Attached files
file | filename |
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EX-99.1 - EXHIBIT 99.1 - MARTIN MIDSTREAM PARTNERS L.P. | exhibit99_1q32016.htm |
8-K - 8-K - MARTIN MIDSTREAM PARTNERS L.P. | a2016930form8k-earningsrel.htm |
Terminalling & Storage
2016E
Guidance
YTD 3Q
2016
Guidance
YTD 3Q
2016
Actual
Specialty Terminals - CCCT $12.6 $10.0 $9.6
Shore-Based Terminals $19.7 $15.0 $13.6
Martin Lubricants $12.3 $9.4 $7.0
Smackover Refinery $18.5 $13.9 $15.5
Specialty Terminals - Other $8.9 $4.8 $7.0
Total T&S $72.0 $53.1 $52.7
Natural Gas Services
2016E
Guidance
YTD 3Q
2016
Guidance
YTD 3Q
2016
Actual
Cardinal $38.1 $30.2 $32.0
Butane $23.5 $13.3 $8.8
WTLPG $14.4 $10.8 $6.0
NGLs $4.1 $2.9 $0.9
Propane $4.1 $2.4 $2.8
Total NGS $84.2 $59.6 $50.5
Sulfur Services
2016 E
Guidance
YTD 3Q
2016
Guidance
YTD 3Q
2016
Actual
Fertilizer $18.0 $15.2 $16.8
Molten Sulfur $6.2 $4.7 $4.8
Sulfur Prilling $5.1 $3.5 $4.9
Total Sulfur Services $29.3 $23.4 $26.5
Marine Transportation
2016E
Guidance
YTD 3Q
2016
Guidance
YTD 3Q
2016
Actual
Inland $16.6 $12.2 $6.6
Offshore $2.9 $2.1 $2.3
Marine USG&A $(5.3) ($4.0) ($3.3)
Total Marine $14.2 $10.3 $5.6
MMLP YTD 3Q 2016 ADJUSTED EBITDA COMPARISON TO GUIDANCE
*Unallocated SG&A ($11.1)
Total Adjusted EBITDA $124.2
Natural Gas
Services
Terminalling
& Storage
Sulfur
Services
Marine
Transportation
SG&A
YTD 3Q
2016
Net income (loss) $26.1 $22.2 $20.2 $(8.5) $(12.2) $47.8
Depreciation and amortization $21.0 $30.9 $6.0 $8.4 -- $66.3
(Gain) loss on sale of property, plant and equipment $0.1 $(0.4) $0.3 $1.6 -- $1.6
Loss on impairment of goodwill -- -- -- $4.1 -- $4.1
Unrealized mark-to-market on commodity derivatives $0.8 -- -- -- -- $0.8
Distributions from unconsolidated entities $6.1 -- -- -- -- $6.1
Equity in earnings of unconsolidated entities $(3.6) $(3.6)
Unit-based compensation -- -- -- -- $0.7 $0.7
Income tax expense -- -- -- -- $0.4 $0.4
Adjusted EBITDA $50.5 $52.7 $26.5 $5.6 $(11.1) $124.2
$ millions
* Adjusted for non-cash unit based compensation of $0.7 million and non-operating
income of $0.9 million.
Exhibit 99.2
The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared
in accordance with United States Generally Accepted Accounting Principles (“GAAP”) to analyze its performance. These include: (1)
net income before interest expense, income tax expense, and depreciation and amortization (“EBITDA”), and (2) adjusted
EBITDA. The Partnership's management views these measures as important performance measures of core profitability for its
operations and the ability to generate and distribute cash flow, and as key components of its internal financial reporting. The
Partnership's management believes investors benefit from having access to the same financial measures that management uses.
EBITDA and Adjusted EBITDA. Certain items excluded from EBITDA and adjusted EBITDA are significant components in
understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets. The
Partnership has included information concerning EBITDA and adjusted EBITDA because it provides investors and management with
additional information to better understand the following: financial performance of the Partnership's assets without regard to financing
methods, capital structure or historical cost basis; the Partnership's operating performance and return on capital as compared to those
of other similarly situated entities; and the viability of acquisitions and capital expenditure projects. The Partnership's method of
computing adjusted EBITDA may not be the same method used to compute similar measures reported by other entities. The
economic substance behind the Partnership's use of adjusted EBITDA is to measure the ability of the Partnership's assets to generate
cash sufficient to pay interest costs, support its indebtedness and make distributions to its unitholders.
EBITDA and adjusted EBITDA should not be considered alternatives to, or more meaningful than, net income, cash flows from
operating activities, or any other measure presented in accordance with GAAP. The Partnership's method of computing these
measures may not be the same method used to compute similar measures reported by other entities.
USE OF NON-GAAP FINANCIAL INFORMATION