2013 Q4 Form 10-Q Financial Statement

#000110465914008063 Filed on February 10, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $2.743B $1.338B
YoY Change 105.01% 184.33%
Cost Of Revenue $2.576B $1.205B
YoY Change 113.86% 173.89%
Gross Profit $167.4M $133.7M
YoY Change 25.25% 333.14%
Gross Profit Margin 6.1% 9.99%
Selling, General & Admin $21.50M $14.20M
YoY Change 51.41% 238.1%
% of Gross Profit 12.84% 10.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.60M $9.200M
YoY Change 69.57% 135.9%
% of Gross Profit 9.32% 6.88%
Operating Expenses $127.9M $50.52M
YoY Change 153.18% 299.26%
Operating Profit $41.17M $50.22M
YoY Change -18.03% 481.22%
Interest Expense -$15.20M $9.762M
YoY Change -255.71% 264.8%
% of Operating Profit -36.92% 19.44%
Other Income/Expense, Net $200.0K $261.0K
YoY Change -23.37% 203.49%
Pretax Income $24.58M $40.72M
YoY Change -39.64% 551.76%
Income Tax $526.0K $245.0K
% Of Pretax Income 2.14% 0.6%
Net Earnings $23.90M $40.18M
YoY Change -40.51% 559.7%
Net Earnings / Revenue 0.87% 3.0%
Basic Earnings Per Share
Diluted Earnings Per Share $323.4K $768.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.900M $23.90M
YoY Change -62.76% 129.81%
Cash & Equivalents $8.901M $23.90M
Short-Term Investments
Other Short-Term Assets $96.70M $58.00M
YoY Change 66.72% 203.66%
Inventory $443.2M $234.0M
Prepaid Expenses
Receivables $1.100B $595.3M
Other Receivables $6.400M $1.300M
Total Short-Term Assets $1.655B $912.5M
YoY Change 81.36% 174.74%
LONG-TERM ASSETS
Property, Plant & Equipment $806.4M $520.1M
YoY Change 55.06% 128.21%
Goodwill $1.037B $510.1M
YoY Change 103.35% 448.88%
Intangibles $714.0M $487.2M
YoY Change 46.54% 390.82%
Long-Term Investments $248.7M $500.0K
YoY Change 49640.0%
Other Assets $15.96M $7.100M
YoY Change 124.72% 136.67%
Total Long-Term Assets $2.822B $1.525B
YoY Change 85.06% 260.45%
TOTAL ASSETS
Total Short-Term Assets $1.655B $912.5M
Total Long-Term Assets $2.822B $1.525B
Total Assets $4.477B $2.437B
YoY Change 83.67% 222.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.153B $579.4M
YoY Change 98.93% 436.79%
Accrued Expenses $66.40M $74.10M
YoY Change -10.39% 663.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.800M $8.635M
YoY Change -9.67% -90.71%
Total Short-Term Liabilities $1.382B $727.8M
YoY Change 89.93% 170.47%
LONG-TERM LIABILITIES
Long-Term Debt $1.518B $827.6M
YoY Change 83.37% 603.78%
Other Long-Term Liabilities $39.47M $1.428M
YoY Change 2664.08% 543.24%
Total Long-Term Liabilities $39.47M $829.0M
YoY Change -95.24% 603.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.382B $727.8M
Total Long-Term Liabilities $39.47M $829.0M
Total Liabilities $1.422B $1.557B
YoY Change -8.67% 302.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.530B $874.9M
YoY Change
Total Liabilities & Shareholders Equity $4.477B $2.437B
YoY Change 83.67% 222.76%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $23.90M $40.18M
YoY Change -40.51% 559.7%
Depreciation, Depletion And Amortization $15.60M $9.200M
YoY Change 69.57% 135.9%
Cash From Operating Activities $113.5M $50.90M
YoY Change 122.99% 30.18%
INVESTING ACTIVITIES
Capital Expenditures $195.2M $110.2M
YoY Change 77.12% -5610.35%
Acquisitions
YoY Change
Other Investing Activities -$854.5M -$182.1M
YoY Change 369.25% -3.75%
Cash From Investing Activities -$895.1M -$204.8M
YoY Change 337.06% 7.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 785.0M 151.8M
YoY Change 417.13% -1.56%
NET CHANGE
Cash From Operating Activities 113.5M 50.90M
Cash From Investing Activities -895.1M -204.8M
Cash From Financing Activities 785.0M 151.8M
Net Change In Cash 3.400M -2.100M
YoY Change -261.9% -205.0%
FREE CASH FLOW
Cash From Operating Activities $113.5M $50.90M
Capital Expenditures $195.2M $110.2M
Free Cash Flow -$81.70M -$59.31M
YoY Change 37.75% -244.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><i><font style="FONT-STYLE: italic; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Use of Estimates</font></i></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> </div>
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Note 1 &#8212; Organization and Operations</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">NGL Energy Partners LP (&#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, or the &#8220;Partnership&#8221;) is a Delaware limited partnership formed in September&#160;2010. NGL Energy Holdings LLC serves as our general partner. At the time of formation, our operations included a wholesale natural gas liquids business and a retail propane business. We completed an initial public offering in May&#160;2011. Subsequent to our initial public offering, we significantly expanded our operations through a number of business combinations.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">At December&#160;31, 2013, our primary businesses include:</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font><font style="FONT-SIZE: 3pt;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font style="FONT-SIZE: 10pt;" size="2">A crude oil logistics business, the assets of which include crude oil terminals, pipeline injection stations, a fleet of trucks, a fleet of leased rail cars, and a fleet of barges and tow boats, and a 50% interest in a</font> <font style="FONT-SIZE: 10pt;" size="2">crude oil pipeline.</font> <font style="FONT-SIZE: 10pt;" size="2">Our crude oil logistics business purchases crude oil from producers and transports it for resale at pipeline injection points, storage terminals, barge loading facilities, rail facilities, refineries, and other trade hubs.</font></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;">&#160;</p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font><font style="FONT-SIZE: 3pt;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font style="FONT-SIZE: 10pt;" size="2">A water solutions business, the assets of which include water treatment and disposal facilities, a fleet of water trucks, and frac tanks. Our water solutions business generates revenues from the gathering, transportation, treatment, and disposal of wastewater generated from crude oil and natural gas production operations, and from the sale of recycled water and recovered hydrocarbons.</font></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;">&#160;</p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font><font style="FONT-SIZE: 3pt;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font style="FONT-SIZE: 10pt;" size="2">Our natural gas liquids logistics business, which supplies natural gas liquids to retailers, wholesalers, and refiners throughout the United States and in Canada, and which provides natural gas liquids terminaling services through its 22 terminals throughout the United States and rail car transportation services through its fleet of leased and owned rail cars. Our natural gas liquids logistics business purchases propane, butane, and other natural gas liquids from refiners, processing plants, producers, and other parties, and sells the product to retailers, refiners, and other participants in the wholesale markets.</font></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;">&#160;</p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;"><font style="FONT-FAMILY: Symbol; FONT-SIZE: 10pt;" size="2">&#183;</font><font style="FONT-SIZE: 3pt;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font> <font style="FONT-SIZE: 10pt;" size="2">Our retail propane business, which sells propane, distillates, and equipment and supplies to end users consisting of residential, agricultural, commercial, and industrial customers and to certain re-sellers in more than 20 states.</font></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in;">&#160;</p> </div>
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293134000 USD
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OtherComprehensiveIncomeLossNetOfTax
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CY2013Q4 us-gaap Propane Costs
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105394000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24578000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5968000 USD
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IncomeLossIncludingPortionAttributableToNoncontrollingInterest
24052000 USD
CY2013Q4 us-gaap Partners Capital
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OtherUtilityCosts
421259000 USD
us-gaap Other Utility Costs
OtherUtilityCosts
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CY2013Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013Q4 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
21397000 USD
us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
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96719000 USD
CY2013Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
713974000 USD
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
15955000 USD
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1152530000 USD
CY2013Q4 us-gaap Customer Advances Current
CustomerAdvancesCurrent
62045000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2013Q4 us-gaap General Partners Capital Account
GeneralPartnersCapitalAccount
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CY2013Q4 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
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CY2013Q4 us-gaap Oil And Gas Revenue
OilAndGasRevenue
1316060000 USD
CY2013Q4 ngl Water Services Revenue
WaterServicesRevenue
41772000 USD
CY2013Q4 ngl Natural Gas Liquids Logistics Revenue
NaturalGasLiquidsLogisticsRevenue
800917000 USD
CY2013Q4 us-gaap Propane Revenue
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161537000 USD
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OtherSalesRevenueNet
423159000 USD
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OtherSalesRevenueNet
426118000 USD
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CostOfServicesOilAndGas
3202265000 USD
us-gaap Water Production Costs
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6936000 USD
ngl Cost Of Sales Natural Gas Liquids Logistics
CostOfSalesNaturalGasLiquidsLogistics
1555539000 USD
us-gaap Propane Costs
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181956000 USD
CY2013Q4 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
69261000 USD
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21492000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
174075000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
54258000 USD
us-gaap Interest Expense
InterestExpense
38427000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
623000 USD
CY2013Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
526000 USD
CY2013Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-288000 USD
CY2012Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
4000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
89851000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
160037000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10840000 USD
CY2012Q4 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
26910000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
318000 USD
us-gaap Gain Loss On Sale Of Derivatives
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-26711000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2112000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-2503000 USD
us-gaap Increase Decrease In Due From Affiliates Current
IncreaseDecreaseInDueFromAffiliatesCurrent
-19072000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
165116000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5811000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
204302000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2143000 USD
us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
8592000 USD
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
29006000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
107945000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1240578000 USD
us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
-30659000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
7302000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
102000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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2040500000 USD
us-gaap Repayments Of Long Term Lines Of Credit
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1709500000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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450000000 USD
us-gaap Repayments Of Other Long Term Debt
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6713000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
24061000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
2736000 USD
ngl Partners Capital Account Distributions Cash Flow Impact
PartnersCapitalAccountDistributionsCashFlowImpact
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us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
650210000 USD
us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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-43825000 USD
CY2013Q4 ngl Interest Held In Crude Oil Pipeline
InterestHeldInCrudeOilPipeline
0.50 pure
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2000000 USD

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