Delaware | 30-0740483 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
555 East Airtex Drive Houston, Texas 77073 (Address of principal executive offices, including zip codes) |
Exhibit Number | Exhibit Description | ||
99.1 | News Release of Sunoco LP, dated February 18, 2015 |
SUNOCO LP | |||
By: | Sunoco GP LLC, its general partner | ||
Date: February 19, 2015 | By: | /s/ Mary E.Sullivan | |
Name: | Mary E. Sullivan | ||
Title: | Executive Vice President and Chief Financial Officer | ||
Exhibit Number | Exhibit Description | ||
99.1 | News Release of Sunoco LP, dated February 18, 2015 |
• | 4Q distribution increased 10% versus 3Q, 24% versus 4Q 2013 levels |
• | 4Q gallons sold increased 46% versus 4Q 2013 volumes |
• | FY 2014 gross profit increased 148% versus FY 2013 |
Growth | Maintenance | |||
Low | High | Low | High | |
$165 | $215 | $15 | $25 |
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. |
Predecessor | Successor | ||||||||||||||||
Year ended December 31, 2013 | January 1, 2014 through August 31, 2014 | September 1, 2014 through December 31, 2014 | Combined Year ended December 31, 2014 | ||||||||||||||
(dollars in thousands except unit and per unit amounts) | |||||||||||||||||
Revenues: | |||||||||||||||||
Motor fuel sales to third parties | $ | 1,502,786 | $ | 1,275,422 | $ | 941,243 | $ | 2,216,665 | |||||||||
Motor fuel sales to affiliates | 2,974,122 | 2,200,394 | 873,842 | 3,074,236 | |||||||||||||
Merchandise sales | — | — | 52,275 | 52,275 | |||||||||||||
Rental income | 10,060 | 11,690 | 16,020 | 27,710 | |||||||||||||
Other income | 5,611 | 4,683 | 6,447 | 11,130 | |||||||||||||
Total revenues | 4,492,579 | 3,492,189 | 1,889,827 | 5,382,016 | |||||||||||||
Cost of sales: | |||||||||||||||||
Motor fuel cost of sales to third parties | 1,476,479 | 1,252,141 | 872,984 | 2,125,125 | |||||||||||||
Motor fuel cost of sales to affiliates | 2,942,525 | 2,177,028 | 861,475 | 3,038,503 | |||||||||||||
Merchandise | — | — | 38,820 | 38,820 | |||||||||||||
Other | 2,611 | 2,339 | 1,303 | 3,642 | |||||||||||||
Total cost of sales | 4,421,615 | 3,431,508 | 1,774,582 | 5,206,090 | |||||||||||||
Gross profit | 70,964 | 60,681 | 115,245 | 175,926 | |||||||||||||
Operating expenses: | |||||||||||||||||
General and administrative | 16,814 | 17,075 | 16,358 | 33,433 | |||||||||||||
Other operating | 3,187 | 4,964 | 29,288 | 34,252 | |||||||||||||
Rent | 1,014 | 729 | 3,459 | 4,188 | |||||||||||||
Loss (gain) on disposal of assets and impairment charge | 324 | (39 | ) | 2,670 | 2,631 | ||||||||||||
Depreciation, amortization and accretion | 8,687 | 10,457 | 16,498 | 26,955 | |||||||||||||
Total operating expenses | 30,026 | 33,186 | 68,273 | 101,459 | |||||||||||||
Income from operations | 40,938 | 27,495 | 46,972 | 74,467 | |||||||||||||
Interest expense, net | (3,471 | ) | (4,767 | ) | (9,562 | ) | (14,329 | ) | |||||||||
Income before income taxes | 37,467 | 22,728 | 37,410 | 60,138 | |||||||||||||
Income tax expense | (440 | ) | (218 | ) | (2,134 | ) | (2,352 | ) | |||||||||
Net income and comprehensive income | 37,027 | 22,510 | 35,276 | 57,786 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | (1,043 | ) | (1,043 | ) | |||||||||||
Net income and comprehensive income attributable to partners | $ | 37,027 | $ | 22,510 | $ | 34,233 | $ | 56,743 |
Predecessor | Successor | ||||||||||||||||
Year ended December 31, 2013 | January 1, 2014 through August 31, 2014 | September 1, 2014 through December 31, 2014 | Combined Year ended December 31, 2014 | ||||||||||||||
(dollars in thousands except unit and per unit amounts) | |||||||||||||||||
Net income per limited partner unit: | |||||||||||||||||
Common - basic and diluted | $ | 1.69 | $ | 1.02 | $ | 0.85 | $ | 1.96 | |||||||||
Subordinated - basic and diluted | $ | 1.69 | $ | 1.02 | $ | 0.85 | $ | 1.96 | |||||||||
Weighted average limited partner units outstanding: | |||||||||||||||||
Common units - (basic) | 10,964,258 | 11,023,617 | 20,572,373 | 14,206,536 | |||||||||||||
Common units - (diluted) | 10,986,102 | 11,048,745 | 20,578,755 | 14,223,648 | |||||||||||||
Subordinated units - affiliated (basic and diluted) | 10,939,436 | 10,939,436 | 10,939,436 | 10,939,436 | |||||||||||||
Cash distribution per unit | $ | 1.84 | $ | 1.02 | $ | 1.15 | $ | 2.17 |
Predecessor | Successor | |||||||
Three Months Ended December 31, 2013 | Three Months Ended December 31, 2014 | |||||||
(dollars in thousands, except unit and per unit amounts) | ||||||||
Revenues: | ||||||||
Motor fuel sales to third parties | $ | 392,937 | $ | 668,215 | ||||
Motor fuel sales to affiliates | 716,322 | 617,732 | ||||||
Merchandise sales | — | 39,277 | ||||||
Rental income | 3,335 | 12,300 | ||||||
Other income | 1,874 | 4,098 | ||||||
Total revenues | 1,114,468 | 1,341,622 | ||||||
Cost of sales: | ||||||||
Motor fuel cost of sales to third parties | 385,296 | 610,115 | ||||||
Motor fuel cost of sales to affiliates | 708,189 | 608,263 | ||||||
Merchandise | — | 29,064 | ||||||
Other | 934 | 996 | ||||||
Total cost of sales | 1,094,419 | 1,248,438 | ||||||
Gross profit | 20,049 | 93,184 | ||||||
Operating expenses: | ||||||||
General and administrative | 4,937 | 13,137 | ||||||
Other operating | 1,382 | 23,028 | ||||||
Rent | 249 | 2,204 | ||||||
Loss on disposal of assets and impairment charge | 118 | 2,670 | ||||||
Depreciation, amortization and accretion | 2,597 | 12,502 | ||||||
Total operating expenses | 9,283 | 53,541 | ||||||
Income from operations | 10,766 | 39,643 | ||||||
Interest expense, net | (1,101 | ) | (6,636 | ) | ||||
Income before income taxes | 9,665 | 33,007 | ||||||
Income tax expense | (142 | ) | (2,114 | ) | ||||
Net income and comprehensive income | 9,523 | 30,893 | ||||||
Net income attributable to noncontrolling interest | — | (782 | ) | |||||
Net income and comprehensive income attributable to partners | $ | 9,523 | $ | 30,111 |
Predecessor | Successor | |||||||
Three Months Ended December 31, 2013 | Three Months Ended December 31, 2014 | |||||||
(dollars in thousands, except unit and per unit amounts) | ||||||||
Net income per limited partner unit: | ||||||||
Common - basic and diluted | $ | 0.43 | $ | 0.83 | ||||
Subordinated - basic and diluted | $ | 0.43 | $ | 0.83 | ||||
Weighted average limited partner units outstanding: | ||||||||
Common units - (basic) | 11,014,487 | 23,745,231 | ||||||
Common units - (diluted) | 11,038,440 | 23,753,287 | ||||||
Subordinated units - affiliated (basic and diluted) | 10,939,436 | 10,939,436 | ||||||
Cash distribution per unit | $ | 0.49 | $ | 0.60 | ||||
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||||
Revenues: | |||||||||
Partnership | $ | 1,304,922 | $ | 3,897,534 | |||||
MACS | 142,860 | 142,860 | |||||||
Combined | $ | 1,447,782 | $ | 4,040,394 | |||||
Net income attributable to partners: | |||||||||
Partnership | $ | 1,027 | $ | 20,754 | |||||
MACS | 5,878 | 5,878 | |||||||
Combined | $ | 6,905 | $ | 26,632 | |||||
Predecessor | Successor | |||||||
December 31, 2013 | December 31, 2014 | |||||||
(in thousands, except units) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 8,150 | $ | 67,151 | ||||
Accounts receivable, net of allowance for doubtful accounts of $323 and $1,220 at December 31, 2013 and 2014, respectively | 69,005 | 81,224 | ||||||
Receivables from affiliates | 49,879 | 19,574 | ||||||
Inventories, net | 11,122 | 48,646 | ||||||
Other current assets | 66 | 8,546 | ||||||
Total current assets | 138,222 | 225,141 | ||||||
Property and equipment, net | 180,127 | 905,465 | ||||||
Other assets: | ||||||||
Marketable securities | 25,952 | — | ||||||
Goodwill | 22,823 | 863,458 | ||||||
Intangible assets, net | 22,772 | 172,108 | ||||||
Deferred tax asset, long-term portion | — | 22,336 | ||||||
Other noncurrent assets | 188 | 16,416 | ||||||
Total assets | $ | 390,084 | $ | 2,204,924 | ||||
Liabilities and equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 110,432 | $ | 95,932 | ||||
Accounts payable to affiliates | — | 3,112 | ||||||
Accrued expenses and other current liabilities | 11,427 | 41,881 | ||||||
Current maturities of long-term debt | 525 | 13,757 | ||||||
Total current liabilities | 122,384 | 154,682 | ||||||
Revolving lines of credit | 156,210 | 683,378 | ||||||
Long-term debt | 29,416 | 173,383 | ||||||
Deferred tax liability, long-term portion | 222 | — | ||||||
Other noncurrent liabilities | 2,159 | 49,306 | ||||||
Total liabilities | 310,391 | 1,060,749 | ||||||
Commitments and contingencies: | ||||||||
Partners' capital: | ||||||||
Limited partner interest: | ||||||||
Common unitholders - public (10,936,352 units issued and outstanding as of December 31, 2013 and 20,036,329 units issued and outstanding as of December 31, 2014) | 210,269 | 874,688 | ||||||
Common unitholders - affiliated (79,308 units issued and outstanding as of December 31, 2013 and 4,062,848 units issued and outstanding as of December 31, 2014) | 1,562 | 38,821 | ||||||
Subordinated unitholders - affiliated (10,939,436 units issued and outstanding at each December 31, 2013 and December 31, 2014) | (132,138 | ) | 236,310 | |||||
Total partners' capital | 79,693 | 1,149,819 | ||||||
Noncontrolling interests | — | (5,644 | ) | |||||
Total equity | 79,693 | 1,144,175 | ||||||
Total liabilities and equity | $ | 390,084 | $ | 2,204,924 |
Three Months Ended | Year Ended | |||||||||||||||
December 31, 2013 | December 31, 2014 | December 31, 2013 | December 31, 2014 | |||||||||||||
(dollars and gallons in thousands, except motor fuel pricing and gross profit per gallon) | ||||||||||||||||
Revenues: | ||||||||||||||||
Retail motor fuel sales | $ | — | $ | 168,000 | $ | — | $ | 228,895 | ||||||||
Wholesale motor fuel sales to third parties | 392,937 | 500,215 | 1,502,786 | 1,987,770 | ||||||||||||
Wholesale motor fuel sales to affiliates | 716,322 | 617,732 | 2,974,122 | 3,074,236 | ||||||||||||
Merchandise sales | — | 39,277 | — | 52,275 | ||||||||||||
Rental and other income | 5,209 | 16,398 | 15,671 | 38,840 | ||||||||||||
Total revenues | 1,114,468 | 1,341,622 | 4,492,579 | 5,382,016 | ||||||||||||
Gross profit: | ||||||||||||||||
Retail motor fuel | — | 24,786 | — | 30,392 | ||||||||||||
Wholesale motor fuel to third parties | 7,641 | 33,314 | 26,307 | 61,148 | ||||||||||||
Wholesale motor fuel to affiliates | 8,133 | 9,469 | 31,597 | 35,733 | ||||||||||||
Merchandise | — | 10,213 | — | 13,455 | ||||||||||||
Other | 4,275 | 15,402 | 13,060 | 35,198 | ||||||||||||
Total gross profit | 20,049 | 93,184 | 70,964 | 175,926 | ||||||||||||
Net income attributable to partners | $ | 9,523 | $ | 30,111 | $ | 37,027 | $ | 56,743 | ||||||||
Adjusted EBITDA (1) | $ | 14,067 | $ | 65,486 | $ | 51,885 | $ | 122,313 | ||||||||
Distributable cash flow (1) | $ | 12,648 | $ | 51,114 | $ | 47,679 | $ | 92,488 | ||||||||
Operating Data: | ||||||||||||||||
Total motor fuel gallons sold: | ||||||||||||||||
Retail | — | 60,247 | — | 83,419 | ||||||||||||
Wholesale third-party | 146,043 | 241,516 | 517,775 | 749,925 | ||||||||||||
Wholesale affiliated | 269,544 | 304,872 | 1,053,259 | 1,178,619 | ||||||||||||
Motor fuel gross profit cents per gallon: | ||||||||||||||||
Retail | — | 44.5 | ¢ | — | 39.3 | ¢ | ||||||||||
Wholesale third-party | 5.2 | ¢ | 17.6 | ¢ | 5.1 | ¢ | 9.6 | ¢ | ||||||||
Wholesale affiliated | 3.0 | ¢ | 3.0 | ¢ | 3.0 | ¢ | 3.0 | ¢ | ||||||||
Volume-weighted average for all gallons | 3.8 | ¢ | 13.0 | ¢ | 3.7 | ¢ | 7.0 | ¢ | ||||||||
Retail merchandise margin | — | 26.0 | % | — | 25.7 | % | ||||||||||
• | 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. |
• | 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 loans; |
• | 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. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, 2013 | December 31, 2014 | December 31, 2013 | December 31, 2014 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 9,523 | $ | 30,893 | $ | 37,027 | $ | 57,786 | |||||||
Depreciation, amortization and accretion | 2,597 | 12,502 | 8,687 | 26,955 | |||||||||||
Interest expense, net | 1,101 | 6,636 | 3,471 | 14,329 | |||||||||||
Income tax expense | 142 | 2,114 | 440 | 2,352 | |||||||||||
EBITDA | 13,363 | 52,145 | 49,625 | 101,422 | |||||||||||
Non-cash compensation expense | 586 | 778 | 1,936 | 6,080 | |||||||||||
Loss on disposal of assets and impairment charge | 118 | 2,670 | 324 | 2,631 | |||||||||||
Unrealized gains on commodity derivatives | — | (1,226 | ) | — | (1,433 | ) | |||||||||
Inventory fair value adjustments | — | 11,119 | — | 13,613 | |||||||||||
Adjusted EBITDA | 14,067 | 65,486 | 51,885 | 122,313 | |||||||||||
Cash interest expense | 1,006 | 6,255 | 3,090 | 12,029 | |||||||||||
Income tax expense (current) | 136 | 3,003 | 302 | 3,275 | |||||||||||
Maintenance capital expenditures | 277 | 4,332 | 814 | 5,196 | |||||||||||
MACS acquisition adjustment (1) | — | — | — | 8,282 | |||||||||||
Earnings attributable to noncontrolling interest | — | 782 | — | 1,043 | |||||||||||
Distributable cash flow | $ | 12,648 | $ | 51,114 | $ | 47,679 | $ | 92,488 | |||||||
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