Susser Petroleum Partners LP Reports Fourth
Quarter and Full Year 2013 Results
2/26/2014
Investor Call to be Held Today at 10 a.m. ET
HOUSTON, Feb. 26, 2014 /PRNewswire/ -- Susser Petroleum Partners LP (NYSE: SUSP), a wholesale
distributor of motor fuels, today reported financial and operating results for the fourth quarter and full year
ended December 31, 2013.
Net income for the quarter was $9.5 million, or $0.43 per unit, compared to $8.6 million, or $0.39 per unit, in
the fourth quarter of 2012. Adjusted EBITDA
(1)
totaled $14.1 million and distributable cash flow
(1)
was $12.6
million, versus $10.8 million and $9.7 million, respectively, in the prior-year period.
Revenue for the fourth quarter totaled $1.1 billion, a 10.3 percent increase compared to $1.0 billion in the
comparable period of 2012, primarily attributable to a 14.7 percent increase in total fuel gallons sold. In the
fourth quarter of 2013, 64.3 percent of revenues were generated from fuel sales to affiliates, 35.2 percent were
from fuel sales to third-parties, and 0.5 percent came from rental and other income.
Gross profit for the quarter totaled $20.0 million, a 37.2 percent increase compared to gross profit of $14.6
million in the fourth quarter of 2012. The average fuel margin for all gallons sold increased to 3.8 cents per
gallon in the fourth quarter of 2013, compared to 3.5 cents per gallon in the prior-year period.
Affiliate customers as of December 31, 2013 include 662 locations under long-term contract, including 575
Stripes® convenience stores and consignment arrangements at approximately 87 independently operated
convenience stores. Gallons sold to affiliates during the fourth quarter increased 10.0 percent versus the prior-
year period to 269.5 million gallons. Gross profit on fuel sold to affiliates totaled $8.1 million versus $7.3
million in the comparable three-month period in 2012, with the margin per gallon at 3.0 cents in each period.
As of January 31, following the Sac-N-Pac acquisition, SUSP supplied 709 affiliated sites.
Third-party customers of SUSP include approximately 492 independent dealers under long-term fuel supply
agreements, consignment arrangements at 12 independently operated convenience stores and approximately
1,900 commercial customers as of December 31, 2013. Total gallons sold to third parties increased year-over-
year by 24.6 percent to 146.0 million gallons for the quarter, partly reflecting the Gainesville Fuel business that
was contributed to SUSP in September 2013. Gross profit on fuel sold to these third-party customers was $7.6
million, or 5.2 cents per gallon, compared to $5.3 million, or 4.5 cents per gallon, in the prior-year period.
"We are pleased to report solid results for Susser Petroleum Partners for the fourth quarter and full year 2013,
our first full year as a publicly traded partnership," said Rocky B. Dewbre , President and Chief Executive
Officer. "As a result of this strong performance, we were recently able to announce our third consecutive
increase to our quarterly distribution.
"We continued to see robust growth, with a more than 8 percent increase in gallons sold and a 38 percent year-
over-year increase in gross profit for the full year. We now own 38 Stripes stores that are leased back to SUSS,
and expect to continue this drop-down strategy throughout 2014. In addition, we will continue to pursue
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accretive acquisition opportunities such as our recently completed purchase of 3W Warren Fuels, the wholesale
distributor for 67 fueling locations, including the 47 Sac-N-Pac™ stores now owned by SUSS. Additionally,
we may have the opportunity to purchase some of these stores and lease them to SUSS or independent dealers
as SUSS completes its evaluation of the properties over the next six to eighteen months."
FY 2013 Compared to Pro Forma FY 2012
The analysis below compares actual full year 2013 results to pro forma full year 2012 results. The pro forma
results reflect revenues and gross margins as if SUSP had completed its initial public offering and related
transactions and had been operating as an independent entity under its current contractual arrangements with
affiliates since January 1, 2012. The 2012 pro forma results do not reflect the impact of any acquisitions or
other transactions. Please refer to the section below titled, "Factors Affecting Comparability and Explanation of
Pro Forma Results" for additional information.
Revenue for 2013 totaled $4.5 billion, a 3.8 percent increase compared to pro forma revenue of $4.3 billion in
2012. Gross profit totaled $71.0 million, a 25.0 percent increase compared to pro forma gross profit of $56.8
million in the prior year. Total sales of motor fuel to affiliates increased year-over-year by 8.1 percent to 1.1
billion gallons, and sales to third parties increased by 8.9 percent to 517.8 million gallons. The average fuel
margin for all gallons sold increased to 3.7 cents per gallon in 2013 from 3.5 cents per gallon in 2012.
FY 2013 Compared to Reported FY 2012
Full year 2013 revenues increased 4.0 percent to $4.5 billion, primarily driven by an 8.4 percent increase in
total fuel gallons sold, which was partially offset by a 4.0 percent reduction in the average selling price per
gallon. Total gross profit increased by 37.8 percent to $71.0 million, attributed to the increased gallons sold
and a full year of profit mark-up on gallons sold to SUSS.
Total operating expenses for full year 2013 totaled $30.0 million, a $1.9 million increase over 2012
Predecessor total operating expense. This increase was primarily attributed to a $4.8 million increase in
general and administrative expense, consisting primarily of $3.3 million attributable to increased salaries and
related expenses, including stock compensation expense, and $1.0 of professional fees. Partially offsetting this
G&A increase were reductions in other operating and rent expenses of $2.0 million and $2.5 million,
respectively, related to operations at the Predecessor not contributed to the Partnership.
Adjusted EBITDA grew by 63.7 percent from $31.7 million to $51.9 million for full year 2013. Distributable
cash flow for full year 2013 was $47.7 million, which provided 1.18 times coverage on the total distributions
declared for 2013 of $40.4 million, or $1.84 per unit.
Capital Spending and Financing
SUSP completed the acquisition of three Stripes convenience stores during the fourth quarter of 2013 at a total
cost of $11.9 million. So far in the first quarter of 2014, SUSP has acquired five additional Stripes
convenience stores for a total of $19.5 million. These properties are being leased back to SUSS. Including the
Stripes store purchases, SUSP gross capital expenditures for the fourth quarter were $14.5 million, of which
$14.2 million was for growth capital and $0.3 million for maintenance capital.
At year-end, SUSP had borrowings against its revolving line of credit of $156.2 million and other long-term
debt of $29.9 million, of which $26.0 million is collateralized by marketable securities. In December 2013,
SUSP increased its revolving credit facility from $250 million to $400 million while retaining the ability to
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increase it by another $100 million. Availability on our revolving credit facility, after borrowings and letter of
credit commitments, was $233.8 million.
2014 Guidance
SUSP is providing the following initial 2014 full year guidance based on current assumptions and
expectations. Please refer to disclosures below regarding forward-looking statements.
2014 2013
Guidance Actual Results
Motor Fuel Gallons (billions)(a) 1.70 - 1.85 billion 1.57 billion
Fuel Gross Profit Margin (cents/gallon) (a) 3.5 - 4.0 3.7
Total new Stripes stores (c) 27-33 29
New Stripes stores purchased by SUSP (c) 25-33 25
Total new wholesale dealer sites (c) 28-45 32
Maintenance Capex $2.0 - $4.0 million $0.8
Expansion Capex, including Stripes store purchases (b) $125 - $145 million$115.5
(a)Combined affiliated and 3rd party gallons and fuel margin.
(b)Gross expansion capex includes Stripes store purchases. The Company does not provide guidance on potential acquisitions.
(c)
Numbers for both years do not reflect existing retail or wholesale store closures, which are typically lower volume locations than new sites. For 2013, 8 retail
stores were closed and 20 contracted wholesale sites were discontinued. 2014 new store estimates do not include the 47 retail stores and 20 dealer locations
acquired from Sac-N-Pac in January 2014, nor any estimates for drop downs of Sac-N-Pac stores from SUSS.
_______________________
(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.
Quarterly Distribution
SUSP announced on January 29 that the Board of Directors of its general partner approved a quarterly
distribution for the fourth quarter of 2013 of $0.4851 per unit. This amount corresponds to $1.94 per unit on an
annualized basis and represents a 3.5 percent increase compared to the distribution for the previous quarter.
This distribution is 10.9 percent above our minimum quarterly distribution. The total distribution amount of
approximately $10.7 million is being paid from distributable cash flow of $12.6 million for the quarter and
reflects a distribution coverage ratio of 1.19 times.
The distribution will be paid on February 28, 2014 to unitholders of record on February 18, 2014. Immediately
prior to the distribution, there are expected to be 21,955,096 units outstanding, including all of the Partnership's
common and subordinated units.
Factors Affecting Comparability and Explanation of Pro Forma Results
SUSP completed its initial public offering of common units representing limited partner interests on September
25, 2012. Reported results of operations for the twelve-month period ended December 31, 2012 reflect the
results of Susser Petroleum Company LLC, the Partnership's "Predecessor." Prior to September 25, 2012, the
Predecessor did not charge intercompany gross profit on motor fuel sales to Susser Holdings' Stripes
convenience stores. Additionally, not all of the wholesale operations of the Predecessor were contributed to
SUSP, such as consignment location fuel sales and the fuel transportation assets and operations. As a result,
actual operating results are not comparable on a period-to-period basis.
Selected supplemental pro forma information is being provided, which reflects certain SUSP results as if the
current structure and contracts had been in place on January 1, 2012. The pro forma results show actual gallons
sold but reflect revenues and gross margins as if the Partnership had completed its initial public offering and
related transactions and had been operating as an independent entity under its current contractual arrangements
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with affiliates since January 1, 2012. Additional details regarding our pro forma adjustments are included in
the attached tables. Management believes the pro forma presentation provides investors with a more relevant
comparison to historical and future periods as opposed to actual results.
Fourth Quarter Earnings Conference Call
The management teams of SUSP and SUSS will hold a conference call today at 10:00 a.m. ET (9:00 a.m. CT)
to discuss fourth quarter results for both companies. To participate in the call, dial 480-629-9818 10 minutes
early and ask for the Susser conference call. The call will also be accessible live and for later replay via
webcast in the Investor Relations section of Susser Petroleum Partners' website at
www.susserpetroleumpartners.com under Events and Presentations. A telephone replay will be available
through March 5 by calling 303-590-3030 and using the pass code 4665734#.
About Susser Petroleum Partners LP
Houston-based Susser Petroleum Partners LP is a publicly traded partnership formed by Susser Holdings
Corporation to engage in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and
third parties. Susser Petroleum Partners distributes approximately 1.6 billion gallons of motor fuel annually
from major oil companies and independent refiners to Susser Holdings' Stripes® convenience stores,
independently operated consignment locations, convenience stores and retail fuel outlets operated by
independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.
Forward-Looking Statements
This news release contains "forward-looking statements." These statements are based on current plans and
expectations and involve a number of risks and uncertainties that could cause actual results and events to vary
materially, including but not limited to: Susser Holdings' business strategy, operations and conflicts of interest
with us; our ability to renew or renegotiate our long-term distribution contracts with our customers;changes in
the price of and demand for the motor fuel that we distribute; our dependence on two principal suppliers;
competition in the wholesale motor fuel distribution industry; seasonal trends; increased costs; our ability to
make acquisitions; environmental laws and regulations; dangers inherent in the storage of motor fuel; our
reliance on SHC for transportation services; and other unforeseen factors. For a full discussion of these and
other risks and uncertainties, refer to the "Risk Factors" section of the Partnership's most recently filed annual
report on Form 10-K and subsequent quarterly filings. 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.
Financial statements follow
Susser Petroleum Partners LP
Consolidated Statements of Operations and Comprehensive Income
Three Months Ended Twelve Months Ended
December 31,
2012
December 31,
2013
December 31,
2012
December 31,
2013
(dollars in thousands, except unit and per unit amounts)
Revenues:
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Motor fuel sales to third parties $ 331,739 $ 392,937 $ 1,738,096 $ 1,502,786
Motor fuel sales to affiliates 676,286 716,322 2,570,757 2,974,122
Rental income 967 3,335 5,045 10,060
Other income 1,643 1,874 7,514 5,611
Total revenues 1,010,635 1,114,468 4,321,412 4,492,579
Cost of sales:
Motor fuel cost of sales to third parties 326,457 385,296 1,704,804 1,476,479
Motor fuel cost of sales to affiliates 668,976 708,189 2,562,976 2,942,525
Other 591 934 2,130 2,611
Total cost of sales 996,024 1,094,419 4,269,910 4,421,615
Gross profit 14,611 20,049 51,502 70,964
Operating expenses:
General and administrative 3,177 4,937 12,013 16,814
Other operating 503 1,382 5,178 3,187
Rent 269 249 3,527 1,014
Loss on disposal of assets 112 118 341 324
Depreciation, amortization and accretion 1,238 2,597 7,031 8,687
Total operating expenses 5,299 9,283 28,090 30,026
Income from operations 9,312 10,766 23,412 40,938
Interest expense, net (516) (1,101) (809) (3,471)
Income before income taxes 8,796 9,665 22,603 37,467
Income tax expense (220) (142) (5,033) (440)
Net income and comprehensive income $ 8,576 $ 9,523 $ 17,570 $ 37,027
Less: Predecessor income prior to initial public offering on September 25, 2012— 8,420
Limited partners' interest in net income subsequent to initial public offering $ 8,576 $ 9,523 $ 9,150 $ 37,027
Net income per limited partner unit:
Common - basic and diluted $ 0.39 $ 0.43 $ 0.42 $ 1.69
Subordinated - basic and diluted $ 0.39 $ 0.43 $ 0.42 $ 1.69
Weighted average limited partner units outstanding:
Common units - public 10,925,000 10,935,179 10,925,000 10,928,198
Common units - affiliated 14,436 79,308 14,436 36,060
Subordinated units - affiliated 10,939,436 10,939,436 10,939,436 10,939,436
Cash distribution per unit $ 0.44 $ 0.49 $ 0.47 $ 1.84
Susser Petroleum Partners LP
Consolidated Balance Sheets
December 31,
2012
December 31,
2013
(in thousands, except units)
Assets
Current assets:
Cash and cash equivalents $ 6,752 $ 8,150
Accounts receivable, net of allowance for doubtful accounts of $103 at December 31, 2012, and $323 at December 31, 2013 33,008 69,005
Receivables from affiliates 59,543 49,879
Inventories, net 2,981 11,122
Other current assets 821 66
Total current assets 103,105 138,222
Property and equipment, net 68,173 180,127
Other assets:
Marketable securities 148,264 25,952
Goodwill 12,936 22,823
Intangible assets, net 23,131 22,772
Other noncurrent assets 191 188
Total assets $ 355,800 $ 390,084
Liabilities and equity
Current liabilities:
Accounts payable $ 88,884 $ 110,432
Accrued expenses and other current liabilities 1,101 11,427
Current maturities of long-term debt 24 525
Total current liabilities 90,009 122,384
Revolving line of credit 35,590 156,210
Long-term debt 149,241 29,416
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Deferred tax liability, long-term portion 152 222
Other noncurrent liabilities 2,476 2,159
Total liabilities 277,468 310,391
Commitments and contingencies:
Partner's equity:
Limited partners:
Common unitholders - public (10,925,000 units issued and outstanding as of December 31, 2012 and 10,936,352 units issued
and outstanding as of December 31, 2013)
210,462 210,269
Common unitholders - affiliated (14,436 units issued and outstanding as of December 31, 2012 and 79,308 units issued and
outstanding as of December 31, 2013)
(175) 1,562
Subordinated unitholders - affiliated (10,939,436 units issued and outstanding) (131,955) (132,138)
Total equity 78,332 79,693
Total liabilities and equity $ 355,800 $ 390,084
Supplemental Information
The following presentation reflects the revenues and gross profit for SUSP had it completed its initial public
offering and related transactions on January 1, 2012. Specifically, the following schedule gives effect to:
the contribution by Susser Petroleum Company LLC (our "Predecessor") to us of substantially all of the
assets and operations comprising its wholesale motor fuel distribution business (other than its motor fuel
consignment business and transportation assets and substantially all of its accounts receivable and
payable);
the contribution by SUSS and our Predecessor to us of certain convenience store properties;
our entry into a fuel distribution contract with SUSS, which provides (i) a three cent fixed profit margin
on the motor fuel distributed to SUSS for its Stripes® convenience stores, instead of no margin
historically reflected in our Predecessor financial statements and (ii) a three cent fixed profit margin on
all volumes sold to SUSS for its independently operated consignment locations, instead of the variable
and higher margin received by our Predecessor under consignment contracts; and
the elimination of revenues and costs associated with the transportation business that were included in
our Predecessor's results of operations.
As used in the following table, "affiliates" refers to sales to SUSS for its Stripes® convenience stores and
independently operated consignment locations; "third-party" refers to sales to independently operated dealer
supply locations and other commercial customers.
Year Ended December 31,
2012 2013
Pro Forma Actual
Revenues:
Motor fuel sales to third parties (3) $1,467,833 $1,502,786
Motor fuel sales to affiliates 2,853,052 2,974,122
Rental income 3,484 10,060
Other income 5,255 5,611
Total revenue (3) 4,329,624 4,492,579
Gross profit:
Motor fuel sales to third parties 20,957 26,307
Motor fuel to affiliates 29,206 31,597
Rental income 3,484 10,060
Other 3,125 3,000
Total gross profit $56,772 $70,964
Operating Data:
Motor fuel gallons sold:
Third-party dealers and other commercial customers475,507 517,775
Affiliated gallons 974,439 1,053,259
Total gallons sold 1,449,946 1,571,034
Motor fuel gross profit cents per gallon:
Third-party 4.4 ¢ 5.1 ¢
Affiliated 3.0 ¢ 3.0 ¢
Volume-weighted average for all gallons 3.5 ¢ 3.7 ¢
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Key Operating Metrics
The following table sets forth, for the periods indicated, information concerning key measures we rely on to
gauge our operating performance. Historical results include our Predecessor's results of operations. 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.
Three Months Ended Twelve Months Ended
December 31, 2012 December 31, 2013 December 31, 2012 (1) December 31, 2013
(dollars and gallons in thousands, except motor fuel pricing and gross profit per gallon)
Revenues:
Motor fuel sales to third parties (2) (3) $ 331,739 $ 392,937 $ 1,738,096 $ 1,502,786
Motor fuel sales to affiliates (2) 676,286 716,322 2,570,757 2,974,122
Rental income 967 3,335 5,045 10,060
Other income 1,643 1,874 7,514 5,611
Total revenue (3) $ 1,010,635 $ 1,114,468 $ 4,321,412 $ 4,492,579
Gross profit:
Motor fuel gross profit to third parties (2)$ 5,282 $ 7,641 $ 33,292 $ 26,307
Motor fuel gross profit to affiliates (2) 7,310 8,133 7,781 31,597
Rental income 967 3,335 5,045 10,060
Other 1,052 940 5,384 3,000
Total gross profit $ 14,611 $ 20,049 $ 51,502 $ 70,964
Net income $ 8,576 $ 9,523 $ 17,570 $ 37,027
Adjusted EBITDA (4) $ 10,757 $ 14,066 $ 31,695 $ 51,885
Distributable cash flow (4) $ 9,709 $ 12,647 $ 10,457 $ 47,679
Operating Data:
Total motor fuel gallons sold:
Third-party gallons 117,196 146,043 560,191 517,775
Affiliated gallons 244,992 269,544 889,755 1,053,259
Average wholesale selling price per gallon $ 2.78 $ 2.67 $ 2.97 $ 2.85
Motor fuel gross profit cents per gallon (2):
Third-party 4.5 ¢ 5.2 ¢ 5.9 ¢ 5.1 ¢
Affiliated 3.0 ¢ 3.0 ¢ 0.9 ¢ 3.0 ¢
Volume-weighted average for all gallons 3.5 ¢ 3.8 ¢ 2.8 ¢ 3.7 ¢
(1)
Results represent Predecessor activity prior to September 25, 2012 and Partnership activity beginning September 25, 2012. See the disaggregated results in
the table below.
(2)
For the periods presented prior to September 25, 2012, affiliated sales only include sales to Stripes® convenience stores, for which our Predecessor
historically received no margin, and third-party motor fuel sales and gross profit cents per gallon includes the motor fuel sold directly to independently
operated consignment locations, as well as sales to third-party dealers and other commercial customers. Following our IPO on September 25, 2012, we sell
fuel to SUSS for both Stripes® convenience stores and SUSS' independently operated consignment locations at a fixed profit margin of approximately three
cents per gallon. As a result, volumes sold to consignment locations are included in the calculation of third-party motor fuel revenue and gross profit in the
historical operating data prior to September 25, 2012, and in the calculation of affiliated motor fuel gross profit cents per gallon in the historical data
beginning September 25, 2012.
(3)
In 2013, we revised our presentation of fuel taxes on motor fuel sales at our consignment locations to present such fuel taxes gross in motor fuel sales. Prior
years' motor fuel sales have been adjusted to reflect this revision.
(4)
We define EBITDA as net income before net interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA further
adjusts EBITDA to reflect certain other non-recurring and non-cash items. We define distributable cash flow as Adjusted EBITDA less cash interest expense,
cash state franchise tax expense, maintenance capital expenditures, and other non-cash adjustments. Adjusted EBITDA and distributable cash flow are not
financial measures calculated in accordance with GAAP. Distributable cash flow for the year ended December 31, 2012 does not include results related to
our Predecessor prior to September 25, 2012.
We believe EBITDA, Adjusted EBITDA and distributable cash flow are useful to investors in evaluating our
operating performance because:
they are used as performance measures under our revolving credit facility;
securities analysts and other interested parties use such calculations as a measure 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.
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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. EBITDA, Adjusted
EBITDA and distributable cash flow have limitations as analytical tools, and you 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 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 table presents a reconciliation of net income (loss) to EBITDA, Adjusted EBITDA and
distributable cash flow:
Three Months Ended Twelve Months Ended
December 31,
2012
December 31,
2013
December 31, 2012 (1)
December 31,
2013
(in thousands)
Net income $ 8,576 $ 9,523 $ 17,570 $ 37,027
Depreciation, amortization and accretion 1,238 2,597 7,031 8,687
Interest expense, net 516 1,101 809 3,471
Income tax expense 220 142 5,033 440
EBITDA 10,550 13,363 30,443 49,625
Non-cash stock-based compensation 95 586 911 1,936
Loss on disposal of assets and impairment charge112 118 341 324
Adjusted EBITDA $ 10,757 $ 14,067 $ 31,695 $ 51,885
Cash interest expense 421 1,006 3,090
State franchise tax expense (cash) 67 136 302
Maintenance capital expenditures 456 277 814
Distributable cash flow $ 9,813 $ 12,648 $ 47,679
(1)
Distributable cash flow is only calculated subsequent to September 25, 2012. See following table for disaggregation of the twelve months ended December
31, 2012.
The following tables are a summary of our results of operations for the twelve months ended December 31,
2012, disaggregated for the periods proceeding and following our IPO, and a reconciliation of net income to
EBITDA, Adjusted EBITDA and distributable cash flow:
Twelve Months Ended December 31, 2012
Susser Petroleum Company LLC Predecessor Susser Petroleum Partners LP Total
Through September 24, 2012
From
September 25, 2012
(in thousands)
Revenues:
Motor fuel sales to third parties $ 1,381,829 $ 356,267 $1,738,096
Motor fuel sales to affiliates 1,848,655 722,102 2,570,757
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Rental income 4,023 1,022 5,045
Other income 5,764 1,750 7,514
Total revenue 3,240,271 1,081,141 4,321,412
Gross profit:
Motor fuel gross profit to third parties 27,678 5,614 33,292
Motor fuel gross profit to affiliates 6 7,775 7,781
Rental income 4,023 1,022 5,045
Other 4,287 1,097 5,384
Total gross profit 35,994 15,508 51,502
Net income $ 8,420 $ 9,150 $17,570
Adjusted EBITDA $ 20,272 $ 11,423 $31,695
Distributable cash flow $ 10,457
Twelve Months Ended December 31, 2012
Susser Petroleum Company LLC Predecessor Susser Petroleum Partners LP Total
Through September 24, 2012
From
September 25, 2012
(in thousands)
Net income $ 8,420 $ 9,150 $17,570
Depreciation, amortization and accretion 5,735 1,296 7,031
Interest expense, net 269 540 809
Income tax expense 4,809 224 5,033
EBITDA 19,233 11,210 30,443
Non-cash stock-based compensation 810 101 911
Loss on disposal of assets and impairment charge229 112 341
Adjusted EBITDA $ 20,272 11,423 $31,695
Cash interest expense 439
State franchise tax expense (cash) 71
Maintenance capital expenditures 456
Distributable cash flow $ 10,457
Contacts:Susser Petroleum Partners LP
Mary Sullivan, Chief Financial Officer
(832) 234-3600, msullivan@susser.com
Dennard n Lascar Associates, LLC
Anne Pearson, Senior Vice President
(210) 408-6321, apearson@dennardlascar.com
Ben Burnham, Vice President
(773) 599-3745, bburnham@dennardlascar.com
SOURCE Susser Petroleum Partners LP
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