NuStar GP Holdings, LLC

CIK:0001223786|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Equity in earnings of NuStar Energy L.P.	$ 13,315	$ 18,112
General and administrative expenses:
Third parties	(670)	(587)
Related party	(218)	(241)
Total general and administrative expenses	(888)	(828)
Interest expense, net	(486)	(292)
Income before income tax expense	11,941	16,992
Income tax expense	(2)	0
Net income	$ 11,939	$ 16,992
Net income per unit	$ 0.28	$ 0.39
Weighted-average number of common units outstanding	42,955,799	42,951,749
Comprehensive income	$ 14,606	$ 17,552

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities:
Net income	$ 11,939	$ 16,992
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of NuStar Energy L.P.	(13,315)	(18,112)
Distributions of equity in earnings from NuStar Energy L.P.	13,315	18,112
Unit-based compensation expense	232	203
Amortization of deferred debt costs	49	42
Deferred income tax expense	3	0
Changes in current assets and liabilities (Note 7)	(147)	(362)
Net cash provided by operating activities	12,076	16,875
Cash Flows from Investing Activities:
Distributions in excess of equity in earnings from NuStar Energy L.P.	11,109	5,965
Net cash provided by investing activities	11,109	5,965
Cash Flows from Financing Activities:
Proceeds from short-term debt borrowings	500	1,000
Distributions to unitholders	(23,423)	(23,408)
Other, net	(443)	(51)
Net cash used in financing activities	(23,366)	(22,459)
Net (decrease) increase in cash and cash equivalents	(181)	381
Cash and cash equivalents as of the beginning of the period	422	207
Cash and cash equivalents as of the end of the period	$ 241	$ 588

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 241	$ 422
Income tax receivable	105	105
Other receivables	0	26
Prepaid expenses and other current assets	259	319
Total current assets	605	872
Investment in NuStar Energy L.P.	270,649	279,721
Deferred income tax assets, net	3,246	3,249
Total assets	274,500	283,842
Current liabilities:
Short-term debt	43,000	42,500
Payable to related party	72	205
Accounts payable	126	3
Accrued liabilities	255	500
Taxes other than income tax	169	98
Total current liabilities	43,622	43,306
Commitments and contingencies (Note 9)
Members’ equity (42,953,132 and 42,977,132 common units outstanding as of March 31, 2018 and December 31, 2017)	239,033	251,358
Accumulated other comprehensive loss	(8,155)	(10,822)
Total members’ equity	230,878	240,536
Total liabilities and members’ equity	$ 274,500	$ 283,842
Common units outstanding	42,953,132	42,977,132