Delaware | 001-36446 | 35-2470286 | ||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Units Representing Limited Partner Interests | PBFX | New York Stock Exchange |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | ||||
PBF Logistics LP earnings press release, dated May 15, 2020. |
PBF Logistics LP | ||||||||||||||
By: | PBF Logistics GP LLC, its general partner | |||||||||||||
Date: | May 15, 2020 | By: | /s/ Erik Young | |||||||||||
Erik Young Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | ||||||||||||||
PBF LOGISTICS LP | ||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||||
(Unaudited, in thousands, except unit and per unit data) | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Revenue (a): | ||||||||||||||||||||||||||
Affiliate | $ | 75,543 | $ | 71,332 | ||||||||||||||||||||||
Third-party | 17,486 | 7,513 | ||||||||||||||||||||||||
Total revenue | 93,029 | 78,845 | ||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating and maintenance expenses (a) | 29,501 | 29,916 | ||||||||||||||||||||||||
General and administrative expenses | 4,387 | 6,010 | ||||||||||||||||||||||||
Depreciation and amortization | 11,282 | 8,721 | ||||||||||||||||||||||||
Change in contingent consideration | 206 | — | ||||||||||||||||||||||||
Total costs and expenses | 45,376 | 44,647 | ||||||||||||||||||||||||
Income from operations | 47,653 | 34,198 | ||||||||||||||||||||||||
Other expense: | ||||||||||||||||||||||||||
Interest expense, net | (11,849) | (10,913) | ||||||||||||||||||||||||
Amortization of loan fees and debt premium | (439) | (449) | ||||||||||||||||||||||||
Accretion on discounted liabilities | (552) | (760) | ||||||||||||||||||||||||
Net income | 34,813 | 22,076 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest (g) | — | 4,719 | ||||||||||||||||||||||||
Net income attributable to PBF Logistics LP unitholders | $ | 34,813 | $ | 17,357 | ||||||||||||||||||||||
Net income per limited partner unit (h): | ||||||||||||||||||||||||||
Common units - basic | $ | 0.56 | $ | 0.35 | ||||||||||||||||||||||
Common units - diluted | 0.56 | 0.35 | ||||||||||||||||||||||||
Weighted-average limited partner units outstanding (h): | ||||||||||||||||||||||||||
Common units - basic | 62,370,927 | 49,151,927 | ||||||||||||||||||||||||
Common units - diluted | 62,473,094 | 49,318,133 | ||||||||||||||||||||||||
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 March 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Transportation and Terminaling Segment | ||||||||||||||||||||||||||
Terminals | ||||||||||||||||||||||||||
Total throughput (barrels per day (“bpd”)) (b)(d) | 300,392 | 249,781 | ||||||||||||||||||||||||
Lease tank capacity (average lease capacity barrels per month) (d) | 2,051,043 | 2,415,744 | ||||||||||||||||||||||||
Pipelines | ||||||||||||||||||||||||||
Total throughput (bpd) (b)(d) | 162,527 | 147,149 | ||||||||||||||||||||||||
Lease tank capacity (average lease capacity barrels per month) (d) | 1,147,823 | 1,175,024 | ||||||||||||||||||||||||
Storage Segment | ||||||||||||||||||||||||||
Storage capacity reserved (average shell capacity barrels per month) (d) | 7,607,643 | 7,932,693 | ||||||||||||||||||||||||
Total throughput (bpd) (b)(d) | 25,254 | — | ||||||||||||||||||||||||
Cash Flow Information: | ||||||||||||||||||||||||||
Net cash provided by (used in): | ||||||||||||||||||||||||||
Operating activities | $ | 18,647 | $ | 38,209 | ||||||||||||||||||||||
Investing activities | (6,080) | (11,220) | ||||||||||||||||||||||||
Financing activities | 68,490 | (30,451) | ||||||||||||||||||||||||
Net change in cash and cash equivalents | $ | 81,057 | $ | (3,462) | ||||||||||||||||||||||
Other Financial Information: | ||||||||||||||||||||||||||
EBITDA attributable to PBFX (c) | $ | 56,309 | $ | 36,822 | ||||||||||||||||||||||
Adjusted EBITDA (c) | $ | 57,938 | $ | 42,957 | ||||||||||||||||||||||
Distributable cash flow (c) | $ | 40,775 | $ | 25,413 | ||||||||||||||||||||||
Quarterly distribution declared per unit (e) | $ | 0.30 | $ | 0.51 | ||||||||||||||||||||||
Distributions (e): | ||||||||||||||||||||||||||
Common units | $ | 18,844 | $ | 31,952 | ||||||||||||||||||||||
Total distributions | $ | 18,844 | $ | 31,952 | ||||||||||||||||||||||
Coverage ratio (c) | 2.16x | 0.80x | ||||||||||||||||||||||||
Capital expenditures | $ | 6,080 | $ | 11,220 | ||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||
KEY OPERATING AND FINANCIAL INFORMATION (continued) | ||||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
Balance Sheet Information: | 2020 | 2019 | ||||||||||||||||||||||||
Cash and cash equivalents (f) | $ | 116,023 | $ | 34,966 | ||||||||||||||||||||||
Property, plant and equipment, net | 850,015 | 854,610 | ||||||||||||||||||||||||
Total assets | 1,088,743 | 973,002 | ||||||||||||||||||||||||
Total debt (f) | 902,543 | 802,104 | ||||||||||||||||||||||||
Total liabilities | 980,254 | 867,919 | ||||||||||||||||||||||||
Partners’ equity | 108,489 | 105,083 | ||||||||||||||||||||||||
Total liabilities and equity | 1,088,743 | 973,002 | ||||||||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Reconciliation of net income to EBITDA and distributable cash flow (c): | |||||||||||||||||||||||||||||
Net income | $ | 34,813 | $ | 22,076 | |||||||||||||||||||||||||
Interest expense, net | 11,849 | 10,913 | |||||||||||||||||||||||||||
Amortization of loan fees and debt premium | 439 | 449 | |||||||||||||||||||||||||||
Accretion on discounted liabilities | 552 | 760 | |||||||||||||||||||||||||||
Change in contingent consideration | 206 | — | |||||||||||||||||||||||||||
Depreciation and amortization | 11,282 | 8,721 | |||||||||||||||||||||||||||
EBITDA | 59,141 | 42,919 | |||||||||||||||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,097 | |||||||||||||||||||||||||||
Less: Earnings attributable to the CPI earn-out | 2,832 | — | |||||||||||||||||||||||||||
EBITDA attributable to PBFX | 56,309 | 36,822 | |||||||||||||||||||||||||||
Non-cash unit-based compensation expense | 1,302 | 964 | |||||||||||||||||||||||||||
Cash interest | (11,988) | (11,136) | |||||||||||||||||||||||||||
Maintenance capital expenditures attributable to PBFX | (4,848) | (1,237) | |||||||||||||||||||||||||||
Distributable cash flow | $ | 40,775 | $ | 25,413 | |||||||||||||||||||||||||
Reconciliation of net cash provided by operating activities to EBITDA and distributable cash flow (c): | |||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 18,647 | $ | 38,209 | |||||||||||||||||||||||||
Change in operating assets and liabilities | 29,947 | (5,239) | |||||||||||||||||||||||||||
Interest expense, net | 11,849 | 10,913 | |||||||||||||||||||||||||||
Non-cash unit-based compensation expense | (1,302) | (964) | |||||||||||||||||||||||||||
EBITDA | 59,141 | 42,919 | |||||||||||||||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,097 | |||||||||||||||||||||||||||
Less: Earnings attributable to the CPI earn-out | 2,832 | — | |||||||||||||||||||||||||||
EBITDA attributable to PBFX | 56,309 | 36,822 | |||||||||||||||||||||||||||
Non-cash unit-based compensation expense | 1,302 | 964 | |||||||||||||||||||||||||||
Cash interest | (11,988) | (11,136) | |||||||||||||||||||||||||||
Maintenance capital expenditures attributable to PBFX | (4,848) | (1,237) | |||||||||||||||||||||||||||
Distributable cash flow | $ | 40,775 | $ | 25,413 | |||||||||||||||||||||||||
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 March 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Reconciliation of net income to EBITDA and Adjusted EBITDA (c): | |||||||||||||||||||||||||||||
Net income | $ | 34,813 | $ | 22,076 | |||||||||||||||||||||||||
Interest expense, net | 11,849 | 10,913 | |||||||||||||||||||||||||||
Amortization of loan fees and debt premium | 439 | 449 | |||||||||||||||||||||||||||
Accretion on discounted liabilities | 552 | 760 | |||||||||||||||||||||||||||
Change in contingent consideration | 206 | — | |||||||||||||||||||||||||||
Depreciation and amortization | 11,282 | 8,721 | |||||||||||||||||||||||||||
EBITDA | 59,141 | 42,919 | |||||||||||||||||||||||||||
Less: Noncontrolling interest EBITDA (g) | — | 6,097 | |||||||||||||||||||||||||||
Less: Earnings attributable to the CPI earn-out | 2,832 | — | |||||||||||||||||||||||||||
EBITDA attributable to PBFX | 56,309 | 36,822 | |||||||||||||||||||||||||||
Acquisition and transaction costs | 95 | 2,153 | |||||||||||||||||||||||||||
Non-cash unit-based compensation expense | 1,302 | 964 | |||||||||||||||||||||||||||
East Coast Terminals environmental remediation costs | 232 | 2,136 | |||||||||||||||||||||||||||
PNGPC tariff true-up adjustment | — | 882 | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 57,938 | $ | 42,957 | |||||||||||||||||||||||||
See Footnotes to Earnings Release Tables |
PBF LOGISTICS LP | ||||||||||||||||||||||||||
EARNINGS RELEASE TABLES | ||||||||||||||||||||||||||
SEGMENT FINANCIAL INFORMATION | ||||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||||||||||||
Total revenue (a) | $ | 70,243 | $ | 22,786 | $ | — | $ | 93,029 | ||||||||||||||||||
Depreciation and amortization | 7,072 | 4,210 | — | 11,282 | ||||||||||||||||||||||
Income (loss) from operations | 41,268 | 10,772 | (4,387) | 47,653 | ||||||||||||||||||||||
Other expense | — | — | 12,840 | 12,840 | ||||||||||||||||||||||
Capital expenditures | 3,626 | 2,454 | — | 6,080 | ||||||||||||||||||||||
Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||||||||||||
Total revenue (a) | $ | 65,959 | $ | 12,886 | $ | — | $ | 78,845 | ||||||||||||||||||
Depreciation and amortization | 6,901 | 1,820 | — | 8,721 | ||||||||||||||||||||||
Income (loss) from operations | 36,551 | 3,657 | (6,010) | 34,198 | ||||||||||||||||||||||
Other expense | — | — | 12,122 | 12,122 | ||||||||||||||||||||||
Capital expenditures | 10,544 | 676 | — | 11,220 | ||||||||||||||||||||||
Balance at March 31, 2020 | ||||||||||||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||||||||||||
Total assets | $ | 747,200 | $ | 234,652 | $ | 106,891 | $ | 1,088,743 | ||||||||||||||||||
Balance at December 31, 2019 | ||||||||||||||||||||||||||
Transportation and Terminaling | Storage | Corporate | Consolidated Total | |||||||||||||||||||||||
Total assets | $ | 726,374 | $ | 228,495 | $ | 18,133 | $ | 973,002 | ||||||||||||||||||
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: Revenue - On October 1, 2018, we closed the East Coast Storage Assets Acquisition, which was accounted for as a business combination. In October 2019, we recommenced operations of certain of the acquired idled assets, which began revenue generating operations. As such, there was no revenue associated with the acquired idled assets prior to their recommencement. On May 31, 2019, we closed the TVPC Acquisition in which we acquired the remaining 50% equity interest in TVPC. As such, we now own 100% of the equity interest in TVPC and no longer record a noncontrolling interest related to our ownership of TVPC. Operating and maintenance expenses - As a result of our acquisitions and the completion of certain organic growth projects, our operating expenses are not comparative to prior periods as it pertains to expenses associated with these assets. | ||||||||||||||||||||||||||||||||||
(b) | Calculated as the sum of the average throughput per day for each asset group for the periods 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 May 15, 2020, we announced a quarterly cash distribution of $0.30 per limited partner unit based on the results of the first quarter of 2020. The distribution is payable on June 17, 2020 to PBFX unitholders of record at the close of business on May 27, 2020. The total distribution amount includes the expected distributions to be made related to first 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 March 31, 2020 and December 31, 2019 was $786,520 and $767,138, respectively. | ||||||||||||||||||||||||||||||||||
(g) | Prior to the TVPC Acquisition, our wholly-owned subsidiary, PBFX Operating Company LLC (“PBFX Op Co”), held a 50% controlling equity interest in TVPC, with the other 50% equity interest in TVPC owned by TVP Holding, a subsidiary of PBF Holding. PBFX Op Co was the sole managing member of TVPC. We, through our ownership of PBFX Op Co, consolidated the financial results of TVPC and recorded a noncontrolling interest for the economic interest in TVPC held by TVP Holding. Noncontrolling interest on the condensed consolidated statements of operations included 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 included the portion of net assets of TVPC attributable to TVP Holding. Subsequent to the TVPC Acquisition, we own 100% of the equity interest in TVPC and no longer record a noncontrolling interest related to TVPC. | ||||||||||||||||||||||||||||||||||
(h) | 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. |
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