USA pression Partners(US:USAC)2025-02-11 11:58Financial 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% increase from $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% increase[37] - Net cash provided by operating activities for the year ended December 31, 2024, was $341.3 million, up from $271.9 million in 2023, representing a 25.5% growth[44] - The coverage ratio for Distributable Cash Flow was 1.56x for Q4 2024, compared to 1.48x in Q4 2023[44] Capital Expenditures - Expansion capital expenditures for Q4 2024 totaled $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]