Susser Petroleum Partners LP Reports Fourth
Quarter 2012 Results
2/27/2013
HOUSTON, Feb. 27, 2013 /PRNewswire/ -- Susser Petroleum Partners LP (NYSE: SUSP), a wholesale
distributor of motor fuels, today reported financial and operating results for the fourth quarter ended December
31, 2012.
Net income for the quarter was $8.6 million, or $0.39 per unit. Adjusted EBITDA
(1)
totaled $10.8 million and
distributable CASH flow
(1)
was $9.8 million. Total revenue for the quarter of $1,008.6 million increased by
4.5% over the prior year, primarily attributable to a 4.1% increase in total motor fuel gallons sold to 362.2
million.
Total gallons of motor fuel sold for the full year 2012 were 1.4 billion, up 10.5% from 2011. Net income
reported for the full year was $17.6 million, which includes results of Susser Petroleum Company LLC
(Predecessor) prior to the initial public offering of Susser Petroleum Partners LP (SUSP or the Partnership) and
commencement of operations on September 25, 2012. For the 98-day period subsequent to the Partnership's
IPO, net income was $9.2 million, or $0.42 per unit, and Adjusted EBITDA was $11.4 million. SUSP is
providing selected supplemental information below to show comparable period-over-period results on a pro-
forma basis.
"We are pleased with the solid results of our first full quarter as a publicly TRADED partnership," said Sam L.
Susser , Chairman and Chief Executive Officer. "During the fourth quarter, we paid out our first distribution,
which reflected the six-day period we were in operations during the third quarter. We recently declared our
first full quarterly distribution of $0.4375 per unit, payable on March 1.
"We are executing on our planned drop-down strategy, having completed the purchase and lease-back of 11
Stripes® convenience stores to date, including three in 2013," Susser added. "We expect to complete the next
four transactions by the end of April, and are currently planning to purchase the majority of new Stripes stores
as they are completed for the balance of 2013."
Fourth Quarter 2012 Compared to Pro Forma Fourth Quarter 2011
The analysis below compares actual fourth quarter 2012 results to pro forma fourth quarter 2011 results. The
pro forma results 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 with affiliates since January 1, 2011. Please refer to the section below titled, "Factors Affecting
Comparability and Explanation of Pro Forma Results" for additional information.
Revenue for the fourth quarter totaled $1,008.6 million, a 4.1 percent increase compared to $968.8 million (pro
forma) in the comparable period of 2011. In the fourth quarter of 2012, 67.1 percent of revenues were
generated from motor fuel sales to affiliates, 32.7 percent were from motor fuel sales to other third-parties, and
0.2 percent came from rental and other income.
Gross PROFIT for the quarter totaled $14.6 million, a 13.8 percent increase compared to pro forma gross
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PROFIT of $12.8 million in the fourth quarter of 2011. On a weighted average basis, fuel margin for all
gallons sold increased to 3.5 cents per gallon in the fourth quarter of 2012 compared to pro forma 3.3 cents per
gallon in the prior-year period.
Affiliate customers as of December 31, 2012 include 559 Stripes® convenience stores operated by our parent
company (Susser Holdings Corporation or SUSS), as well as SUSS' sales of motor fuel under consignment
arrangements at approximately 90 independently operated convenience stores. Motor fuel gallons sold to
affiliates during the fourth quarter increased 5.4 percent versus the prior-year period to 245.0 million gallons.
Gross PROFIT on motor fuel sold to affiliates totaled $7.3 million versus pro forma $7.0 million in the
comparable three-month period last year, with the margin per gallon at 3.0 cents in each period.
Third-party customers of SUSP include over 485 independent dealers under long-term fuel supply agreements
and over 1,600 commercial customers as of December 31, 2012. Total gallons of motor fuel sold to third
parties increased year-over-year by 1.6 percent to 117.2 million gallons for the quarter. Gross PROFIT on
motor fuel sold to these third-party customers was $5.3 million or 4.5 cents per gallon, compared to $4.3
million, or 3.8 cents per gallon, in the prior-year period on a pro forma basis.
Full-Year Pro Forma Comparison
Pro forma revenue for 2012 totaled $4,285.6 million, an 11.9 percent increase compared to $3,829.8 million in
2011. Pro forma gross PROFIT for the year totaled $56.8 million, a 12.8 percent increase compared to $50.3
million in the prior year. On a weighted average basis, pro forma fuel margin for all gallons sold increased to
3.5 cents per gallon in 2012 from 3.4 cents per gallon in 2011.
CAPITAL Spending and Financing
SUSP completed the acquisition of eight Stripes convenience stores during the fourth quarter of 2012 for a total
of $29.0 million. So far in the first quarter of 2013, SUSP has acquired three additional Stripes convenience
stores for a total of $10.9 million.
Including the Stripes store purchases, SUSP gross capital expenditures for the fourth quarter were $34.2
million, of which $33.7 million was for growth capital and $0.5 million for maintenance capital. At year-end,
SUSP had borrowings against its revolving line of credit of $35.6 million and other long-term debt of $149.3
million, of which $148.3 million is collateralized by marketable securities.
2013 Guidance
SUSP's management team is providing the following guidance for 2013 based on current assumptions and
expectations. Please refer to disclosures below regarding forward-looking statements.
FY 2013
Guidance
Motor Fuel Gallons (billions) (a) 1.45 - 1.60
Fuel Margin (cents/gallon) (a) 3.3 - 3.5
New Stripes stores expected to be purchased by SUSP (b) 25 - 35
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New Wholesale dealer and consignment sites (c) 25 - 40
Maintenance Capital Spending (millions) $1 - $3
Expansion Capital Spending (millions) (d) $95-$135
(a) Includes affiliated and third-party gallons.
(b) Based on Susser Holdings Corporation guidance of 29 - 35 new Stripes stores
to be built in 2013.
(c) Does not reflect existing wholesale store closures, which are typically
lower volume locations than new sites.
(d) Expansion capital includes potential Stripes store purchases. The
Partnership does not provide guidance on potential acquisitions.
(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.
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 12-month period ending December 31, 2012 include the results
of the Partnership's Predecessor up to September 25, 2012, at which time SUSP assumed operations. 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, 2011. 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
with affiliates since January 1, 2011. Additional detail 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 480-629-9645 10 minutes
prior to the call 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' web site at
www.susserpetroleumpartners.com under Events and Presentations. A telephone replay will be available
through March 6 by calling 303-590-3030 and using the pass code 4592719#.
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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 over 1.4 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 Prospectus filed with the
Securities and Exchange Commission on September 21, 2012. 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
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, 2011. 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.
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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.
Pro Forma Pro Forma
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December31,
2011 2012 2011
2012
(dollars and gallons in thousands, except motor fuel pricing
and gross profit per gallon)
Revenues:
Motor fuel sales $ 322,191 $ 329,664 $ 1,216,896 $ 1,423,762
to third parties
Motor fuel sales 644,530 676,286 2,605,050 2,853,052
to affiliates
Rental income 848 967 3,304 3,484
Other income 1,255 1,643 4,596 5,255
Total revenue 968,824 1,008,560 3,829,846 4,285,553
Gross profit:
Motor fuel sales 4,331 5,282 17,579 20,957
to third parties
Motor fuel to 6,973 7,310 26,956 29,206
affiliates
Rental income 848 967 3,304 3,484
Other 685 1,052 2,474 3,125
Total gross $ 12,837 $ 14,611 $ 50,313 $ 56,772
profit
Operating Data:
Motor fuel
gallons sold:
Third-party
dealers and other 115,335 117,196 413,888 475,507
commercial
customers
Affiliated 232,433 244,992 898,522 974,439
gallons
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Total gallons 347,768 362,188 1,312,410 1,449,946
sold
Motor fuel gross
profit cents per
gallon:
Third-party 3.8¢ 4.5¢ 4.2¢ 4.4¢
Affiliated 3.0¢ 3.0¢ 3.0¢ 3.0¢
Volume-weighted
average for all 3.3¢ 3.5¢ 3.4¢ 3.5¢
gallons
Susser Petroleum Partners LP
Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2011 2012 2011
2012 (1)
Predecessor Predecessor
(dollars in thousands, except unit and per unit amounts)
Revenues:
Motor fuel sales to $ 403,512 $ 329,664 $ 1,549,143 $ 1,694,025
third parties
Motor fuel sales to 558,582 676,286 2,257,788 2,570,757
affiliates
Rental income 1,366 967 5,467 5,045
Other income 1,979 1,643 7,980 7,514
Total revenues 965,439 1,008,560 3,820,378 4,277,341
Cost of sales:
Motor fuel cost of 396,073 324,382 1,517,926 1,660,733
sales to third parties
Motor fuel cost of 558,582 668,976 2,257,788 2,562,976
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sales to affiliates
Other 320 591 1,641 2,130
Total cost of sales 954,975 993,949 3,777,355 4,225,839
Gross profit 10,464 14,611 43,023 51,502
Operating expenses:
General and 2,860 3,177 10,559 12,013
administrative
Other operating 1,065 503 4,870 5,178
Rent 1,051 269 4,322 3,527
Loss on disposal of 8 112 221 341
assets
Depreciation,
amortization and 2,127 1,238 6,090 7,031
accretion
Total operating 7,111 5,299 26,062 28,090
expenses
Income from operations 3,353 9,312 16,961 23,412
Interest expense, net (78) (516) (324) (809)
Income before income 3,275 8,796 16,637 22,603
taxes
Income tax expense (1,201) (220) (6,039) (5,033)
Net income and $ 2,074 $ 8,576 $ 10,598 $ 17,570
comprehensive income
Less: Predecessor
income prior to initial — 8,420
public offering on
September 25, 2012
Limited partners'
interest in net income $ 8,576 $ 9,150
subsequent to initial
public offering
Net income per limited
partner unit:
Common (basic and $ 0.39 $ 0.42
diluted)
Subordinated (basic and $ 0.39 $ 0.42
diluted)
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Limited partner units
outstanding:
Common units - public 10,925,000 10,925,000
Common units - 14,436 14,436
affiliated
Subordinated units - 10,939,436 10,939,436
affiliated
Cash distribution per $ 0.44 $ 0.47
unit
(1) Our results for the twelve months ended December 31, 2012 include the results of our Predecessor through
September 24, 2012, and the Partnership for the 98-day period from September 25, 2012 to December 31,
2012. See the table following these financials for a disaggregation of results between our Predecessor and the
Partnership.
Susser Petroleum Partners LP
Consolidated Balance Sheets
December 31, 2011 December 31, 2012
Predecessor
(in thousands except units)
Assets
Current assets:
Cash and cash equivalents $ 240 $ 6,752
Accounts receivable, net of allowance for
doubtful accounts of $167 at December 31, 31,760 33,008
2011, and $103 at December 31, 2012
Receivables from affiliates 106,553 59,543
Inventories, net 7,023 2,981
Other current assets 1,836 821
Total current assets 147,412 103,105
Property and equipment, net 39,049 68,173
Other assets:
Marketable securities — 148,264
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Goodwill 20,661 12,936
Intangible assets, net 23,309 23,131
Other noncurrent assets 885 191
Total assets $ 231,316 $ 355,800
Liabilities and unitholder's equity
Current liabilities:
Accounts payable $ 98,316 $ 88,884
Accrued expenses and other current 8,010 1,101
liabilities
Current maturities of long-term debt 22 24
Total current liabilities 106,348 90,009
Revolving line of credit — 35,590
Long-term debt 1,098 149,241
Deferred tax liability, long-term portion 2,595 152
Other noncurrent liabilities 5,462 2,476
Total liabilities 115,503 277,468
Commitments and contingencies:
Unitholders' equity:
Susser Petroleum Partners LP unitholders'
equity:
Predecessor equity 115,813 —
Common unitholders - public (10,925,000 — 210,462
units issued and outstanding)
Common unitholders - affiliated (14,436 — (177)
units issued and outstanding)
Subordinated unitholders - affiliated — (131,953)
(10,939,436 units issued and outstanding)
Total unitholders' equity 115,813 78,332
Total liabilities and unitholders' equity $ 231,316 $ 355,800
Key Operating Metrics
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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. See table
below for a disaggregation of results between our Predecessor (prior to September 25, 2012) and the
Partnership (beginning September 25, 2012). 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, December 31, December 31, December 31,
2011 2012 2011 2012
Predecessor Predecessor
(dollars and gallons in thousands, except motor fuel pricing and
gross profit per gallon)
Revenues:
Motor fuel
sales to third $ 403,512 $ 329,664 $ 1,549,143 $ 1,694,025
parties (1)
Motor fuel
sales to 558,582 676,286 2,257,788 2,570,757
affiliates (1)
Rental income 1,366 967 5,467 5,045
Other income 1,979 1,643 7,980 7,514
Total revenue $ 965,439 $ 1,008,560 $ 3,820,378 $ 4,277,341
Gross profit:
Motor fuel
gross profit to $ 7,439 $ 5,282 $ 31,217 $ 33,292
third parties
(1)
Motor fuel
gross profit to — 7,310 — 7,781
affiliates (1)
Rental income 1,366 967 5,467 5,045
Other 1,659 1,052 6,339 5,384
Total gross $ 10,464 $ 14,611 $ 43,023 $ 51,502
profit
Net income $ 2,074 $ 8,576 $ 10,598 $ 17,570
Adjusted EBITDA $ 5,608 $ 10,757 $ 23,979 $ 31,695
(3)
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Distributable $ 9,813 $ 10,457
cash flow (3)
Capital
expenditures, $ 12,789 $ 33,585 $ 19,153 $ 42,685
net (2)
Operating Data:
Total motor
fuel gallons
sold:
Third-party
dealers and
other 143,804 117,196 522,832 560,191
commercial
customers
Affiliated 203,963 244,992 789,578 889,755
gallons
Average
wholesale $ 2.77 $ 2.78 $ 2.90 $ 2.94
selling price
per gallon
Motor fuel
gross profit
cents per
gallon (1):
Third-party 5.2¢ 4.5¢ 6.0¢ 5.9¢
Affiliated 0.0¢ 3.0¢ 0.0¢ 0.9¢
Volume-weighted
average for all 2.1¢ 3.5¢ 2.4¢ 2.8¢
gallons
(1) 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 the IPO 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 gross profit cents per gallon 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.
(2) Net capital expenditures include acquisitions and purchase of intangibles assets, less proceeds from asset
dispositions.
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(3) 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.
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, December 31, December 31, Total
2011 2012 2011
Predecessor Predecessor
(in thousands)
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Net income $ 2,074 $ 8,576 $ 10,598 $ 17,570
Depreciation,
amortization and 2,127 1,238 6,090 7,031
accretion
Interest expense, net 78 516 324 809
Income tax expense 1,201 220 6,039 5,033
EBITDA 5,480 10,550 23,051 30,443
Non-cash stock-based 120 95 707 911
compensation
Loss on disposal of
assets and impairment 8 112 221 341
charge
Adjusted EBITDA $ 5,608 $ 10,757 $ 23,979 $ 31,695
Cash interest expense 421
State franchise tax 67
expense (cash)
Maintenance capital 456
expenditures
Distributable cash flow $ 9,813
(1)
(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 table is a summary of our results of operations for the twelve months ended December 31, 2012,
disaggregated for the periods proceeding and following our IPO:
Twelve Months Ended December 31, 2012
Susser Petroleum Company Susser Petroleum Total
LLC Predecessor Partners LP
Through September 24, 2012 From
September 25, 2012
(in thousands)
Revenues:
Motor fuel
sales to third $ 1,339,980 $ 354,045 $ 1,694,025
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parties
Motor fuel
sales to 1,848,655 722,102 2,570,757
affiliates
Rental income 4,023 1,022 5,045
Other income 5,764 1,750 7,514
Total revenue 3,198,422 1,078,919 4,277,341
Gross profit:
Motor fuel
gross profit 27,678 5,614 33,292
to third
parties
Motor fuel
gross profit 6 7,775 7,781
to affiliates
Rental income 4,023 1,022 5,045
Other 4,287 1,097 5,384
Total gross 35,994 15,508 51,502
profit
Net income $ 8,420 $ 9,150 $ 17,570
Adjusted $ 20,272 $ 11,423 $ 31,695
EBITDA(1)
Distributable $ 10,457
cash flow (1)
(1) Reconciliation of net income to EBITDA, Adjusted EBITDA and distributable cash flow:
Twelve Months Ended December 31, 2012
Susser Petroleum Company Susser Petroleum Partners Total
LLC Predecessor LP
Through September 24, From
2012 September 25, 2012
(in thousands)
Net income $ 8,420 $ 9,150 $ 17,570
Depreciation,
amortization and 5,735 1,296 7,031
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accretion
Interest 269 540 809
expense, net
Income tax 4,809 224 5,033
expense
EBITDA 19,233 11,210 30,443
Non-cash
stock-based 810 101 911
compensation
Loss on disposal
of assets and 229 112 341
impairment
charge
Adjusted EBITDA $ 20,272 11,423 $ 31,695
Cash interest 439
expense
State franchise
tax expense 71
(cash)
Maintenance
capital 456
expenditures
Distributable $ 10,457
cash flow
Contacts: Susser Petroleum Partners LP
Mary Sullivan, Chief Financial Officer
(832) 234-3600, msullivan@susser.com
Dennard Lascar Associates
Anne Pearson, Senior Vice President
(210) 408-6321, apearson@dennardlascar.com
Ben Burnham, Vice President
(773) 599-3745, bburnham@dennardlascar.com
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SOURCE Susser Petroleum Partners LP
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