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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-36674 
USD PARTNERS LP
(Exact Name of Registrant as Specified in Its Charter)
Delaware 30-0831007
(State or Other Jurisdiction of Incorporation
or Organization)
 (I.R.S. Employer
Identification No.)
811 Main Street, Suite 2800
Houston, Texas 77002
(Address of Principal Executive Offices) (Zip Code)
(Registrant’s Telephone Number, Including Area Code): (281291-0510
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Units Representing Limited Partner InterestsUSDPNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  
As of November 1, 2021, there were 27,225,104 common units and 461,136 general partner units outstanding.




Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q, or this “Report,” to “USD Partners,” “USDP,” “the Partnership,” “we,” “us,” “our,” or like terms refer to USD Partners LP and its subsidiaries.
Unless the context otherwise requires, all references in this Report to (i) “our general partner” refer to USD Partners GP LLC, a Delaware limited liability company; (ii) “USD” refers to US Development Group, LLC, a Delaware limited liability company, and where the context requires, its subsidiaries; (iii) “USDG” and “our sponsor” refer to USD Group LLC, a Delaware limited liability company and currently the sole direct subsidiary of USD; (iv) “Energy Capital Partners” refers to Energy Capital Partners III, LP and its parallel and co-investment funds and related investment vehicles; and (v) “Goldman Sachs” refers to The Goldman Sachs Group, Inc. and its affiliates.
Cautionary Note Regarding Forward-Looking Statements
This Report includes forward-looking statements, which are statements that frequently use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “projection,” “should,” “strategy,” “target,” “will” and similar words. Although we believe that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Any forward-looking statement made by us in this Report speaks only as of the date on which it is made, and we undertake no obligation to publicly update any forward-looking statement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) the impact of the novel coronavirus (COVID-19) pandemic and related economic downturn and governmental regulations; (2) changes in general economic conditions and commodity prices; (3) the effects of competition, in particular, by pipelines and other terminalling facilities; (4) shut-downs or cutbacks at upstream production facilities, refineries or other related businesses; (5) government regulations regarding oil production, including if the Alberta Government were to resume setting production limits; (6) the supply of, and demand for, terminalling services for crude oil and biofuels; (7) the price and availability of debt and equity financing; (8) actions by third parties, including customers, lenders, construction-related services providers, and our sponsors; (9) hazards and operating risks that may not be covered fully by insurance; (10) disruptions due to equipment interruption or failure at our facilities or third-party facilities on which our business is dependent; (11) natural disasters, weather-related delays, casualty losses and other matters beyond our control; (12) changes in laws or regulations to which we are subject, including compliance with environmental and operational safety regulations, that may increase our costs or limit our operations; and (13) our ability to successfully identify and finance potential acquisitions, development projects and other growth opportunities. For additional factors that may affect our results, see “Risk Factors” and the other information included elsewhere in this Report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which is available to the public over the Internet at the website of the U.S. Securities and Exchange Commission, or SEC, (www.sec.gov) and at our website (www.usdpartners.com).


i


                PART I—FINANCIAL INFORMATION 
Item 1.     Financial Statements
USD PARTNERS LP
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(unaudited; in thousands of US dollars, except per unit amounts)
Revenues
Terminalling services$28,070 $28,905 $87,167 $75,449 
Terminalling services — related party313 1,041 2,527 8,929 
Fleet leases — related party984 984 2,951 2,951 
Fleet services 51 24 152 
Fleet services — related party227 227 682 682 
Freight and other reimbursables170 64 533 750 
Freight and other reimbursables — related party 65  66 
Total revenues29,764 31,337 93,884 88,979 
Operating costs
Subcontracted rail services3,693 2,300 10,357 8,433 
Pipeline fees6,031 5,936 18,475 17,678 
Freight and other reimbursables170 129 533 816 
Operating and maintenance2,538 2,299 7,972 7,944 
Operating and maintenance — related party1,959 2,102 6,150 6,194 
Selling, general and administrative2,596 2,510 8,063 8,310 
Selling, general and administrative — related party1,649 1,735 4,951 5,563 
Goodwill impairment loss   33,589 
Depreciation and amortization5,604 5,430 16,575 16,055 
Total operating costs24,240 22,441 73,076 104,582 
Operating income (loss)5,524 8,896 20,808 (15,603)
Interest expense1,480 2,045 4,806 7,040 
Loss (gain) associated with derivative instruments(110)1,200 (2,468)4,405 
Foreign currency transaction loss (gain)294 (246)192 812 
Other expense (income), net3 (33)(13)(876)
Income (loss) before income taxes
3,857 5,930 18,291 (26,984)
Provision for (benefit from) income taxes49 (307)439 (626)
Net income (loss)$3,808 $6,237 $17,852 $(26,358)
Net income (loss) attributable to limited partner interests$3,744 $6,131 $17,553 $(25,913)
Net income (loss) per common unit (basic and diluted)$0.13 $0.23 $0.65 $(0.98)
Weighted average common units outstanding27,225 26,844 27,161 26,403 
Net income (loss) per subordinated unit (basic and diluted)$ $ $ $(0.04)
Weighted average subordinated units outstanding   382 

The accompanying notes are an integral part of these consolidated financial statements.
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USD PARTNERS LP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
(unaudited; in thousands of US dollars)
Net income (loss)
$3,808 $6,237 $17,852 $(26,358)
Other comprehensive income (loss) — foreign currency translation(924)689 31 (916)
Comprehensive income (loss)
$2,884 $6,926 $17,883 $(27,274)

The accompanying notes are an integral part of these consolidated financial statements.
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USD PARTNERS LP
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20212020
(unaudited; in thousands of US dollars)
Cash flows from operating activities:
Net income (loss)$17,852 $(26,358)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization16,575 16,055 
Loss (gain) associated with derivative instruments(2,468)4,405 
Settlement of derivative contracts(829)(631)
Unit based compensation expense4,274 4,909 
Loss associated with disposal of assets11  
Deferred income taxes(225)(1,263)
Amortization of deferred financing costs622 622 
Goodwill impairment loss 33,589 
Changes in operating assets and liabilities:
Accounts receivable12 892 
Accounts receivable — related party(182)(758)
Prepaid expenses and other assets1,467 (1,303)
Other assets — related party(837)(899)
Accounts payable and accrued expenses684 (609)
Accounts payable and accrued expenses — related party(84)(78)
Deferred revenue and other liabilities768 6,218 
Deferred revenue and other liabilities — related party44 (1,031)
Net cash provided by operating activities37,684 33,760 
Cash flows from investing activities:
Additions of property and equipment(2,345)(395)
Net cash used in investing activities(2,345)(395)
Cash flows from financing activities:
Distributions(9,861)(17,020)
Vested phantom units used for payment of participant taxes(859)(1,789)
Proceeds from long-term debt 12,000 
Repayments of long-term debt(23,000)(23,000)
Net cash used in financing activities(33,720)(29,809)
Effect of exchange rates on cash(135)293 
Net change in cash, cash equivalents and restricted cash1,484 3,849 
Cash, cash equivalents and restricted cash beginning of period
10,994 10,684 
Cash, cash equivalents and restricted cash end of period
$12,478 $14,533 

The accompanying notes are an integral part of these consolidated financial statements.
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USD PARTNERS LP
CONSOLIDATED BALANCE SHEETS
September 30, 2021December 31, 2020
(unaudited; in thousands of US dollars, except unit amounts)
ASSETS
Current assets
Cash and cash equivalents$4,392 $3,040 
Restricted cash8,086 7,954 
Accounts receivable, net4,043 4,049 
Accounts receivable — related party2,658 2,460 
Prepaid expenses2,609 1,959 
Other current assets129 1,777 
Other current assets — related party259 15 
Total current assets22,176 21,254 
Property and equipment, net135,243 139,841 
Intangible assets, net52,037 61,492 
Operating lease right-of-use assets7,047 9,630 
Other non-current assets3,876 3,625 
Other non-current assets — related party2,290 1,706 
Total assets$222,669 $237,548 
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities
Accounts payable and accrued expenses$2,566 $1,865 
Accounts payable and accrued expenses — related party299 383 
Deferred revenue5,569 6,367 
Deferred revenue — related party410 410 
Operating lease liabilities, current5,180 5,291 
Other current liabilities6,963 4,222 
Other current liabilities — related party28  
Total current liabilities21,015 18,538 
Long-term debt, net173,102 195,480 
Operating lease liabilities, non-current1,823 4,392 
Other non-current liabilities9,303 12,870 
Other non-current liabilities — related party16  
Total liabilities205,259 231,280 
Commitments and contingencies
Partners’ capital
Common units (27,225,104 and 26,844,715 outstanding at September 30, 2021 and December 31, 2020, respectively)
14,806 3,829 
General partner units (461,136 outstanding at September 30, 2021 and December 31, 2020)
2,026 1,892 
Accumulated other comprehensive income578 547 
Total partners’ capital17,410 6,268 
Total liabilities and partners’ capital$222,669 $237,548 

The accompanying notes are an integral part of these consolidated financial statements.
4



USD PARTNERS LP
THREE MONTHS CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
Three Months Ended September 30,
20212020
UnitsAmountUnitsAmount
(unaudited; in thousands of US dollars, except unit amounts)
Common units
Beginning balance at July 1,
27,224,441 $13,100 26,843,674 $(5,670)
Common units issued for vested phantom units663 (2)663 (1)
Net income— 3,744 — 6,131 
Unit based compensation expense— 1,283 — 1,599 
Distributions— (3,319)— (3,129)
Ending balance at September 30,
27,225,104 14,806 26,844,337 (1,070)
Subordinated units
Beginning balance at July 1,
    
Net income—  —  
Distributions—  —  
Ending balance at September 30,
    
General Partner units
Beginning balance at July 1,
461,136 2,018 461,136 1,784 
Net income— 64 — 106 
Distributions— (56)— (54)
Ending balance at September 30,
461,136 2,026 461,136 1,836 
Accumulated other comprehensive income (loss)
Beginning balance at July 1,
1,502 (1,732)
Cumulative translation adjustment(924)689 
Ending balance at September 30,
578 (1,043)
Total partners’ capital at September 30,
$17,410 $(277)
The accompanying notes are an integral part of these consolidated financial statements.
5



USD PARTNERS LP
NINE MONTHS CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL
Nine Months Ended September 30,
20212020
UnitsAmountUnitsAmount
(unaudited; in thousands of US dollars, except unit amounts)
Common units
Beginning balance at January 1,26,844,715 $3,829 24,411,892 $61,013 
Conversion of units  2,092,709 (23,423)
Common units issued for vested phantom units380,389 (859)339,736 (1,789)
Net income (loss)— 17,553 — (25,898)
Unit based compensation expense— 3,979 — 4,749 
Distributions— (9,696)— (15,722)
Ending balance at September 30,
27,225,104 14,806 26,844,337 (1,070)
Subordinated units
Beginning balance at January 1,  2,092,709 (22,597)
Conversion of units  (2,092,709)23,423 
Net income (loss)—  — (15)
Distributions—  — (811)
Ending balance at September 30,
    
General Partner units
Beginning balance at January 1,461,136 1,892 461,136 2,767 
Net income (loss)— 299 — (445)
Unit based compensation expense—  — 1 
Distributions— (165)— (487)
Ending balance at September 30,
461,136 2,026 461,136 1,836 
Accumulated other comprehensive income (loss)
Beginning balance at January 1,547 (127)
Cumulative translation adjustment31 (916)
Ending balance at September 30,
578 (1,043)
Total partners’ capital at September 30,
$17,410 $(277)

The accompanying notes are an integral part of these consolidated financial statements.
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USD PARTNERS LP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION
USD Partners LP and its consolidated subsidiaries, collectively referred to herein as we, us, our, the Partnership and USDP, is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC, or USD, through its wholly-owned subsidiary, USD Group LLC, or USDG. We were formed to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. We generate substantially all of our operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. Our network of crude oil terminals facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. Our operations include railcar loading and unloading, storage and blending in onsite tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. We also provide our customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons by rail. We do not generally take ownership of the products that we handle, nor do we receive any payments from our customers based on the value of such products. We may on occasion enter into buy-sell arrangements in which we take temporary title to commodities while in our terminals. We expect such arrangements to be at fixed prices where we do not take commodity price exposure.
A substantial amount of the operating cash flows related to the terminalling services that we provide are generated from take-or-pay contracts with minimum monthly commitment fees and, as a result, are not directly related to actual throughput volumes at our crude oil terminals. Throughput volumes at our terminals are primarily influenced by the difference in price between Western Canadian Select, or WCS, and other grades of crude oil, commonly referred to as spreads, rather than absolute price levels. WCS spreads are influenced by several market factors, including the availability of supplies relative to the level of demand from refiners and other end users, the price and availability of alternative grades of crude oil, the availability of takeaway capacity, as well as transportation costs from supply areas to demand centers.
Basis of Presentation
Our accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP, for interim consolidated financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by GAAP for complete consolidated financial statements. In the opinion of our management, they contain all adjustments, consisting only of normal recurring adjustments, which our management considers necessary to present fairly our financial position as of September 30, 2021, our results of operations for the three and nine months ended September 30, 2021 and 2020, and our cash flows for the nine months ended September 30, 2021 and 2020. We derived our consolidated balance sheet as of December 31, 2020 from the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Our results of operations for the three and nine months ended September 30, 2021 and 2020 should not be taken as indicative of the results to be expected for the full year due to fluctuations in the supply of and demand for crude oil and biofuels, timing and completion of acquisitions, if any, changes in the fair market value of our derivative instruments and the impact of fluctuations in foreign currency exchange rates. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto presented in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
COVID-19 Update
During 2020, the COVID-19 pandemic adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. As a result, beginning in March 2020, there was significant reductions in demand for crude oil, natural gas and natural gas liquids, which led to a decline in commodity prices. This drove Canadian producers to curtail production, which in turn resulted in lower crude oil supply levels and led

7


to lower throughput volume through our facilities. However, the decline in throughput volumes at our facilities did not have a material impact on our results of operations or cash flows during 2020, as a substantial amount of our terminalling services operating cash flows are generated from take-or-pay contracts with minimum monthly commitment fees with mainly investment grade customers. While production has generally returned to pre-COVID levels, there still remains significant uncertainty given the unprecedented and evolving nature of the COVID-19 pandemic and the state of the commodity markets. As such, we will continue to actively monitor their impact on our operations and financial condition.
Foreign Currency Translation
We conduct a substantial portion of our operations in Canada, which we account for in the local currency, the Canadian dollar. We translate most Canadian dollar denominated balance sheet accounts into our reporting currency, the U.S. dollar, at the end of period exchange rate, while most accounts in our statement of operations accounts are translated into our reporting currency based on the average exchange rate for each monthly period. Fluctuations in the exchange rates between the Canadian dollar and the U.S. dollar can create variability in the amounts we translate and report in U.S. dollars.
Within these consolidated financial statements, we denote amounts denominated in Canadian dollars with “C$” immediately prior to the stated amount.
US Development Group, LLC
USD and its affiliates are engaged in designing, developing, owning and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD is the indirect owner of our general partner through its direct ownership of USDG and is currently owned by Energy Capital Partners, Goldman Sachs and certain of USD’s management team.

2. RECENT ACCOUNTING PRONOUNCEMENTS
Recently Adopted Accounting Pronouncements
Income Taxes (ASU 2019-12)
In December 2019, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2019-12, or ASU 2019-12, which amends the FASB Accounting Standards Codification, or ASC, Topic 740, by removing certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. In addition, under the provisions of ASU 2019-12, single-member limited liability companies and similar disregarded entities that are not subject to income tax are not required to recognize an allocation of consolidated income tax expense in their separate financial statements, but they could elect to do so. The pronouncement is effective for fiscal years beginning after December 15, 2020, or for any interim periods within those fiscal years, with early adoption permitted.
We adopted the provisions of ASU 2019-12 on January 1, 2021. Our adoption of this standard did not have an impact on our financial statements.

3. NET INCOME (LOSS) PER LIMITED PARTNER INTEREST
We allocate our net income or loss among our general partner and limited partners using the two-class method in accordance with applicable authoritative accounting guidance. Under the two-class method, we allocate our net income or loss and any net income or loss in excess of distributions to our limited partners, our general partner and the holder of the incentive distribution rights, or IDRs, according to the distribution formula for available cash as set forth in our partnership agreement. We allocate any distributions in excess of earnings for the period to our limited partners and general partner based on their respective proportionate ownership interests in us, as set forth in our partnership agreement after taking into account distributions to be paid with respect to the IDRs.

8


The formula for distributing available cash as set forth in our partnership agreement is as follows:
Distribution TargetsPortion of Quarterly
Distribution Per Unit
Percentage Distributed to Limited Partners
Percentage Distributed to
General Partner
(including IDRs) (1)
Minimum Quarterly Distribution
Up to $0.2875
98%2%
First Target Distribution
> $0.2875 to $0.330625
98%2%
Second Target Distribution
> $0.330625 to $0.359375
85%15%
Third Target Distribution
> $0.359375 to $0.431250
75%25%
Thereafter
Amounts above $0.431250
50%50%
    
(1)Calculated as if our general partner holds the original 2% general partner interest in us, which is currently 1.7%.
We determined basic and diluted net income (loss) per limited partner unit as set forth in the following tables:
For the Three Months Ended September 30, 2021
Common
Units
Subordinated
Units (7)
General
Partner
Units
Total
(in thousands, except per unit amounts)
Net income attributable to general and limited partner interests in USD Partners LP (1)
$3,744 $ $64 $3,808 
Less: Distributable earnings (2)
3,387  58 3,445 
Excess net income$357 $ $6 $363 
Weighted average units outstanding (3)
27,225  461 27,686 
Distributable earnings per unit (4)
$0.12 $ 
Underdistributed earnings per unit (5)
0.01  
Net income per limited partner unit (basic and diluted) (6)
$0.13 $ 
    
(1)Represents net income allocated to each class of units based on the actual ownership of the Partnership during the period. There were no amounts attributed to the general partner for its incentive distribution rights.
(2)Represents the distributions payable for the period based upon the quarterly distribution amounts of $0.1185 per unit or $0.474 per unit on an annualized basis. Amounts presented for each class of units include a proportionate amount of the $164 thousand distributable to holders of the Equity classified Phantom Units pursuant to the distribution equivalent rights granted under the USD Partners LP 2014 Amended and Restated Long-Term Incentive Plan.
(3)Represents the weighted average units outstanding for the period.
(4)Represents the total distributable earnings divided by the weighted average number of units outstanding for the period.
(5)Represents the additional amount per unit necessary to distribute the excess net income for the period among our limited partners and our general partners according to the distribution formula for available cash as set forth in our partnership agreement.
(6)Our computation of net income per limited partner unit excludes the effects of 1,409,713 equity-classified phantom unit awards outstanding as they were anti-dilutive for the period presented.
(7)In February 2020, the final tranche of 2,092,709 subordinated units were converted into common units and therefore there were no subordinated units outstanding during 2021. Refer to Note 16. Partners' Capital for more information.

9


For the Three Months Ended September 30, 2020
Common
Units
Subordinated
Units (7)
General
Partner
Units
Total
(in thousands, except per unit amounts)
Net income attributable to general and limited partner interests in USD Partners LP (1)
$6,131 $ $106 $6,237 
Less: Distributable earnings (2)
3,129  54 3,183 
Excess net income$3,002 $ $52 $3,054 
Weighted average units outstanding (3)
26,844  461 27,305 
Distributable earnings per unit (4)
$0.12 $ 
Underdistributed earnings per unit (5)
0.11  
Net income per limited partner unit (basic and diluted) (6)
$0.23 $ 
    
(1)Represents net income allocated to each class of units based on the actual ownership of the Partnership during the period. There were no amounts attributed to the general partner for its incentive distribution rights.
(2)Represents the distributions paid for the period based upon the quarterly distribution amount of $0.111 per unit or $0.444 per unit on an annualized basis. Amounts presented for each class of units include a proportionate amount of the $152 thousand distributable to holders of the Equity classified Phantom Units pursuant to the distribution equivalent rights granted under the USD Partners LP 2014 Amended and Restated Long-Term Incentive Plan.
(3)Represents the weighted average units outstanding for the period.
(4)Represents the total distributable earnings divided by the weighted average number of units outstanding for the period.
(5)Represents the additional amount per unit necessary to distribute the excess net income for the period among our limited partners and our general partners according to the distribution formula for available cash as set forth in our partnership agreement.
(6)Our computation of net income per limited partner unit excludes the effects of 1,366,355 equity-classified phantom unit awards outstanding as they were anti-dilutive for the period presented.
(7)In February 2020, the final tranche of 2,092,709 subordinated units were converted into common units. Refer to Note 16. Partners' Capital for more information.
For the Nine Months Ended September 30, 2021
Common
Units
Subordinated
Units (7)
General
Partner
Units
Total
(in thousands, except per unit amounts)
Net income attributable to general and limited partner interests in USD Partners LP (1)
$17,553 $ $299 $17,852 
Less: Distributable earnings (2)
9,955  168 10,123 
Excess net income$7,598 $ $131 $7,729 
Weighted average units outstanding (3)
27,161  461 27,622 
Distributable earnings per unit (4)
$0.37 $ 
Underdistributed earnings per unit (5)
0.28  
Net income per limited partner unit (basic and diluted) (6)
$0.65 $ 
    
(1)Represents net income allocated to each class of units based on the actual ownership of the Partnership during the period. There were no amounts attributed to the general partner for its incentive distribution rights.
(2)Represents the per unit distribution paid of $0.1135 per unit for the three months ended March 31, 2021, the per unit distribution paid of $0.116 per unit for the three months ended June 30, 2021, and $0.1185 distributable for the three months ended September 30, 2021, representing a year-to-date distribution of $0.348 per unit. Amounts presented for each class of units include a proportionate amount of the $325 thousand distributed and $164 thousand distributable to holders of the Equity classified Phantom Units pursuant to the distribution equivalent rights granted under the USD Partners LP 2014 Amended and Restated Long-Term Incentive Plan.
(3)Represents the weighted average units outstanding for the period.
(4)Represents the total distributable earnings divided by the weighted average number of units outstanding for the period.
(5)Represents the additional amount per unit necessary to distribute the excess net income for the period among our limited partners and our general partners according to the distribution formula for available cash as set forth in our partnership agreement.
(6)Our computation of net income per limited partner unit excludes the effects of $1,409,713 equity-classified phantom unit awards outstanding as they were anti-dilutive for the period presented.
(7)In February 2020, the final tranche of 2,092,709 subordinated units were converted into common units and therefore there were no subordinated units outstanding during 2021. Refer to Note 16. Partners' Capital for more information.

10


For the Nine Months Ended September 30, 2020
Common
Units
Subordinated
Units (7)
General
Partner
Units
Total
(in thousands, except per unit amounts)
Net loss attributable to general and limited partner interests in USD Partners LP (1)
$(25,898)$(15)$(445)$(26,358)
Less: Distributable earnings (2)
9,386  162 9,548 
Distributions in excess of earnings$(35,284)$(15)$(607)$(35,906)
Weighted average units outstanding (3)
26,403 382 461 27,246 
Distributable earnings per unit (4)
$0.36 $ 
Overdistributed earnings per unit (5)
(1.34)(0.04)
Net loss per limited partner unit (basic and diluted)(6)
$(0.98)$(0.04)
    
(1)Represents net loss allocated to each class of units based on the actual ownership of the Partnership during the period. There were no amounts attributed to the general partner for its incentive distribution rights.
(2)Represents the per unit distribution paid of $0.111 per unit for the three months ended March 31, 2020 and June 30, 2020, and $0.111 per unit distributed for the three months ended September 30, 2020, representing a year-to-date distribution of $0.333 per unit. Amounts presented for each class of units include a proportionate amount of the $456 thousand distributed to holders of the Equity-classified Phantom Units pursuant to the distribution equivalent rights granted under the USD Partners LP 2014 Amended and Restated Long-Term Incentive Plan.
(3)Represents the weighted average units outstanding for the period.
(4)Represents the total distributable earnings divided by the weighted average number of units outstanding for the period.
(5)Represents the distributions in excess of earnings divided by the weighted average number of units outstanding for the period.
(6)Our computation of net loss per limited partner unit excludes the effects of 1,366,355 equity-classified phantom unit awards outstanding as they were anti-dilutive for the period presented.
(7)In February 2020, the final tranche of 2,092,709 subordinated units were converted into common units. Refer to Note 16. Partners' Capital for more information.
4. REVENUES
Disaggregated Revenues
We manage our business in two reportable segments: Terminalling services and Fleet services. Our segments offer different services and are managed accordingly. Our chief operating decision maker, or CODM, regularly reviews financial information about both segments in order to allocate resources and evaluate performance. As such, we have concluded that disaggregating revenue by reporting segments appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 14. Segment Reporting for our disaggregated revenues by segment. Additionally, the below tables summarize the geographic data for our revenues:
Three Months Ended September 30, 2021
U.S.CanadaTotal
(in thousands)
Third party
$7,814 $20,426 $28,240 
Related party
$1,524 $ $