EX-99 6 sun-ex992_145.htm EX-99.2 sun-ex992_145.htm

Exhibit 99.2

Part II

Item 6.

Selected Financial Data

Selected financial data set forth below are presented for the period January 1, 2014 to August 31, 2014 (the “Predecessor Period”) prior to ETP’s acquisition of Susser on August 29, 2014 (the “ETP Merger”). From September 1, 2014 to December 31, 2014, financial data is presented for the Partnership after the ETP Merger and under the application of “push down” accounting that required its assets and liabilities to be adjusted to fair value on August 31, 2014 (“Successor Period”). The following tables set forth key operating metrics as of and for the periods indicated and have been derived from our audited historical consolidated financial statements. For the year ended December 31, 2014, we have combined the Predecessor Period and the Successor Period and presented the unaudited financial data on a combined basis for comparative purposes. This combination does not comply with generally accepted accounting principles or the rules for unaudited pro forma presentation, but is presented because we believe it provides the most meaningful comparison of our financial results. The impact to the 2014 Successor Period from “push down” accounting related to the ETP Merger resulted in a $1.7 billion net change in the fair value of the Partnership’s assets and liabilities and a $4.1 million decrease in depreciation expense, offset by a $3.9 million increase in amortization expense.

The 2014 results also reflect the results of the Susser, Sunoco LLC, Sunoco Retail, and MACS acquisitions beginning on September 1, 2014, the initial date of common control, since these acquisitions were accounted for as transactions between entities under common control, and the results of the Aloha acquisition beginning on December 16, 2014.

Prior to our September 25, 2012 IPO, our wholesale assets were a part of the integrated operations of Susser. Accordingly, gross profit in the period prior to our IPO includes only gross profit received from third parties for our wholesale distribution services. In addition, the results of operations included results from consignment contracts retained by Susser following the IPO. For this reason, our results of operations are not comparable before and after the IPO.

The selected financial data should be read in conjunction with the audited consolidated financial statements and related notes thereto, and Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included herein.

 

 

 

Successor

 

 

Combined

 

 

Predecessor

 

 

 

Year ended December 31, 2015

 

 

Year ended December 31, 2014 (3)

(unaudited)

 

 

Year ended December 31, 2013

 

 

Year ended December 31, 2012 (1)

 

 

Year ended December 31, 2011

 

 

 

(in thousands, except per unit data)

 

Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

18,460,216

 

 

$

10,835,026

 

 

$

4,492,579

 

 

$

4,321,412

 

 

$

3,874,980

 

Total gross profit

 

 

1,983,903

 

 

 

636,740

 

 

 

70,964

 

 

 

51,502

 

 

 

43,023

 

Operating expenses

 

 

1,650,570

 

 

 

571,711

 

 

 

30,026

 

 

 

28,090

 

 

 

26,062

 

Income from operations

 

 

333,333

 

 

 

65,029

 

 

 

40,938

 

 

 

23,412

 

 

 

16,961

 

Net income attributable to limited partners

 

$

87,238

 

 

$

56,743

 

 

$

37,027

 

 

$

17,570

 

 

$

10,598

 

Net income per common limited partner unit (2)

 

$

1.11

 

 

$

1.87

 

 

$

1.69

 

 

$

0.42

 

 

 

 

 

Net income per subordinated limited partner unit (2)

 

$

1.40

 

 

$

1.87

 

 

$

1.69

 

 

$

0.42

 

 

 

 

 

Cash distribution per unit (2)

 

$

2.89

 

 

$

2.17

 

 

$

1.84

 

 

$

0.47

 

 

 

 

 

Cash Flow Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

438,622

 

 

$

352,644

 

 

$

50,680

 

 

$

16,488

 

 

$

14,665

 

Investing activities

 

$

(2,454,812

)

 

$

(1,019,702

)

 

$

6,358

 

 

$

(190,949

)

 

$

(19,153

)

Financing activities

 

$

1,952,236

 

 

$

647,552

 

 

$

(55,640

)

 

$

180,973

 

 

$

(21

)

 

 

 

Successor

 

 

Predecessor

 

 

 

As of December 31,

 

 

 

2015

 

 

2014 (3)

(unaudited)

 

 

2013

 

 

2012

 

 

2011

 

 

 

(in thousands)

 

Balance Sheet Data (at period end):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

72,627

 

 

$

136,581

 

 

$

8,150

 

 

$

6,752

 

 

$

240

 

Property and equipment, net

 

 

3,154,826

 

 

 

2,799,330

 

 

 

180,127

 

 

 

68,173

 

 

 

39,049

 

Total assets

 

 

8,841,819

 

 

 

8,773,080

 

 

 

390,084

 

 

 

355,800

 

 

 

231,316

 

Total liabilities

 

 

3,579,082

 

 

 

2,764,920

 

 

 

310,391

 

 

 

277,468

 

 

 

115,503

 

Total equity

 

 

5,262,737

 

 

 

6,008,160

 

 

 

79,693

 

 

 

78,332

 

 

 

115,813

 

 

(1)

Results include activity prior to our IPO on September 25, 2012 when our wholesale assets were integrated with Susser. Our results of operations for fiscal 2012 are not comparable before and after September 25, 2012.

(2)

Calculated based on operations since September 25, 2012, the date of our IPO.

(3)

Reflects combined results of the Predecessor period from January 1, 2014 through August 31, 2014, and the Successor period from September 1, 2014 to December 31, 2014. The impact from “push down” accounting related to the ETP Merger resulted in a $1.7 billion net change in the fair value of the Partnership’s assets and liabilities and a $4.1 million decrease in depreciation expense, offset by a $3.9 million increase in amortization expense. See Note 4 in the accompanying Notes to Consolidated Financial Statements.