Alon USA Partners, LP

CIK:0001556766|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Sep. 30, 2016
Net sales:
Affiliate	$ 94,536
Third party	400,942
Net sales	495,478
Operating costs and expenses:
Cost of goods sold	415,386
Operating expenses	26,548
Selling, general and administrative expenses	7,741
Depreciation and amortization	7,620
Loss on disposition of assets	0
Total operating costs and expenses	457,295
Operating income	38,183
Interest expense, net	8,817
Other expense (income), net	5
Total non-operating expense	8,822
Income (loss) before income tax expense	29,361
Income tax expense	125
Net income (loss) attributable to partners	29,236
Comprehensive income (loss) attributable to partners	$ 29,236
Net income (loss) per unit - (basic and diluted) (in dollars per share)	$ 0.47
Weighted average common units outstanding - (basic and diluted) (in shares)	62,529
Cash distribution per unit (in dollars per share)	$ 0.35
Predecessor
Net sales:
Affiliate		$ 82,717	$ 185,760	$ 222,711
Third party		379,540	880,523	1,076,012
Net sales		462,257	1,066,283	1,298,723
Operating costs and expenses:
Cost of goods sold		404,207	911,366	1,134,275
Operating expenses		25,125	52,638	73,424
Selling, general and administrative expenses		8,153	14,156	24,264
Depreciation and amortization		14,581	28,691	43,454
Loss on disposition of assets		0	23	0
Total operating costs and expenses		452,066	1,006,874	1,275,417
Operating income		10,191	59,409	23,306
Interest expense, net		8,144	16,497	28,651
Other expense (income), net		(353)	554	(550)
Total non-operating expense		7,791	17,051	28,101
Income (loss) before income tax expense		2,400	42,358	(4,795)
Income tax expense		317	566	493
Net income (loss) attributable to partners		2,083	41,792	(5,288)
Comprehensive income (loss) attributable to partners		$ 2,083	$ 41,792	$ (5,288)
Net income (loss) per unit - (basic and diluted) (in dollars per share)		$ 0.03	$ 0.67	$ (0.08)
Weighted average common units outstanding - (basic and diluted) (in shares)		62,520	62,523	62,515
Cash distribution per unit (in dollars per share)		$ 0.14	$ 0.49	$ 0.22

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ 29,236
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	7,620
Unit-based compensation	25
Deferred income taxes	9
Loss on disposition of assets	0
Amortization of debt issuance costs	0
Amortization of original issuance discount	0
Accretion of environmental liabilities and asset retirement obligations	187
Changes in operating assets and liabilities:
Accounts receivables, net	34,795
Accounts receivables/payables from related parties	73,721
Inventories	(8,220)
Prepaid expenses and other current assets	1,018
Other non-current assets, net	203
Accounts payable	(70,411)
Accrued liabilities	528
Obligations under supply and offtake agreement	25,863
Other non-current liabilities	0
Net cash provided by operating activities	94,574
Cash flows from investing activities:
Capital expenditures	(17,738)
Capital expenditures for turnarounds and catalysts	0
Net cash used in investing activities	(17,738)
Cash flows from financing activities:
Distributions paid to unitholders	(4,035)
Distributions paid to unitholders - Alon Energy	(17,850)
Proceeds from product financing agreements	0
Repayments of product financing agreements	(2,993)
Proceeds from revolving credit facility	100,000
Payments of revolving credit facility	(50,000)
Payments on long-term debt	(625)
Net cash provided by financing activities	24,497
Net increase in cash and cash equivalents	101,333
Cash and cash equivalents, beginning of period	167,239
Cash and cash equivalents, end of period	268,572	$ 167,239
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest	8,314
Cash paid for income tax	0
Capital expenditures in accounts payable	4,143
Predecessor
Cash flows from operating activities:
Net income (loss)		41,792	$ (5,288)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization		28,691	43,454
Unit-based compensation		47	53
Deferred income taxes		0	0
Loss on disposition of assets		23	0
Amortization of debt issuance costs		811	1,335
Amortization of original issuance discount		345	480
Accretion of environmental liabilities and asset retirement obligations		0	0
Changes in operating assets and liabilities:
Accounts receivables, net		(27,535)	(7,064)
Accounts receivables/payables from related parties		1,118	(2,186)
Inventories		12,592	(16,446)
Prepaid expenses and other current assets		701	1,012
Other non-current assets, net		(900)	4,573
Accounts payable		25,731	22,268
Accrued liabilities		(5,441)	(2,134)
Obligations under supply and offtake agreement		0	0
Other non-current liabilities		(830)	18,400
Net cash provided by operating activities		77,145	58,457
Cash flows from investing activities:
Capital expenditures		(12,175)	(17,199)
Capital expenditures for turnarounds and catalysts		(1,016)	(9,679)
Net cash used in investing activities		(13,191)	(26,878)
Cash flows from financing activities:
Distributions paid to unitholders		(5,648)	(2,534)
Distributions paid to unitholders - Alon Energy		(24,990)	(11,220)
Proceeds from product financing agreements		11,649	54,860
Repayments of product financing agreements		0	0
Proceeds from revolving credit facility		50,000	0
Payments of revolving credit facility		0	0
Payments on long-term debt		(1,250)	(1,875)
Net cash provided by financing activities		29,761	39,231
Net increase in cash and cash equivalents		93,715	70,810
Cash and cash equivalents, beginning of period	$ 167,239	73,524	132,953
Cash and cash equivalents, end of period		167,239	203,763
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest		16,155	27,219
Cash paid for income tax		566	493
Capital expenditures in accounts payable		$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 268,572
Accounts receivable	83,781
Accounts receivable from related parties, net of related party payables	0
Inventories, net of lower of cost or net realizable value	99,802
Prepaid expenses and other current assets	4,877
Total current assets	457,032
Property, plant and equipment, net	418,106
Goodwill	568,541
Other non-current assets	54,031
Total assets	1,497,710
Current liabilities:
Accounts payable	101,588
Accounts payable to related parties, net of related party receivables	84,631
Accrued expenses and other current liabilities	181,820
Current portion of long-term debt	2,500
Obligation under Supply and Offtake Agreement	99,108
Total current liabilities	469,647
Non-current liabilities:
Long-term debt, net of current portion	335,625
Deferred income tax liability	2,374
Other non-current liabilities	27,381
Total non-current liabilities	365,380
Commitments and contingencies (see Note 15)
Partners’ equity:
General partner interest	0
Common unit interest - 62,529,328 and 62,520,220 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively	662,683
Total partners’ equity	662,683
Total liabilities and partners’ equity	$ 1,497,710
Predecessor
Current assets:
Cash and cash equivalents		$ 73,524
Accounts receivable		82,292
Accounts receivable from related parties, net of related party payables		11,425
Inventories, net of lower of cost or net realizable value		49,682
Prepaid expenses and other current assets		4,949
Total current assets		221,872
Property, plant and equipment, net		420,554
Goodwill		0
Other non-current assets		53,211
Total assets		695,637
Current liabilities:
Accounts payable		249,835
Accounts payable to related parties, net of related party receivables		0
Accrued expenses and other current liabilities		43,100
Current portion of long-term debt		2,500
Obligation under Supply and Offtake Agreement		0
Total current liabilities		295,435
Non-current liabilities:
Long-term debt, net of current portion		233,819
Deferred income tax liability		0
Other non-current liabilities		62,880
Total non-current liabilities		296,699
Commitments and contingencies (see Note 15)
Partners’ equity:
General partner interest		0
Common unit interest - 62,529,328 and 62,520,220 units issued and outstanding at September 30, 2017 and December 31, 2016, respectively		103,503
Total partners’ equity		103,503
Total liabilities and partners’ equity		$ 695,637