Financial Performance - Total net sales for the three months ended September 30, 2024, were $276,995, a decrease of 13.9% compared to $321,664 for the same period in 2023[7]. - Gross profit for the three months ended September 30, 2024, was $116,943, representing a 25.7% increase from $92,981 in the prior year[7]. - Net income attributable to Westlake Chemical Partners LP for the three months ended September 30, 2024, was $18,136, up 37.0% from $13,206 in the same period last year[7]. - The company reported a net income of $104,100 for the three months ended September 30, 2024, compared to $80,853 for the same period in 2023, reflecting a 28.8% increase[7]. - Net income for the nine months ended September 30, 2024, was $281,772, an increase of 13.8% compared to $247,569 for the same period in 2023[13]. - MLP distributable cash flow for the three months ended September 30, 2024, was $17,879, an increase of 31.6% from $13,620 in the prior year[84]. - EBITDA for the three months ended September 30, 2024, was $139,126, representing a 20.2% increase from $115,738 in the prior year[84]. - For the nine months ended September 30, 2024, net income attributable to the Partnership was $47,396, resulting in a net income per limited partner unit of $1.35[32]. Assets and Liabilities - Total current assets increased to $241,562 as of September 30, 2024, from $226,203 at December 31, 2023, marking a growth of 6.0%[6]. - Total liabilities decreased to $456,881 as of September 30, 2024, down from $460,592 at December 31, 2023, a reduction of 0.2%[6]. - The company’s total assets were $1,294,695 as of September 30, 2024, down from $1,316,842 at December 31, 2023, a decrease of 1.7%[6]. - Total equity as of September 30, 2024, was $837,814, a decrease from $856,250 as of December 31, 2023[6]. - Cash and cash equivalents increased to $60,208 as of September 30, 2024, compared to $58,619 at December 31, 2023, an increase of 2.7%[6]. Expenses - Selling, general and administrative expenses for the three months ended September 30, 2024, were $7,254, slightly higher than $6,741 in the same period last year[7]. - The Partnership's depreciation and amortization expense for the nine months ended September 30, 2024, was $84,421, compared to $81,902 for the same period in 2023, reflecting an increase of 3.1%[13]. - Interest on related party debt payable for the three months ended September 30, 2024, was $6,698 thousand, compared to $6,437 thousand for the same period in 2023, reflecting an increase of 4.06%[53]. - Interest expense for the nine months ended September 30, 2024 was $19.9 million, consistent with the same period in 2023[100]. Sales and Revenue - Net sales to Westlake for the three months ended September 30, 2024, were $215,799, a decrease from $289,303 in the same period of 2023[39]. - Westlake accounted for approximately 77.9% of the Partnership's net sales for the three months ended September 30, 2024, down from 89.9% in the same period of 2023[55]. - The average sales price for the three months ended September 30, 2024, decreased by 15.1% compared to the prior-year period, while volume increased by 1.2%[85]. Cash Flow and Distributions - The Partnership declared a quarterly cash distribution of $0.4714 per unit for the three months ended September 30, 2024[28]. - The total quarterly distribution per unit for the three months ended September 30, 2024, was $0.4714, consistent with the same period in 2023[36]. - The Partnership's distribution for the three months ended September 30, 2024, was $16,607, while the distribution in excess of net income was $(3,401)[32]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $352,532, compared to $344,328 for the same period in 2023, reflecting a growth of 2.9%[13]. Operational Insights - Operating lease rentals paid to Westlake increased from $433 thousand for the three months ended September 30, 2023, to $471 thousand for the same period in 2024[49]. - The Partnership's decision to postpone the maintenance turnaround at the Petro 1 facility is expected to result in excess quantities of ethylene for the current contract year[39]. - The next planned maintenance turnaround at Petro 1 is scheduled to commence in the first quarter of 2025[77]. - Operating expenses are primarily driven by feedstock costs, which can fluctuate based on production volumes and maintenance activities[78]. Related Party Transactions - The Partnership's accounts receivable from Westlake decreased to $44,885 as of September 30, 2024, from $49,565 as of December 31, 2023[47]. - Charges for feedstock purchased from Westlake included in cost of sales for the three months ended September 30, 2024, were $65,053, down from $120,040 in 2023[41]. - The Partnership's accounts payable to Westlake included $5,885 related to non-variable costs of production due to excess ethylene production[47]. - Other charges from Westlake included in cost of sales for the three months ended September 30, 2024, were $31,274, slightly up from $31,072 in the same period of 2023[41].

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $18 million or $0.51 per unit for Q3 2024, an increase of $5 million compared to Q3 2023 [9][14] - Consolidated net income, including OpCo's earnings, was $104 million on consolidated net sales of $277 million [13] - Distributable cash flow for the quarter was $18 million or $0.51 per unit, which is an increase of $4 million compared to Q3 2023 [15] Business Line Data and Key Metrics Changes - The partnership benefited from higher production and sales volumes from OpCo, as well as increased third-party ethylene sales prices and margins [14] - The decision to defer the planned turnaround at the Petro 1 ethylene unit to Q1 2025 allowed for maximized sales during Q3 2024 [10][18] Market Data and Key Metrics Changes - Third-party ethylene sales prices and margins improved to the highest quarterly average in years during Q3 2024, influenced by weather events and production outages at other producers [19] - In Q4 2024, third-party ethylene sales prices and margins have decreased from the elevated levels seen in Q3 2024, but there is little third-party sales volume planned for the remainder of the year [20] Company Strategy and Development Direction - The company focuses on maintaining a predictable fee-based cash flow structure through a take-or-pay contract with Westlake for 95% of OpCo's production, ensuring stability through economic fluctuations [21] - The partnership has grown its quarterly distribution by 71% since its IPO in 2014, with a history of 41 consecutive distributions without deductions [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable global macroeconomic environment but emphasized the stability provided by their ethylene sales agreement [21] - There is an ongoing assessment of market conditions and investor interest regarding potential distribution growth and asset drops in 2025 [26] Other Important Information - The partnership's third quarter distribution of $0.4714 per unit will be paid on November 27, 2024, to unitholders of record on November 12, 2024 [18] - OpCo spent $16 million on capital expenditures during Q3 2024, maintaining strong leverage metrics with a consolidated leverage ratio below one times [17] Q&A Session Summary Question: Significance of shifting third-party sales volumes into Q3 - Management indicated that the shift was strategic to maximize sales during a period of higher margins, with very little volume left for Q4 [25] Question: Interest in MLP equities and potential for distribution growth - Management is assessing market conditions and investor appetite for restarting distribution growth and asset drops, recognizing significant changes in the market since their IPO [26]

Investor Presentation 3 rd Quarter 2024 Westlake Chemical Partners Westlake Chemical Partners LP (WLKP) At-a-Glance WLKP OVERVIEW • Limited partnership formed by Westlake Corporation (WLK) to operate, acquire, and develop ethylene production facilities and related assets • WLKP is well-capitalized with significant financial flexibility • Ethylene Sales Agreement with WLK provides stable margin, protects against commodity risks • Critical supplier of ethylene that WLK needs to produce its products | --- | -- ...

Financial Performance - Net income attributable to the Partnership for Q3 2024 was $18.1 million, or $0.51 per limited partner unit, an increase of 37.1% from $13.2 million in Q3 2023[1] - Net income attributable to Westlake Partners for the three months ended September 30, 2024, was $18,136, compared to $13,206 for the same period in 2023, representing a 37.5% increase[12] - The company reported a net income of $281,772 for the nine months ended September 30, 2024, up from $247,569 in the previous year, reflecting an increase of 13.8%[19] Cash Flow - Cash flows from operating activities in Q3 2024 were $126.1 million, up 24.9% from $100.9 million in Q3 2023[1] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $352,532, compared to $344,328 for the same period in 2023, indicating a 2.5% increase[15] - Net cash provided by operating activities for the three months ended June 30, 2024, was $121,896, compared to $126,071 for the same period in 2023, reflecting a decrease of 1.4%[19] Distributable Cash Flow - MLP distributable cash flow for Q3 2024 was $17.9 million, a 31.6% increase compared to $13.6 million in Q3 2023[1] - MLP distributable cash flow for the nine months ended September 30, 2024, was $51,906, compared to $46,156 for the same period in 2023, reflecting a 12% increase[17] - The quarterly distribution declared was $0.4714 per unit, marking the 41st consecutive quarterly distribution[3] EBITDA - EBITDA for the three months ended September 30, 2024, was $139,126, an increase of 20.1% from $115,738 in the prior year[12] - Total EBITDA for the nine months ended September 30, 2024, was $386,756, compared to $349,947 in the same period last year, indicating an increase of 10.5%[19] Assets and Liabilities - Total assets decreased to $1,294,695 as of September 30, 2024, from $1,316,842 at the end of 2023[13] - Total liabilities were $456,881 as of September 30, 2024, a slight decrease from $460,592 at the end of 2023[13] Market Conditions - Ethylene sales prices and margins reached their highest quarterly average in years, driven by weather events and production outages at other producers[3] - The planned turnaround at the Petro 1 ethylene unit has been deferred to Q1 2025 to capitalize on favorable third-party margins[3] - The Partnership expects some moderation in distributable cash flow in Q4 2024 due to increased maintenance capital spending[3] Coverage Ratio - The trailing twelve-month coverage ratio for MLP distributable cash flow was 1.03x for Q3 2024, up from 0.96x at the end of Q2 2024[3] - Cumulative coverage ratio since the IPO in July 2014 is 1.08x[3] Sales Performance - Total net sales for the three months ended September 30, 2024, were $276,995, a decrease of 13.9% from $321,664 in the same period of 2023[12] - Gross profit for the three months ended September 30, 2024, increased to $116,943, up 25.7% from $92,981 in the prior year[12] Interest Expense - Interest expense for the nine months ended September 30, 2024, was $(19,930), slightly up from $(19,869) in the previous year[19]

Financial Performance - Total net sales for the three months ended June 30, 2024, were $284,168,000, an increase of 7.4% compared to $264,177,000 for the same period in 2023[7]. - Gross profit for the three months ended June 30, 2024, was $101,232,000, representing a 15.4% increase from $87,722,000 in the prior year[7]. - Net income attributable to Westlake Chemical Partners LP for the three months ended June 30, 2024, was $14,427,000, up 21.5% from $11,886,000 in the same period last year[7]. - The company reported a net income per limited partner unit of $0.41 for the three months ended June 30, 2024, compared to $0.34 for the same period in 2023[7]. - The company’s income from operations for the three months ended June 30, 2024, was $93,627,000, an increase of 16.3% from $80,493,000 in the same period last year[7]. - For the quarter ended June 30, 2024, net income was $88.0 million on net sales of $284.2 million, an increase from $75.3 million on net sales of $264.2 million for the same period in 2023, representing a year-over-year increase of 16.9% in net income[78]. - Net income attributable to the Partnership for Q2 2024 was $14.4 million, up from $11.9 million in Q2 2023, reflecting a 20.2% increase[78]. - Income from operations for Q2 2024 was $93.6 million, compared to $80.5 million in Q2 2023, indicating a growth of 16.4%[78]. - Total net sales for the first half of 2024 were $568.8 million, slightly down from $571.9 million in the first half of 2023, a decrease of 0.5%[72]. - For the six months ended June 30, 2024, net income was $177.7 million on net sales of $568.8 million, compared to net income of $166.7 million on net sales of $571.9 million for the same period in 2023, representing an increase in net income of $11.0 million[79]. Assets and Liabilities - Total current assets increased to $232,126,000 as of June 30, 2024, from $226,203,000 at December 31, 2023[5]. - Total liabilities decreased to $453,515,000 as of June 30, 2024, down from $460,592,000 at December 31, 2023[5]. - Cash and cash equivalents increased to $65,999,000 as of June 30, 2024, compared to $58,619,000 at December 31, 2023[5]. - The company’s total equity decreased to $834,847,000 as of June 30, 2024, from $856,250,000 at December 31, 2023[5]. - The company’s total assets decreased to $1,288,362,000 as of June 30, 2024, from $1,316,842,000 at December 31, 2023[5]. - The Partnership's accounts receivable from Westlake decreased to $39,090 as of June 30, 2024, from $49,565 as of December 31, 2023[45]. - The Partnership's accounts payable to Westlake decreased to $10,581 as of June 30, 2024, from $15,166 as of December 31, 2023[46]. - Accrued and other liabilities decreased to $21,840 as of June 30, 2024, from $24,980 at December 31, 2023, representing a decline of approximately 12.5%[55]. Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2024, was $226,461, down from $243,403 in 2023, a decrease of 6.9%[13]. - Net cash used for investing activities for the six months ended June 30, 2024, was $(19,951), down from $(46,285) in 2023, a decrease of 56.9%[13]. - The Partnership's cash and cash equivalents at the end of the period increased to $65,999 as of June 30, 2024, from $59,434 at the end of June 30, 2023, an increase of 11.0%[13]. - Operating activities provided cash of $226.5 million in the first six months of 2024, a decrease of $16.9 million compared to $243.4 million in the first six months of 2023[90]. - Net cash used for investing activities in the first six months of 2024 was $20.0 million, compared to $46.3 million in the first six months of 2023, resulting in a favorable change of $26.3 million[91]. Sales and Revenue - Sales to related parties for the three months ended June 30, 2024, amounted to $239,527, compared to $224,575 for the same period in 2023, reflecting an increase of approximately 6.4%[38]. - The average sales price for ethylene decreased, contributing to lower sales prices to Westlake, despite higher sales volumes[78]. - Total net sales for the second quarter of 2024 increased by $20.0 million, or 7.6%, to $284.2 million from $264.2 million in the second quarter of 2023, primarily due to higher ethylene sales volumes[80]. - Total net sales decreased by $3.1 million, or 0.5%, to $568.8 million for the six months ended June 30, 2024, primarily due to lower ethylene sales prices[85]. Profitability Metrics - Gross profit for the second quarter of 2024 increased to $101.2 million, with a gross profit margin of 35.6%, compared to $87.7 million and a margin of 33.2% in the second quarter of 2023[81]. - Gross profit for the six months ended June 30, 2024, increased to $203.4 million, with a gross profit margin of 35.8%, compared to $193.8 million and a margin of 33.9% for the same period in 2023[86]. - EBITDA for Q2 2024 was $123.2 million, up from $108.6 million in Q2 2023, representing a 13.5% increase[76]. - MLP distributable cash flow for Q2 2024 was $17.1 million, compared to $15.0 million in Q2 2023, marking an increase of 7.7%[75]. - MLP distributable cash flow increased by $2.1 million to $17.1 million in the second quarter of 2024 from $15.0 million in the second quarter of 2023[84]. Debt and Interest - The weighted average interest rate on all long-term debt was 7.2% as of June 30, 2024, unchanged from December 31, 2023[50]. - Interest paid by the Partnership, net of interest capitalized, increased to $13,228 for the six months ended June 30, 2024, compared to $11,987 for the same period in 2023, marking an increase of approximately 10.4%[57]. - The carrying value of long-term debt payable to Westlake was $399,674 as of June 30, 2024, with a fair value of $412,110[53]. - A hypothetical increase of 100 basis points in the average interest rate on variable rate debt would raise annual interest expense by approximately $4.0 million[112]. Future Plans and Risks - The Partnership plans to commence the next planned maintenance turnaround at Petro 1 in the first quarter of 2025[67]. - The company intends to use the MLP Revolver for future acquisitions and to purchase additional limited partnership interests in OpCo[103]. - The company is subject to various risks including economic conditions, commodity price fluctuations, and regulatory changes that could impact future operations[108].

Financial Data and Key Metrics Changes - Westlake Partners reported a net income of $40 million, or $0.41 per unit, for Q2 2024, benefiting from higher production and sales volume compared to Q2 2023 [4][5] - Consolidated net income, including OpCo's earnings, was $88 million on consolidated net sales of $284 million, with distributable cash flows of $17 million, or $0.49 per unit [7][8] - The partnership's distributable cash flow increased by $2 million compared to Q2 2023, primarily due to higher production and sales volumes [8][9] Business Line Data and Key Metrics Changes - The partnership's performance was positively impacted by OpCo's higher production and sales volumes due to last year's Calvert City turnaround and higher third-party ethylene sales prices and margins [4][8] - The distribution for Q2 2024 was $0.4714 per unit, marking the 40th consecutive quarterly distribution since the IPO in July 2014, with a 71% increase since the original minimum quarterly distribution [9] Market Data and Key Metrics Changes - The company noted improvements in margins on ethylene sales to third parties, attributed to new industry-wide U.S. polyethylene capacity coming online [10] - The overall global macroeconomic environment remains unpredictable, but the ethylene sales agreement provides a predictable fee-based cash flow structure [11] Company Strategy and Development Direction - The company aims to grow distributions through four levers: increasing ownership interest in OpCo, acquiring other qualified income streams, organic growth opportunities, and negotiating a higher fixed margin in the ethylene sales agreement [7] - The management emphasizes a focus on safe operations and environmental stewardship as part of broader sustainability efforts [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows due to the fixed margin ethylene sales agreement, which minimizes market volatility [5][11] - The planned turnaround at the Petro 1 ethylene unit is expected to impact the distribution coverage ratio temporarily, but the costs have been reserved and funded [10] Other Important Information - At the end of Q2 2024, the company had consolidated cash balances totaling $160 million and long-term debt of $400 million [9] - The company has maintained a strong leverage ratio of approximately one times [9] Q&A Session Summary Question: Regarding the turnaround of Petro 1, should we assume approximately 30 days in the third quarter and 30 days in the fourth quarter? - Yes, the planned turnaround is expected to be split approximately half in each quarter, impacting earnings and production temporarily [14] Question: On the spot exposure to rising ethylene cracker margins, were you below the 5% maximum level in the first half of the year? - The company has been selling ethylene in advance due to elevated margins and expects to participate in the elevated ethylene margins for the rest of the year [14][15] Question: Has there been any spalling of MLP equity markets, or is there still interest in that area? - The company is exploring opportunities in the MLP equity markets, maintaining dialogue for potential value-driven opportunities [15]

Earnings Presentation 2Q 2024 1 $744M EBITDA(1) $2.40 $3.0B 2Q 2024 Financial Results Record HIP segment earnings with improving PEM segment profitability $3.2B $313M 36% increase vs. 1Q Net Sales 8% increase vs. 1Q Net Income 80% increase vs. 1Q Net Income Per Share Net Cash Provided by Operating Activities • Jean-Marc Gilson named President and CEO; Albert Chao appointed Executive Chairman • Housing and Infrastructure Products (HIP) reported records in income from operations of $266 million, EBITDA of $33 ...

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 March 31, 2024 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 No. 001-36567 Westlake Chemical Partners LP (Exact name of registrant as specified in its charter) Delaware 32-0436529 (State or other jurisdiction of ...

Westlake Chemical Partners LP (NYSE:WLKP) Q1 2024 Earnings Conference Call May 1, 2024 1:00 PM ET Company Participants John Zoeller - Vice President and Treasurer Albert Chao - President and Chief Executive Officer Steve Bender - Executive Vice President and Chief Financial Officer Conference Call Participants Matthew Blair - TPH Salvator Tiano - Bank of America Securities Operator Good afternoon, and thank you for standing by. Welcome to the Westlake Chemical Partners First Quarter 2024 Earnings Conference ...

[First Quarter 2024 Results Announcement](index=1&type=section&id=First%20Quarter%202024%20Results%20Announcement) Westlake Chemical Partners announced Q1 2024 results, reporting stable net income but decreased operating cash flow, while management provided a constructive outlook and declared a consistent quarterly distribution [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Westlake Chemical Partners reported stable net income at **$14.8 million**, but operating cash flow decreased to **$104.6 million** due to working capital changes, and MLP distributable cash flow slightly declined to **$16.9 million** Q1 2024 Key Financial Metrics Comparison | Financial Metric | Q1 2024 ($M) | Q1 2023 ($M) | Change (YoY) ($M) | Q4 2023 ($M) | Change (QoQ) ($M) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Partnership | $14.8M | $14.9M | -$0.1M | $14.3M | +$0.5M | | Cash Flow from Operating Activities | $104.6M | $144.9M | -$40.3M | $107.7M | -$3.1M | | MLP Distributable Cash Flow | $16.9M | $17.6M | -$0.7M | $16.4M | +$0.5M | - The decrease in year-over-year cash flow from operating activities was primarily due to less favorable working capital changes[2](index=2&type=chunk) - The decrease in MLP distributable cash flow compared to the prior-year quarter was mainly due to lower production and sales volume[2](index=2&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management credits stable performance to the ethylene supply agreement and improved third-party margins, maintaining a constructive outlook for 2024 due to stable demand and favorable cost trends - The stability of results is largely credited to the ethylene supply agreement with Westlake, where **95%** of OpCo's production is sold to Westlake for a fixed cash margin of **$0.10 per pound**[4](index=4&type=chunk)[5](index=5&type=chunk) - The company opportunistically increased third-party sales volume in Q1 2024 due to modestly improved ethylene margins from lower feedstock and energy costs[4](index=4&type=chunk) - The outlook for the rest of 2024 is constructive, with expectations of stable demand from downstream derivative products and continued support for third-party margin improvement[4](index=4&type=chunk) [Distributions and Coverage](index=1&type=section&id=Distributions%20and%20Coverage) The Partnership declared its **39th** consecutive quarterly distribution of **$0.4714 per unit**, with a trailing twelve-month coverage ratio of **0.93x** and a cumulative IPO coverage of **1.08x** Quarterly Distribution and Coverage Ratio | Metric | Value | | :--- | :--- | | Quarterly Distribution per Unit | $0.4714 | | Consecutive Quarterly Distributions | 39 | | Trailing Twelve-Month Coverage Ratio | 0.93x | | Cumulative Coverage Ratio (since IPO) | 1.08x | [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for Q1 2024 show a decrease in net sales, stable net income, a slight decline in total assets and liabilities, and a significant drop in operating cash flow [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total net sales decreased to **$284.7 million** in Q1 2024, primarily due to lower sales to Westlake, while net income attributable to the Partnership remained stable at **$14.8 million** Q1 2024 Statement of Operations Highlights (in thousands) | Account | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | Total net sales | $284,673 | $307,677 | | Gross profit | $102,180 | $106,073 | | Income from operations | $95,103 | $98,159 | | Net income attributable to Westlake Partners | $14,833 | $14,892 | | Net income per limited partner unit | $0.42 | $0.42 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$1.295 billion** as of March 31, 2024, with total liabilities also declining to **$446.8 million**, leading to a marginal decrease in total equity Balance Sheet Summary (in thousands) | Account | March 31, 2024 ($) | December 31, 2023 ($) | | :--- | :--- | :--- | | Total current assets | $224,348 | $226,203 | | Total assets | $1,295,076 | $1,316,842 | | Total liabilities | $446,831 | $460,592 | | Total equity | $848,245 | $856,250 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to **$104.6 million** in Q1 2024, with **$97.7 million** used in financing activities, leaving **$55.8 million** in cash at quarter-end Q1 2024 Cash Flow Summary (in thousands) | Account | Q1 2024 ($) | Q1 2023 ($) | | :--- | :--- | :--- | | Net cash provided by operating activities | $104,565 | $144,860 | | Net cash used for investing activities | ($9,773) | $228 | | Net cash used for financing activities | ($97,651) | ($105,282) | | Net increase (decrease) in cash | ($2,859) | $39,806 | | Cash and cash equivalents at end of period | $55,760 | $104,588 | [Reconciliation of Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides reconciliations for non-GAAP financial measures, including MLP distributable cash flow and EBITDA, to their most directly comparable GAAP measures [Reconciliation of MLP Distributable Cash Flow](index=7&type=section&id=Reconciliation%20of%20MLP%20Distributable%20Cash%20Flow) MLP distributable cash flow was **$16.9 million** in Q1 2024, reconciled from net income by adjusting for non-cash items and noncontrolling interest MLP Distributable Cash Flow Reconciliation (in thousands) | Description | Q1 2024 ($) | Q1 2023 ($) | Q4 2023 ($) | | :--- | :--- | :--- | :--- | | Net income | $89,646 | $91,452 | $87,057 | | Add: Depreciation, amortization, etc. | $28,265 | $27,003 | $28,796 | | Less: Maintenance capital expenditures | ($7,749) | ($8,024) | ($11,805) | | Less: Distributable cash flow attributable to noncontrolling interest | ($81,794) | ($85,574) | ($79,948) | | **MLP distributable cash flow** | **$16,892** | **$17,551** | **$16,418** | [Reconciliation of EBITDA](index=8&type=section&id=Reconciliation%20of%20EBITDA) EBITDA for Q1 2024 was **$124.4 million**, remaining stable compared to prior periods, calculated by adjusting net income for interest, taxes, depreciation, and amortization EBITDA Reconciliation (in thousands) | Description | Q1 2024 ($) | Q1 2023 ($) | Q4 2023 ($) | | :--- | :--- | :--- | :--- | | Net income | $89,646 | $91,452 | $87,057 | | Add: Interest expense—Westlake | $6,581 | $7,315 | $6,632 | | Add: Provision for income taxes | $210 | $212 | $206 | | Add: Depreciation and amortization | $27,994 | $26,636 | $28,301 | | **EBITDA** | **$124,431** | **$125,615** | **$122,196** | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section includes important disclaimers regarding forward-looking statements, the rationale for using non-GAAP financial measures, and details for the Q1 2024 earnings conference call [Forward-Looking Statements and Risk Factors](index=2&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section highlights that future performance statements are forward-looking and subject to various risks, including operational, economic, and market factors detailed in the Form 10-K - The release contains forward-looking statements concerning future coverage ratios, ethylene margins, and distributions[7](index=7&type=chunk) - Actual results could differ materially due to risks such as feedstock price volatility, economic conditions, operating difficulties, and actions of Westlake Corporation[7](index=7&type=chunk) [Use of Non-GAAP Financial Measures](index=2&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The Partnership utilizes non-GAAP measures like MLP distributable cash flow and EBITDA to provide supplemental insights into business trends and performance, not as GAAP substitutes - The company uses non-GAAP measures such as MLP distributable cash flow and EBITDA to provide supplemental information on business trends and performance[9](index=9&type=chunk) - MLP distributable cash flow is defined as distributable cash flow less the portion attributable to Westlake's noncontrolling interest and incentive distribution rights[9](index=9&type=chunk) - EBITDA is defined as net income before interest expense, income taxes, depreciation, and amortization[9](index=9&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) A conference call to discuss Q1 2024 results was scheduled for **May 1, 2024**, at **1:00 PM ET**, with registration and webcast links provided - A conference call was scheduled for **May 1, 2024**, at **1:00 PM Eastern Time** to discuss Q1 results[11](index=11&type=chunk) - Registration and webcast links were provided for access to the call[11](index=11&type=chunk)[12](index=12&type=chunk)