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Holly Energy Partners, L.P. Reports Second Quarter Results

(2) Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is calculated as net income attributable to Holly Energy Partners plus (i) interest expense, net of interest income, (ii) state income tax and (iii) depreciation and amortization (excluding Predecessor amounts). EBITDA is not a calculation based upon GAAP. However, the amounts included in the EBITDA calculation are derived from amounts included in our consolidated financial statements. EBITDA should not be considered as an alternative to net income attributable to Holly Energy Partners or operating income, as an indication of our operating performance or as an alternative to operating cash flow as a measure of liquidity. EBITDA is not necessarily comparable to similarly titled measures of other companies. EBITDA is presented here because it is a widely used financial indicator used by investors and analysts to measure performance. EBITDA also is used by our management for internal analysis and as a basis for compliance with financial covenants.

Set forth below is our calculation of EBITDA.

     
Three Months Ended June 30, Six Months Ended June 30,
2013   2012 2013   2012
(In thousands)
Net income attributable to Holly Energy Partners $ 20,167 $ 22,003 $ 38,566 $ 43,777
Add (subtract):
Interest expense 11,096 9,547 22,201 18,307
Interest Income (4 ) (107 )
Amortization of discount and deferred debt charges 533 503 1,063 875
Loss on early extinguishment of debt 383 2,979
Increase in interest expense- non-cash charges attributable to interest rate swaps 1,274 849 2,547
State income tax 344 75 400 150
Depreciation and amortization 15,127 14,150 29,281 28,450
Predecessor depreciation and amortization   (3,734 )   (7,459 )
EBITDA $ 47,263   $ 44,201   $ 92,253   $ 89,626  
 

(3) Distributable cash flow is not a calculation based upon GAAP. However, the amounts included in the calculation are derived from amounts separately presented in our consolidated financial statements, with the exception of billed crude revenue settlement and maintenance capital expenditures. Distributable cash flow should not be considered in isolation or as an alternative to net income attributable to Holly Energy Partners or operating income, as an indication of our operating performance, or as an alternative to operating cash flow as a measure of liquidity. Distributable cash flow is not necessarily comparable to similarly titled measures of other companies. Distributable cash flow is presented here because it is a widely accepted financial indicator used by investors to compare partnership performance. Also, it is used by management for internal analysis and our performance units. We believe that this measure provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating.

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