USA pression Partners(USAC)2025-05-06 10:55Financial Performance - Total revenues for Q1 2025 were $245.2 million, up from $229.3 million in Q1 2024, representing a year-over-year increase of 6.5%[6] - Adjusted EBITDA for Q1 2025 was $149.5 million, compared to $139.4 million in Q1 2024, reflecting an increase of 7.9%[6] - Distributable Cash Flow for Q1 2025 was $88.7 million, slightly up from $86.6 million in Q1 2024, indicating a year-over-year growth of 1.3%[6] - Average revenue per revenue-generating horsepower per month reached a record $21.06 in Q1 2025, compared to $19.96 in Q1 2024, marking an increase of 5.5%[6] - The Partnership's average revenue-generating horsepower was 3.56 million in Q1 2025, up from 3.47 million in Q1 2024, a growth of 2.6%[6] - Total revenues for Q1 2025 were $245.234 million, a slight decrease of 0.3% from $245.892 million in Q4 2024 and an increase of 7.0% from $229.276 million in Q1 2024[39] - Net income for Q1 2025 was $20.512 million, down 19.0% from $25.437 million in Q4 2024 and down 13.0% from $23.573 million in Q1 2024[39] - Adjusted EBITDA for Q1 2025 was $149.514 million, a decrease of 3.2% from $155.524 million in Q4 2024 and an increase of 7.3% from $139.395 million in Q1 2024[49] - Distributable Cash Flow for Q1 2025 was $88.695 million, compared to $96.259 million in Q4 2024 and $86.589 million in Q1 2024[53] - The Distributable Cash Flow Coverage Ratio for Q1 2025 was 1.44x, down from 1.56x in Q4 2024 and up from 1.41x in Q1 2024[53] - Net cash provided by operating activities for Q1 2025 was $130.195 million, significantly higher than $54.651 million in Q4 2024 and $65.917 million in Q1 2024[43] Capital Expenditures - Capital expenditures for expansion were $22.2 million in Q1 2025, while maintenance capital expenditures were $10.9 million[4] - Maintenance capital expenditures increased to $10.853 million in Q1 2025 from $8.151 million in Q4 2024 and $5.757 million in Q1 2024[53] Outlook - The full-year 2025 outlook for Adjusted EBITDA is projected between $590 million and $610 million[15] - The full-year 2025 outlook for Distributable Cash Flow is projected between $350 million and $370 million[15] Debt and Assets - As of March 31, 2025, the Partnership had outstanding borrowings of $804.6 million under its $1.6 billion revolving credit facility[14] - Total assets as of March 31, 2025, were $2.713 billion, with long-term debt of $2.536 billion, resulting in a total partners' deficit of $180.711 million[41] - The company reported a total of 117.541 million common units outstanding as of March 31, 2025[41] Distributions - The Partnership announced a cash distribution of $0.525 per common unit for Q1 2025, consistent with Q1 2024[6] - The company declared distributions of $0.525 per common unit for the respective periods, consistent across Q1 2025, Q4 2024, and Q1 2024[39] Other Financial Metrics - The gross margin for Q1 2025 was $93.223 million, down from $99.259 million in Q4 2024 but up from $90.953 million in Q1 2024[46] - The company experienced a loss on disposition of assets amounting to $1.325 million in Q1 2025, compared to $3.826 million in Q4 2024 and $1.254 million in Q1 2024[49] - The company incurred an impairment of assets amounting to $3.645 million in Q1 2025, compared to $602,000 in Q4 2024[53] - Severance charges and other employee costs were $1.351 million in Q1 2025, down from $2.056 million in Q4 2024[53] - The company recorded a cash income tax expense of $85,000 for Q1 2025 related to a proposed settlement with the IRS[54] Integration Efforts - The company is currently integrating shared services with Energy Transfer, which is expected to yield anticipated benefits[36]