Susser Petroleum Partners LP

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Susser Petroleum Partners LP Reports Third Quarter 2013 Results

HOUSTON, Nov. 6, 2013 /PRNewswire/ --Susser Petroleum Partners LP (NYSE: SUSP), a wholesale distributor of motor fuels, today reported financial and operating results for its 2013 third quarter, representing the three months ended September 30, 2013.

Net income for the quarter was $9.6 million, or $0.43 per diluted unit.  Adjusted EBITDA(1) totaled $13.8 million, and distributable cash flow(1) was $12.7 million.  Total revenue for the quarter was $1,163.7 million.

"As a result of another solid quarter of growth in distributable cash flow, we're pleased to announce our second consecutive distribution increase," said Sam L. Susser, Chairman of the Board of Directors of the general partner of SUSP. "Fuel volumes remain strong, and we added 10 new Stripes® convenience store locations to our real estate portfolio through purchase leaseback transactions.  SUSP now owns 30 Stripes stores.  The Gainesville Fuel business was contributed to SUSP on September 6, and the integration of that business is off to a very good start."

The discussion and analysis below compares actual results for the three- and nine-month periods ended September 30, 2013 to pro forma results for the comparable periods in 2012.  The pro forma results reflect revenues and gross margins as if the Partnership had completed its initial public offering and related transactions and had been operating as an independent entity under its current contractual arrangements with affiliates since January 1, 2012.  Please refer to the section below titled, "Factors Affecting Comparability and Explanation of Pro Forma Results" for additional information.

Third Quarter 2013 Compared to Pro Forma Third Quarter 2012

Revenue for the third quarter of 2013 totaled $1,163.7 million, a 4.6 percent increase compared to $1,112.9 million (pro forma) in the comparable period of 2012. The increase was driven by an 8.8 percent increase in gallons sold, partially offset by a decline in the selling price per gallon.  In the third quarter, 66.7 percent of revenues were generated from motor fuel sales to affiliates, 33.0 percent were from motor fuel sales to other third parties, and 0.3 percent came from rental and other income.  Third quarter results reflect the contribution of the Gainesville Fuel business to SUSP from SUSS  on September 6.

Gross profit for the quarter totaled $18.4 million, a 26.0 percent increase compared to pro forma gross profit of $14.6 million in the third quarter of 2012.  On a weighted average basis, fuel margin for all gallons sold increased to 3.7 cents per gallon in the third quarter of 2013 compared to a pro forma 3.6 cents per gallon in the prior-year period.

Affiliate customers as of September 30, 2013 included 576 Stripes convenience stores operated by our parent company, Susser Holdings Corporation (NYSE: SUSS), as well as approximately 90 independently operated convenience stores through which SUSS sells fuel through consignment arrangements.  Motor fuel gallons sold to affiliates during the third quarter increased 8.5 percent versus the prior-year period to 268.6 million gallons.  Gross profit on these gallons totaled $8.1 million, or 3.0 cents per gallon, versus a pro forma $7.4 million, or 3.0 cents per gallon, in the comparable three-month period last year.

Third-party customers of SUSP included approximately 490 independent dealers under long-term fuel supply agreements, approximately 10 independently operated consignment locations and approximately 1,850  other commercial customers as of September 30, 2013.  Total sales of motor fuel to third parties increased year-over-year by 9.3 percent for the quarter, to 131.0 million gallons.  Gross profit on these gallons was $6.8 million, or 5.2 cents per gallon, compared to $5.6 million, or 4.7 cents per gallon, in the prior-year period on a pro forma basis.

YTD 2013 Compared to Pro Forma YTD 2012

Revenue for the first nine months of 2013 totaled $3,363.0 million, a 2.6 percent increase compared to pro forma revenue of $3,277.0 million in the first nine months of 2012. Gross profit for the period totaled $50.9 million, a 20.8 percent increase compared to pro forma gross profit of $42.2 million in the prior-year period.  Total sales of motor fuel to affiliates increased year-over-year by 7.4 percent to 783.7 million gallons, and sales to third parties increased by 3.7 percent to 371.7 million gallons. On a weighted average basis, fuel margin for all gallons sold increased to 3.6 cents per gallon in the first nine months of 2013 from 3.5 cents per gallon pro forma in the comparable period of 2012.

Capital Spending and Financing

SUSP completed purchase and leaseback transactions for 10 Stripes convenience stores during the third quarter for $39.5 million. No additional purchase and leaseback transactions have been completed so far in the fourth quarter.  Since its initial public offering in September 2012, SUSP has completed the purchase and leaseback of 30 Stripes stores for a cumulative cost of $121.0 million, including post-completion true-up.

Including the Stripes store purchases, SUSP's gross capital expenditures for the third quarter were $43.9 million, which included $0.2 million for maintenance capital.  At September 30, SUSP had borrowings against its revolving line of credit of $142.8 million and other long-term debt of $41.9 million, a portion of which was collateralized by $37.9 million of marketable securities.

2013 Guidance

SUSP's management team is adjusting the following previously issued guidance for 2013.  Please refer to disclosures below regarding forward-looking statements.


New FY 2013

Guidance

Previous  FY 2013

Guidance

Nine Months 2013 Actual

Motor Fuel Gallons (billions) (a)

1.50 - 1.60

1.45 - 1.60

1.15

Fuel Margin (cents/gallon) (a)

3.5 - 3.7

3.4 - 3.6

3.6

New Stripes stores expected to be purchased by SUSP (b)

25 - 30

25 - 30

22

New Wholesale dealer and consignment sites (c)

32 - 40

28 - 40

24

Maintenance Capital Spending (millions)

$0.75 - $1.5

$1.0 - $3.0

$0.5

Expansion Capital Spending (millions) (d)

$115 - $135

$95 - $135

$101.3



(a)

Includes affiliated and third-party gallons and fuel margin. 

(b)

Based on Susser Holdings Corporation guidance of 28 - 30 new Stripes stores to be built in 2013.

(c)

Does not reflect existing wholesale consignment and dealer site closures, which are typically lower volume locations than new sites.    

(d)

Expansion capital includes Stripes store purchases.  The Partnership does not provide guidance on potential acquisitions.

_______________________

 

(1)

Adjusted EBITDA and distributable cash flow are non-GAAP financial measures of performance that have limitations and should not be considered as a substitute for net income. Please refer to the discussion and tables under "Key Operating Metrics" later in this news release for a discussion of our use of Adjusted EBITDA and distributable cash flow, and reconciliation to net income for the periods presented.

Quarterly Distribution

SUSP announced today that the Board of Directors of its general partner has approved a quarterly distribution for the third quarter of 2013 of $0.4687 per unit.  This amount corresponds to $1.87 per unit on an annualized basis and represents a 3.5 percent increase compared to the distribution for the previous quarter.  This distribution is 7.1 percent above our minimum quarterly distribution.  The total distribution amount of approximately $10.3 million is being paid from distributable cash flow of $12.7 million for the quarter and reflects a distribution coverage ratio of 1.2 times.

The distribution will be paid on November 29, 2013 to unitholders of record on November 19, 2013. Immediately prior to the distribution, there will be 21,951,578 units outstanding, including all of the Partnership's common and subordinated units.

Third Quarter Earnings Conference Call

Susser's management team will hold a conference call today at 10:00 a.m. ET (9:00 a.m. CT) to discuss third quarter 2013 results for both Susser Petroleum Partners LP and Susser Holdings Corporation. To participate in the call, dial 480-629-9771 10 minutes early and ask for the Susser conference call. The call will also be accessible live and for later replay via webcast in the Investor Relations section of Susser Petroleum Partners' web site at www.susserpetroleumpartners.com and Susser Holdings' web site at www.susser.com under Events and Presentations.  A telephone replay will be available through November 13 by calling 303-590-3030 and using the pass code 4645491#.

Factors Affecting Comparability and Explanation of Pro Forma Results

SUSP completed its initial public offering of common units representing limited partner interests on September 25, 2012.  Reported results of operations for the three- and nine-month periods ending September 30, 2012 reflect the results of Susser Petroleum Company LLC, the Partnership's "Predecessor."  Prior to September 25, 2012, the Predecessor did not charge intercompany gross profit on motor fuel sales to Susser Holdings' Stripes convenience stores. Additionally, not all of the wholesale operations of the Predecessor were contributed to SUSP, such as consignment location fuel sales and the fuel transportation assets and operations.  As a result, actual operating results are not comparable on a period-to-period basis.  

Selected supplemental pro forma information is being provided, which reflects certain SUSP results as if the current structure and contracts had been in place on January 1, 2012.  The pro forma results show actual gallons sold but reflect revenues and gross margins as if the Partnership had completed its initial public offering and related transactions and had been operating as an independent entity under its current contractual arrangements with affiliates since January 1, 2012.  Additional details regarding our pro forma adjustments are included in the attached tables. Management believes the pro forma presentation provides investors with a more relevant comparison to historical and future periods as opposed to actual results. 

About Susser Petroleum Partners LP

Houston-based Susser Petroleum Partners LP is a publicly traded partnership formed by Susser Holdings Corporation to engage in the primarily fee-based wholesale distribution of motor fuels to Susser Holdings and third parties. Susser Petroleum Partners distributes over 1.5 billion gallons of motor fuel annually from major oil companies and independent refiners to Susser Holdings' Stripes convenience stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.

Forward-Looking Statements

This news release contains "forward-looking statements." These statements are based on current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially, including but not limited to: Susser Holdings' business strategy, operations and conflicts of interest with us; our ability to renew or renegotiate our long-term distribution contracts with our customers; changes in the price of and demand for the motor fuel that we distribute; our dependence on two principal suppliers; competition in the wholesale motor fuel distribution industry; seasonal trends; increased costs; our ability to make acquisitions; environmental laws and regulations; dangers inherent in the storage of motor fuel; our reliance on SHC for transportation services;  and other unforeseen factors.  For a full discussion of these and other risks and uncertainties, refer to the "Risk Factors" section of the Partnership's most recently filed annual report on Form 10-K and subsequent quarterly filings. These forward-looking statements are based on and include our estimates as of the date hereof. Subsequent events and market developments could cause our estimates to change. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if new information becomes available, except as may be required by applicable law.

Qualified Notice

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100 percent of Susser Petroleum Partners' distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Susser Petroleum Partners' distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.

Financial statements follow

Contacts:

Susser Petroleum Partners LP


Mary Sullivan, Chief Financial Officer


(832) 234-3600, msullivan@susser.com




Dennard - Lascar Associates, LLC


Anne Pearson, Senior Vice President


(210) 408-6321, apearson@dennardlascar.com


Ben Burnham, Vice President


(773) 599-3745, bburnham@dennardlascar.com

Pro Forma Results

The following presentation compares actual first nine months and third quarter 2013 results to the pro forma revenues and gross profit for SUSP in the first nine months and third quarter of 2012, had the transactions and contracts related to the IPO occurred as of January 1, 2012.  Specifically, the following pro forma schedules give effect to:

  • the contribution by our Predecessor to us of substantially all of the assets and operations comprising its wholesale motor fuel distribution business (other than its motor fuel consignment business and transportation assets and substantially all of its accounts receivable and payable);
  • the contribution by SUSS and our Predecessor to us of certain convenience store properties;
  • our entry into a fuel distribution contract with SUSS, pursuant to which we receive (i) a fixed profit margin (averaging three cents) on the motor fuel distributed to SUSS for its Stripes convenience stores, instead of no margin historically reflected in our Predecessor financial statements and (ii) a fixed profit margin (averaging three cents) on all volumes sold to SUSS for its independently operated consignment locations, instead of the variable and higher margin received by our Predecessor under consignment contracts; and
  • our entry into the SUSS Transportation Contract and the elimination of revenues and costs associated with the transportation business that were included in our Predecessor's results of operations.

As used in the following table, "affiliates" refers to sales to SUSS for its Stripes convenience stores and independently operated consignment locations; "third-party" refers to sales to independently operated dealer supply locations and other commercial customers.  


Three Months Ended


Nine Months Ended


September 30,

2012


September 30,

2013


September 30,

2012


September 30,

2013


Pro Forma


Actual


Pro Forma


Actual


(in thousands, except for gross profit per gallon)

Revenues:








Motor fuel sales to third parties

$

369,354



$

383,896



$

1,094,098



$

1,094,718


Motor fuel sales to affiliates

741,532



775,769



2,176,767



2,257,800


Rental income

837



2,820



2,517



6,725


Other income

1,162



1,231



3,610



3,737


Total revenue

1,112,885



1,163,716



3,276,992



3,362,980


Gross profit:








Motor fuel sales to third parties

5,639



6,791



15,676



18,666


Motor fuel sales to affiliates

7,439



8,112



21,896



23,464


Rental income

837



2,820



2,517



6,725


Other

693



680



2,071



2,060


Total gross profit

$

14,608



$

18,403



$

42,160



$

50,915


Operating Data:








Motor fuel gallons sold:








Third-party dealers and other commercial customers

119,785



130,959



358,311



371,732


Affiliates

247,578



268,565



729,447



783,715


Total gallons sold

367,363



399,524



1,087,758



1,155,447


Motor fuel gross profit (cents per gallon):








Third-party

4.7

¢


5.2

¢


4.4

¢


5.0

¢

Affiliated

3.0

¢


3.0

¢


3.0

¢


3.0

¢

Volume-weighted average for all gallons

3.6

¢


3.7

¢


3.5

¢


3.6

¢









 

Susser Petroleum Partners LP

Consolidated Statements of Operations

Unaudited



Three Months Ended


Nine Months Ended


September 30,

2012


September 30,

2013


September 30,

2012


September 30,

2013


Predecessor




Predecessor




(in thousands, except unit and per unit amounts)

Revenues:








Motor fuel sales to third parties

$

458,817


$

383,896


$

1,364,361


$

1,094,718

Motor fuel sales to affiliates

647,301


775,769


1,894,471


2,257,800

Rental income

1,359


2,820


4,078


6,725

Other income

2,140


1,231


5,871


3,737

Total revenues

1,109,617


1,163,716


3,268,781


3,362,980

Cost of sales:








Motor fuel cost of sales to third parties

449,486


377,105


1,336,351


1,076,052

Motor fuel cost of sales to affiliates

646,833


767,657


1,894,000


2,234,336

Other

470


551


1,539


1,677

Total cost of sales

1,096,789


1,145,313


3,231,890


3,312,065

Gross profit

12,828


18,403


36,891


50,915

Operating expenses:








General and administrative

3,035


4,329


8,836


11,877

Other operating

1,036


606


4,675


1,805

Rent

1,078


261


3,258


765

Loss on disposal of assets

194


112


229


206

Depreciation, amortization and accretion

2,016


2,432


5,793


6,090

Total operating expenses

7,359


7,740


22,791


20,743

Income from operations

5,469


10,663


14,100


30,172

Interest expense, net

(113)


(921)


(293)


(2,370)

Income before income taxes

5,356


9,742


13,807


27,802

Income tax expense

(1,739)


(145)


(4,813)


(298)

Net income and comprehensive income

$

3,617


$

9,597


$

8,994


$

27,504









Less: Predecessor income prior to initial public offering on September 25, 2012

3,043




8,420



Limited partners' interest in net income subsequent to initial public offering

$

574




$

574











Net income per limited partner unit:








Common - basic

$

0.03


$

0.44


$

0.03


$

1.26

Common - diluted

$

0.03


$

0.43


$

0.03


$

1.25

Subordinated (basic and diluted)

$

0.03


$

0.44


$

0.03


$

1.26

Weighted average limited partner units outstanding:








Common units - public

10,925,000


10,927,611


10,925,000


10,925,870

Common units - affiliated

14,436


36,060


14,436


21,644

Subordinated units - affiliated

10,939,436


10,939,436


10,939,436


10,939,436









Cash distribution per unit

$

0.0285


$

0.4687


$

0.0285


$

1.359

 

Susser Petroleum Partners LP

Consolidated Balance Sheets



December 31,

2012


September 30,

2013




(unaudited)


(in thousands, except units)

Assets




Current assets:




Cash and cash equivalents

$

6,752


$

17,917

Accounts receivable, net of allowance for doubtful accounts of $103 at December 31, 2012, and $355 at September 30, 2013

33,008


63,127

Receivables from affiliates

59,543


36,431

Inventories, net

2,981


15,474

Other current assets

821


243

Total current assets

103,105


133,192

Property and equipment, net

68,173


169,300

Other assets:




Marketable securities

148,264


37,936

Goodwill

12,936


22,432

Intangible assets, net

23,131


22,344

Other noncurrent assets

191


182

Total assets

$

355,800


$

385,386

Liabilities and equity




Current liabilities:




Accounts payable

$

88,884


$

104,474

Accrued expenses and other current liabilities

1,101


13,355

Current maturities of long-term debt

24


525

Total current liabilities

90,009


118,354

Revolving line of credit

35,590


142,800

Long-term debt

149,241


41,422

Deferred tax liability, long-term portion

152


424

Other noncurrent liabilities

2,476


2,285

Total liabilities

277,468


305,285

Commitments and contingencies:




Partners' equity:




Limited partners:




Common unitholders - public (10,925,000 units issued and outstanding at December 31, 2012 and 10,932,834 units issued and outstanding at September 30, 2013)

210,462


210,360

Common unitholders - affiliated (14,436 units issued and outstanding at December 31, 2012 and 79,308 units issued and outstanding at September 30, 2013)

(175)


1,796

Subordinated unitholders - affiliated (10,939,436 units issued and outstanding)

(131,955)


(132,055)

Total equity

78,332


80,101

Total liabilities and equity

$

355,800


$

385,386

 

Key Operating Metrics

The following table sets forth, for the periods indicated, information concerning key measures we rely on to gauge our operating performance.  Historical results include our Predecessor's results of operations.  The following information is intended to provide investors with a reasonable basis for assessing our historical operations, but should not serve as the only criteria for predicting our future performance.


Three Months Ended


Nine Months Ended


September 30,

2012 (1)


September 30,

2013


September 30,

2012 (1)


September 30,

2013


Predecessor




Predecessor




(in thousands, except for selling price and gross profit per gallon)

Revenues:








Motor fuel sales to third parties (1)

$

458,817



$

383,896



$

1,364,361



$

1,094,718


Motor fuel sales to affiliates (1)

647,301



775,769



1,894,471



2,257,800


Rental income

1,359



2,820



4,078



6,725


Other income

2,140



1,231



5,871



3,737


Total revenue

1,109,617



1,163,716



3,268,781



3,362,980


Gross profit:








Motor fuel gross profit to third parties (1)

9,331



6,791



28,010



18,666


Motor fuel gross profit to affiliates (1)

468



8,112



471



23,464


Rental income

1,359



2,820



4,078



6,725


Other

1,670



680



4,332



2,060


Total gross profit

12,828



18,403



36,891



50,915


Net income

$

3,617



$

9,597



$

8,994



$

27,504


Adjusted EBITDA (2)

$

7,926



$

13,753



$

20,938



$

37,819


Distributable cash flow (2)

$

644



$

12,693



$

644



$

35,032


Operating Data:








Total motor fuel gallons sold:








Third-party

147,848



130,959



442,995



371,732


Affiliated gallons

219,514



268,565



644,763



783,715


Average wholesale selling price per gallon

$

3.01



$

2.90



$

3.00



$

2.90


Motor fuel gross profit (cents per gallon) (1):








Third-party

6.3

¢


5.2

¢


6.3

¢


5.0

¢

Affiliated

0.2

¢


3.0

¢


0.1

¢


3.0

¢

Volume-weighted average for all gallons

2.7

¢


3.7

¢


2.6

¢


3.6

¢









(1)

For the historical periods presented, other than the six-day period from the completion of the Partnership's IPO September 25, 2012 through September 30, 2012, affiliated sales only include sales to Stripes® convenience stores, for which our Predecessor historically received no margin, and third-party motor fuel sales and gross profit cents per gallon include the motor fuel sold directly to independently operated consignment locations, as well as sales to third-party dealers and other commercial customers. Following our IPO on September 25, 2012, we sell fuel to SUSS for both Stripes® convenience stores and SUSS' independently operated consignment locations at a fixed profit margin of approximately three cents per gallon, and these sales are classified as affiliated sales.

(2)

We define EBITDA as net income before net interest expense, income tax expense and depreciation and amortization expense. Adjusted EBITDA further adjusts EBITDA to reflect certain other non-recurring and non-cash items. We define distributable cash flow as Adjusted EBITDA less cash interest expense, cash state franchise tax expense, maintenance capital expenditures, and other non-cash adjustments.  Adjusted EBITDA and distributable cash flow are not financial measures calculated in accordance with GAAP. 

 

We believe EBITDA, Adjusted EBITDA and distributable cash flow are useful to investors in evaluating our operating performance because:

  • Adjusted EBITDA is used as a performance measure under our revolving credit facility;
  • securities analysts and other interested parties use such metrics as measures of financial performance, ability to make distributions to our unitholders and debt service capabilities;
  • they are used by our management for internal planning purposes, including aspects of our consolidated operating budget, and capital expenditures; and
  • distributable cash flow provides useful information to investors as it is a widely accepted financial indicator used by investors to compare partnership performance, as it provides investors an enhanced perspective of the operating performance of our assets and the cash our business is generating.

EBITDA, Adjusted EBITDA and distributable cash flow are not recognized terms under GAAP and do not purport to be alternatives to net income (loss) as measures of operating performance. EBITDA, Adjusted EBITDA and distributable cash flow have limitations as analytical tools, and one should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations include:

  • they do not reflect our total cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • they do not reflect changes in, or cash requirements for, working capital;
  • they do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our revolving credit facility or term loan;
  • although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash requirements for such replacements; and
  • because not all companies use identical calculations, our presentation of EBITDA, Adjusted EBITDA and distributable cash flow may not be comparable to similarly titled measures of other companies.

The following tables present a reconciliation of net income to EBITDA, Adjusted EBITDA and distributable cash flow:






Three Months Ended


Susser Petroleum Company LLC Predecessor


Susser Petroleum Partners LP


September 30,

2012


September 30,

2013


Through September 24, 2012


From

September 25, 2012






(in thousands)

Net income

$

3,043


$

574


$

3,617


$

9,597

Depreciation, amortization and accretion

1,958


58


2,016


2,432

Interest expense, net

89


24


113


921

Income tax expense

1,735


4


1,739


145

EBITDA

6,825


660


7,485


13,095

Non-cash stock based compensation (a)

241


6


247


546

Loss on disposal of assets

194



194


112

Adjusted EBITDA

$

7,260


$

666


$

7,926


$

13,753

Cash interest expense



18




825

State franchise tax expense (cash)



4




24

Maintenance capital expenditures






211

Distributable cash flow



$

644




$

12,693

 






Nine Months Ended


Susser Petroleum Company LLC Predecessor


Susser Petroleum Partners LP


September 30,

2012


September 30,

2013


Through September 24, 2012


From

September 25, 2012






(in thousands)

Net income

$

8,420


$

574


$

8,994


$

27,504

Depreciation, amortization and accretion

5,735


58


5,793


6,090

Interest expense, net

269


24


293


2,370

Income tax expense

4,809


4


4,813


298

EBITDA

19,233


660


19,893


36,262

Non-cash stock based compensation (a)

810


6


816


1,351

Loss on disposal of assets

229



229


206

Adjusted EBITDA

$

20,272


$

666


$

20,938


$

37,819

Cash interest expense



18




2,084

State franchise tax expense (cash)



4




165

Maintenance capital expenditures






538

Distributable cash flow



$

644




$

35,032



(a)

Predecessor allocation of non-cash stock based compensation through September 24, 2012 has been reclassified, and is being reflected in the above reconciliation tables.

SOURCE Susser Petroleum Partners LP; Susser Holdings Corporation

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