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USA Compression Partners, LP Achieves Record Revenues And Adjusted EBITDA; Reports Fourth Quarter And Full Year 2012 Results And 2013 Outlook

Stocks in this article: USAC

USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the fourth quarter and full year 2012.

Fourth Quarter and Full Year 2012 Summary Results

(in thousands except operational data and percentages)

  • Record levels of revenue for both the fourth quarter of 2012 and the full year 2012
  • Record levels of Adjusted EBITDA for the full year 2012
  • Contract operations revenue in fourth quarter 2012 increased 23.7% over fourth quarter 2011
  • Gross operating margin, as a percentage of revenue, improved from 59.3% in the fourth quarter 2011 to 68.9% in the fourth quarter 2012
  • Increased size of fleet horsepower by 27.3% from year-end 2011 to year-end 2012
Three Months Ended Year Ended
December 31, December 31,
2012   2011 2012   2011

Operational Data

Fleet Horsepower at period end 919,121 722,201 919,121 722,201
Revenue Generating Horsepower at period end 794,324 649,285 794,324 649,285
Average Revenue Generating Horsepower 792,368 628,903 749,821 570,900
Revenue Generating Compression Units at period end 978 888 978 888
Horsepower Utilization at period end (1) 92.8 % 95.7 % 92.8 % 95.7 %
Average Horsepower Utilization for the period (1) 92.9 % 94.7 % 94.5 % 92.3 %

Financial Data

Revenue $ 31,771 $ 28,394 $ 118,787 $ 98,720
Average Revenue Per Horsepower Per Month $ 13.39 $ 13.67 $ 13.39 $ 14.07
Gross Operating Margin $ 21,903 $ 16,846 $ 80,991 $ 59,115
Adjusted EBITDA $ 16,808 $ 14,125 $ 63,484 $ 51,285

Distributable Cash Flow

$ 9,183 $ 5,910 $ 34,928 $ 22,789
Gross Operating Margin Percentage 68.9 % 59.3 % 68.2 % 59.9 %
Adjusted EBITDA Percentage 52.9 % 49.7 % 53.4 % 51.9 %
(1)     Horsepower utilization is calculated as (i)(a) revenue generating horsepower plus (b) horsepower in the Partnership's fleet that is under contract, but is not yet generating revenue plus (c) horsepower not yet in the Partnership's fleet that is under contract not yet generating revenue and that is subject to a purchase order, divided by (ii) total available horsepower less idle horsepower that is under repair. Horsepower utilization based on revenue generating horsepower and fleet horsepower at each applicable period end was 86.4% and 89.9% for the quarters and years ended December 31, 2012 and 2011, respectively. Average horsepower utilization was 88.9% and 86.3% for the years ended December 31, 2012 and 2011, respectively, and 87.1% and 88.5% for the quarters ended December 31, 2012 and 2011, respectively.

Fourth Quarter 2012 Operating Performance

Revenue in the fourth quarter of 2012 was $31.8 million as compared to $28.4 million for the same period in 2011, an increase of 11.9%. This increase was primarily the result of contract operations revenue, which excludes retail parts and services, of $31.1 million for the fourth quarter of 2012 as compared to $25.1 million in the fourth quarter of 2011, an increase of 23.7%. The fourth quarter of 2011 also included incremental retail parts and service revenue that did not recur in the fourth quarter of 2012.

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