$USAC
USA Compression Partners, LP

2023 Q4 Form 10-Q Financial Statement

#000152272723000028 Filed on October 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $225.0M $217.1M
YoY Change 18.38% 20.86%
Cost Of Revenue $73.19M $74.90M
YoY Change 10.91% 25.98%
Gross Profit $151.9M $142.2M
YoY Change 22.35% 18.34%
Gross Profit Margin 67.48% 65.5%
Selling, General & Admin $18.58M $20.09M
YoY Change 6.55% 36.98%
% of Gross Profit 12.23% 14.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.47M $56.76M
YoY Change 4.32% 10.36%
% of Gross Profit 41.14% 39.91%
Operating Expenses $81.05M $20.09M
YoY Change 4.82% 36.98%
Operating Profit $70.81M $60.95M
YoY Change 51.3% 35.14%
Interest Expense -$55.37M $43.26M
YoY Change 45.75% 23.09%
% of Operating Profit -78.2% 70.97%
Other Income/Expense, Net $23.00K -$39.80M
YoY Change 0.0% 13.33%
Pretax Income $13.20M $21.16M
YoY Change 51.24% 111.82%
Income Tax $355.0K $255.0K
% Of Pretax Income 2.69% 1.21%
Net Earnings $1.629M $20.90M
YoY Change -142.63% 117.46%
Net Earnings / Revenue 0.72% 9.63%
Basic Earnings Per Share
Diluted Earnings Per Share $0.02 $0.09
COMMON SHARES
Basic Shares Outstanding 98.30M shares 98.28M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.00K $0.00
YoY Change -68.57% -100.0%
Cash & Equivalents $11.00K $6.000K
Short-Term Investments
Other Short-Term Assets $16.29M $19.90M
YoY Change 85.42% 127.12%
Inventory $114.7M $106.5M
Prepaid Expenses
Receivables $95.42M $96.90M
Other Receivables $0.00 $400.0K
Total Short-Term Assets $226.4M $223.7M
YoY Change 21.45% 24.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.255B $2.216B
YoY Change 2.91% 0.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.746M $10.54M
YoY Change -25.75% -24.23%
Total Long-Term Assets $2.510B $2.483B
YoY Change 1.25% -0.42%
TOTAL ASSETS
Total Short-Term Assets $226.4M $223.7M
Total Long-Term Assets $2.510B $2.483B
Total Assets $2.737B $2.706B
YoY Change 2.66% 1.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.78M $37.03M
YoY Change 12.68% -5.71%
Accrued Expenses $85.13M $77.59M
YoY Change 11.99% 31.53%
Deferred Revenue $62.59M $63.05M
YoY Change 0.39% 5.3%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $187.5M $177.7M
YoY Change 7.97% 12.35%
LONG-TERM LIABILITIES
Long-Term Debt $2.336B $2.276B
YoY Change 10.89% 9.55%
Other Long-Term Liabilities $30.12M $25.60M
YoY Change 23.44% 2.66%
Total Long-Term Liabilities $2.336B $2.276B
YoY Change 10.89% 9.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.5M $177.7M
Total Long-Term Liabilities $2.336B $2.276B
Total Liabilities $2.554B $2.480B
YoY Change 10.8% 9.67%
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 $183.0M $226.7M
YoY Change
Total Liabilities & Shareholders Equity $2.737B $2.706B
YoY Change 2.66% 1.24%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $1.629M $20.90M
YoY Change -142.63% 117.46%
Depreciation, Depletion And Amortization $62.47M $56.76M
YoY Change 4.32% 10.36%
Cash From Operating Activities $91.58M $50.10M
YoY Change 11.55% 1.81%
INVESTING ACTIVITIES
Capital Expenditures $79.52M $52.60M
YoY Change 72.26% -218.89%
Acquisitions
YoY Change
Other Investing Activities $169.0K $4.600M
YoY Change -93.58% 559.03%
Cash From Investing Activities -$79.25M -$48.10M
YoY Change 82.07% 10.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.36M -2.000M
YoY Change -67.94% -64.65%
NET CHANGE
Cash From Operating Activities 91.58M 50.10M
Cash From Investing Activities -79.25M -48.10M
Cash From Financing Activities -12.36M -2.000M
Net Change In Cash -24.00K 0.00000001490
YoY Change -182.76% -100.0%
FREE CASH FLOW
Cash From Operating Activities $91.58M $50.10M
Capital Expenditures $79.52M $52.60M
Free Cash Flow $12.06M -$2.500M
YoY Change -66.43% -102.68%

Facts In Submission

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<div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions by management that affect the reported amounts of assets, liabilities, revenues, expenses, and disclosure of contingent assets and liabilities that existed as of the date of the unaudited condensed consolidated financial statements. Although these estimates were based on management’s available knowledge of current and expected future events, actual results could differ from these estimates.</span></div>
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
3741221000 usd
CY2023Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1704870000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1568297000 usd
CY2023Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2198137000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2172924000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
56756000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
51427000 usd
us-gaap Depreciation
Depreciation
161591000 usd
us-gaap Depreciation
Depreciation
154761000 usd
CY2023Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-3865000 usd
CY2022Q3 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
1118000 usd
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-3932000 usd
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
1970000 usd
CY2023Q3 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
3 equipment
usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
42 equipment
CY2023Q3 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
2100 hp
usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
37700 hp
CY2022Q3 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
2 equipment
usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
12 equipment
CY2022Q3 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
1100 hp
usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
2500 hp
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
275032000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
22035000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
252997000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
297700000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
275600000 usd
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
6799000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
32763000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13385000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6474000 usd
CY2023Q3 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
31842000 usd
CY2023Q3 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
12709000 usd
CY2022Q4 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
10028000 usd
CY2023Q3 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
10730000 usd
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
0 usd
CY2023Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
3513000 usd
CY2022Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
0 usd
CY2023Q3 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
3437000 usd
CY2022Q3 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
0 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
17987000 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
0 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11626000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
14307000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
2276449000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
2106649000 usd
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
97.50
CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2023Q2 usac Convertible Preferred Unit Percent Of Amount Eligible For Conversion
ConvertiblePreferredUnitPercentOfAmountEligibleForConversion
1
CY2022Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
98227656 shares
usac Common Units Issued Under Distribution Reinvestment Plan
CommonUnitsIssuedUnderDistributionReinvestmentPlan
71589 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
10000000 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
10000000 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
19.59
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
19.59
CY2023Q2 usac Class Of Warrant Or Right Number Of Warrants Exercised
ClassOfWarrantOrRightNumberOfWarrantsExercised
5000000 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.03
CY2023Q2 usac Partners Capital Account Units Issued During Period Exercise Of Warrants
PartnersCapitalAccountUnitsIssuedDuringPeriodExerciseOfWarrants
534308 shares
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
217085000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179613000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
621129000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
514486000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
217085000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179613000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
621129000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
514486000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
63053000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
62345000 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
5457000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2789000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68510000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
65134000 usd
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
58100000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
162472000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
444320000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
191261000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100665000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
65979000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
964697000 usd
CY2023Q3 us-gaap Purchase Obligation
PurchaseObligation
101300000 usd
CY2023Q3 usac Purchase Obligation To Be Paid Remainder Of Current Fiscal Year
PurchaseObligationToBePaidRemainderOfCurrentFiscalYear
63000000 usd

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