
|
|
|
|
(4)
|
Reflects the
partnership's cash interest paid less the cash interest paid on our
VIE debt of $0.7 million.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sunoco-lp-announces-1q-2015-financial-and-operating-results-and-8th-consecutive-distribution-increase-300079127.html
SOURCE Sunoco LP