PBF Logistics LP

CIK:0001582568|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Affiliate	$ 77,348	$ 75,464	$ 232,957	$ 226,504
Third-party	12,224	13,389	39,424	39,692
Total revenue	89,572	88,853	272,381	266,196
Costs and expenses:
Operating and maintenance expenses	30,439	27,265	88,045	77,760
General and administrative expenses	5,509	3,902	16,102	14,592
Depreciation and amortization	8,981	9,787	27,611	28,468
Change in contingent consideration	(40)	761	198	2,565
Total costs and expenses	44,889	41,715	131,956	123,385
Income from operations	44,683	47,138	140,425	142,811
Other expense:
Interest expense, net	(9,328)	(10,027)	(28,747)	(30,526)
Amortization of loan fees and debt premium	(412)	(423)	(1,245)	(1,278)
Accretion on discounted liabilities	(4)	(6)	(14)	(18)
Net income	$ 34,939	$ 36,682	$ 110,419	$ 110,989
Common Units
Net income per limited partner unit:
Common units - basic (in dollars per share)	$ 0.55	$ 0.58	$ 1.75	$ 1.77
Common units - diluted (in dollars per share)	$ 0.55	$ 0.58	$ 1.75	$ 1.76
Weighted-average limited partner units outstanding:
Common units - basic (in shares)	63,087,643	62,887,914	63,021,864	62,820,193
Common units - diluted (in shares)	63,282,047	62,997,487	63,153,973	62,934,116

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 110,419	$ 110,989
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,611	28,468
Amortization of loan fees and debt premium	1,245	1,278
Accretion on discounted liabilities	14	18
Unit-based compensation expense	4,217	4,658
Change in contingent consideration	198	2,565
Changes in operating assets and liabilities:
Accounts receivable - affiliates	20,753	(10,024)
Accounts receivable	514	5,373
Prepaids and other current assets	340	(1,793)
Accounts payable - affiliates	448	(978)
Accounts payable	(1,269)	(639)
Accrued liabilities	10,421	3,382
Deferred revenue	527	624
Other assets and liabilities	552	(217)
Net cash provided by operating activities	175,990	143,704
Cash flows from investing activities:
Expenditures for property, plant and equipment	(4,622)	(6,892)
Net cash used in investing activities	(4,622)	(6,892)
Cash flows from financing activities:
Distributions to unitholders	(56,421)	(56,216)
Repayment of revolving credit facility	(100,000)	(75,000)
Payment of contingent consideration	(2,685)	(12,176)
Deferred financing costs and other	(1,257)	(1,057)
Net cash used in financing activities	(160,363)	(144,449)
Net change in cash and cash equivalents	11,005	(7,637)
Cash and cash equivalents, beginning of period	33,904	36,284
Cash and cash equivalents, end of period	44,909	28,647
Supplemental disclosure of non-cash investing and financing activities:
Accrued and unpaid capital expenditures	559	504
Contribution of net assets from PBF LLC	$ 0	$ 316

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,909	$ 33,904
Accounts receivable - affiliates	40,971	61,724
Accounts receivable	5,035	5,549
Prepaids and other current assets	3,136	3,476
Total current assets	94,051	104,653
Property, plant and equipment, net	764,450	787,338
Goodwill	6,332	6,332
Other non-current assets	3,388	2,974
Total assets	868,221	901,297
Current liabilities:
Accounts payable - affiliates	4,544	4,096
Accounts payable	3,663	5,394
Accrued liabilities	25,632	16,812
Deferred revenue	2,899	2,372
Current debt	523,790	0
Total current liabilities	560,528	28,674
Long-term debt	0	622,544
Other long-term liabilities	2,684	1,383
Total liabilities	563,212	652,601
Commitments and contingencies (Note 9)
Equity:
Common unitholders (62,741,662 and 62,574,644 units issued and outstanding, as of September 30, 2022 and December 31, 2021, respectively)	305,009	248,696
Total equity	305,009	248,696
Total liabilities and equity	$ 868,221	$ 901,297