USA pression Partners(USAC) - 2024 Q4 - Annual Results

Financial Performance - Record total revenues of $245.9 million for Q4 2024, up from$225.0 million in Q4 2023, representing an increase of 9.8%[5] - Net income for Q4 2024 was $25.4 million, compared to$12.8 million in Q4 2023, reflecting a year-over-year increase of 98.4%[5] - Adjusted EBITDA reached $155.5 million in Q4 2024, an increase from$138.6 million in Q4 2023, marking a growth of 12.2%[5] - Operating income for Q4 2024 was $74.5 million, compared to$68.5 million in Q4 2023, reflecting an 8.9% year-over-year growth[33] - Net income attributable to common unitholders for the year ended December 31, 2024, was $82.0 million, significantly up from$20.5 million in 2023[33] - Adjusted EBITDA for the year ended December 31, 2024, reached $584.3 million, a 14.1$511.9 million in 2023[43] Cash Flow and Distributions - Distributable Cash Flow for Q4 2024 was $96.3 million, compared to$79.9 million in Q4 2023, indicating a rise of 20.5%[5] - Distributable Cash Flow for the year ended December 31, 2024, was projected at $341.3 million, compared to$271.9 million in 2023, indicating a 25.5% increase[37] - The company declared distributions of $0.525 per common unit for Q4 2024, consistent with the previous quarter[33] - Cash provided by operating activities for Q4 2024 was$130.2 million, compared to $91.6 million in Q4 2023, marking a 42.1$341.3 million, up from $271.9 million in 2023, representing a 25.5$37.6 million, while maintenance capital expenditures were $8.2 million[4] - The company anticipates 2025 expansion capital expenditures in the range of$120 million to $140 million[4] - Maintenance capital expenditures for the year ended December 31, 2024, were$31.9 million, up from $25.2 million in 2023[44] Debt and Assets - As of December 31, 2024, the Partnership had outstanding borrowings of$772.1 million under its $1.6 billion revolving credit facility[11] - Total assets as of December 31, 2024, were$2.75 billion, with long-term debt amounting to $2.50 billion[35] - Interest expense for the year ended December 31, 2024, totaled$193.5 million, an increase from $169.9 million in 2023[43] - The company incurred a loss on extinguishment of debt amounting to$5.0 million due to the redemption of senior notes due 2026[45] Operational Metrics - Average revenue per revenue-generating horsepower per month was $20.85 in Q4 2024, up from$19.52 in Q4 2023, a growth of 6.8%[5] - Adjusted gross margin for Q4 2024 was $168.2 million, up from$151.9 million in Q4 2023, representing an increase of 10.7%[40] - Changes in operating assets and liabilities resulted in a cash inflow of $22.8 million in Q4 2024, contrasting with an outflow of$6.8 million in Q4 2023[44] Future Projections - The expected Adjusted EBITDA for full-year 2025 is projected between $590 million and$610 million[12] - Distributable Cash Flow for full-year 2025 is forecasted to be between $350 million and$370 million[12] - The company anticipates continued growth in Adjusted EBITDA and Distributable Cash Flow for the fiscal year 2025, although specific projections were not provided due to uncertainties[27] Compensation and Expenses - Unit-based compensation expense for Q4 2024 was $5.6 million, compared to$4.5 million in Q4 2023, indicating a 24.5% increase[44]