Sprague Resources LP

CIK:0001525287|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,278,310	$ 657,672	$ 3,091,625	$ 1,693,805
Cost of products sold (exclusive of depreciation and amortization)	1,261,935	659,803	2,991,013	1,584,585
Operating expenses	22,092	19,148	45,327	38,379
Selling, general and administrative	21,941	16,719	50,661	41,958
Depreciation and amortization	8,049	8,258	16,175	16,741
Total operating costs and expenses	1,314,017	703,928	3,103,176	1,681,663
Other operating (loss) income	0	9,725	0	9,725
Operating (loss) income	(35,707)	(36,531)	(11,551)	21,867
Other (loss) income	0	0	(1)	2
Interest income	115	77	143	143
Interest expense	(9,242)	(8,587)	(19,814)	(17,402)
(Loss) income before income taxes	(44,834)	(45,041)	(31,223)	4,610
Income tax (provision) benefit	(461)	(562)	3,874	(1,433)
Net (loss) income	(45,295)	(45,603)	(27,349)	3,177
Limited partners' interest in net (loss) income	$ (45,295)	$ (45,603)	$ (27,349)	$ 3,177
Net (loss) income per limited partner unit:
Common - basic (in dollars per share)	$ (1.73)	$ (1.74)	$ (1.04)	$ 0.13
Common - diluted (in dollars per share)	$ (1.73)	$ (1.74)	$ (1.04)	$ 0.13
Units used to compute net income per limited partner unit:
Common - basic (in units)	26,236,612	26,226,255	26,235,585	25,066,494
Common - diluted (in units)	26,236,612	26,226,255	26,235,585	25,066,494
Distribution declared per unit (in dollars per share)	$ 0.4338	$ 0.6675	$ 0.8676	$ 1.3350

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net (loss) income	$ (27,349)	$ 3,177
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (includes amortization of deferred debt issuance costs)	18,362	19,297
(Gain) loss on sale of assets	(83)	(9,840)
Provision for doubtful accounts	(20)	98
Non-cash unit-based compensation	(78)	208
Deferred income taxes	(1,399)	(246)
Changes in assets and liabilities:
Accounts receivable	1,105	34,716
Inventories	200,676	52,888
Other assets	2,574	54,266
Fair value of commodity derivative instruments	68,610	29,933
Due to General Partner and affiliates	(319)	(6,295)
Accounts payable, accrued liabilities and other	4,126	(19,050)
Net cash provided by operating activities	266,205	159,152
Cash flows from investing activities
Purchases of property, plant and equipment	(6,582)	(5,799)
Proceeds from sale of assets	218	11,125
Net cash (used in) provided by investing activities	(6,364)	5,326
Cash flows from financing activities
Net payments under credit agreements	(226,941)	(117,383)
Payments on finance leases and other obligations	(3,499)	(3,335)
Debt issuance costs	(857)	(4,430)
Distributions to unitholders	(22,761)	(34,897)
Units withheld for employee tax obligations	0	(1,450)
Net cash (used in) financing activities	(254,058)	(161,495)
Effect of exchange rate changes on cash balances held in foreign currencies	(3)	(4)
Net change in cash and cash equivalents	5,780	2,979
Cash and cash equivalents, beginning of period	669	3,771
Cash and cash equivalents, end of period	6,449	6,750
Supplemental disclosure of cash flow information
Cash paid for interest	18,065	14,476
Cash paid for taxes	3,583	6,165
Assets acquired under finance lease obligations	912	1,580
Cash paid for operating leases	$ 3,713	$ 3,068

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 6,449	$ 669
Accounts receivable, net	279,323	280,407
Inventories	239,144	439,820
Fair value of derivative assets	243,426	141,018
Other current assets	23,188	22,066
Total current assets	791,530	883,980
Fair value of derivative assets, long-term	55,447	33,111
Property, plant and equipment, net	317,818	323,630
Intangibles, net	30,974	34,007
Other assets, net	23,464	28,490
Goodwill	115,036	115,037
Total assets	1,334,269	1,418,255
Current liabilities:
Accounts payable	135,659	193,843
Accrued liabilities	142,815	76,667
Fair value of derivative liabilities	365,681	195,508
Due to General Partner	10,485	11,077
Current portion of working capital and acquisition facilities	647,941	497,578
Current portion of other obligations	8,642	8,594
Total current liabilities	1,311,223	983,267
Commitments and contingencies
Acquisition facility	0	377,400
Fair value of derivative liabilities, long-term	66,785	64,415
Other obligations, less current portion	28,481	31,664
Operating lease liabilities, less current portion	7,879	11,067
Due to General Partner	2,564	2,291
Deferred income taxes	12,497	13,733
Total liabilities	1,429,429	1,483,837
Unitholders’ equity:
Accumulated other comprehensive loss, net of tax	4,113	(16,497)
Total unitholders’ equity	(95,160)	(65,582)
Total liabilities and unitholders’ equity	1,334,269	1,418,255
Common Units Public
Unitholders’ equity:
Unitholders’ value	49,241	62,090
Common Units Affiliated
Unitholders’ equity:
Unitholders’ value	$ (148,514)	$ (111,175)