USA Compression Partners LP
For the period ended Mar 31, 2024. Filed May 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
USAC$24.97+3.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | |
|---|---|
| PART I. FINANCIAL INFORMATION | 1 |
| ITEM 1. Financial Statements | 1 |
| Unaudited Condensed Consolidated Balance Sheets | 1 |
| Unaudited Condensed Consolidated Statements of Operations | 2 |
| Unaudited Condensed Consolidated Statements of Changes in Partners’ Capital (Deficit) | 3 |
| Unaudited Condensed Consolidated Statements of Cash Flows | 4 |
| Notes to Unaudited Condensed Consolidated Financial Statements | 6 |
| Note 1 – Organization and Description of Business | 6 |
| Note 2 – Basis of Presentation and Summary of Significant Accounting Policies | 6 |
| Note 3 – Trade Accounts Receivable | 9 |
| Note 4 – Inventories | 9 |
| Note 5 – Property and Equipment and Identifiable Intangible Assets | 9 |
| Note 6 – Other Current Liabilities | 10 |
| Note 7 – Derivative Instrument | 10 |
| Note 8 – Debt Obligations | 11 |
| Note 9 – Preferred Units | 13 |
| Note 10 – Partners’ Deficit | 15 |
| Note 11 – Revenue Recognition | 16 |
| Note 12 – Transactions with Related Parties | 17 |
| Note 13 – Commitments and Contingencies | 17 |
| Note 14 – Recent Accounting Pronouncements | 18 |
| ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 |
| Operating Highlights | 20 |
| Financial Results of Operations | 20 |
| Liquidity and Capital Resources | 24 |
| Non-GAAP Financial Measures | 26 |
| ITEM 3. Quantitative and Qualitative Disclosures About Market Risk | 32 |
| ITEM 4. Controls and Procedures | 33 |
| PART II. OTHER INFORMATION | 34 |
| ITEM 1. Legal Proceedings | 34 |
| ITEM 1A. Risk Factors | 34 |
| ITEM 6. Exhibits | 34 |
| SIGNATURES | 35 |
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GLOSSARY
The abbreviations, acronyms and industry terminology used in this Quarterly Report on Form 10-Q are defined as follows:
| Credit Agreement | Seventh Amended and Restated Credit Agreement, dated as of December 8, 2021, by and among USA Compression Partners, LP, as borrower, the guarantors party thereto from time to time, the lenders party thereto from time to time, as may be amended from time to time, and any predecessor thereto if the context so dictates |
|---|---|
| CPI | Consumer Price Index for all Urban Consumers |
| DERs | distribution equivalent rights |
| DRIP | distribution reinvestment plan |
| Energy Transfer | Energy Transfer LP |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| GAAP | generally accepted accounting principles of the United States of America |
| Preferred Units | Series A Preferred Units representing limited partner interests in USA Compression Partners, LP |
| SEC | United States Securities and Exchange Commission |
| Senior Notes 2026 | $725.0 million aggregate principal amount of senior notes due on April 1, 2026 |
| Senior Notes 2027 | $750.0 million aggregate principal amount of senior notes due on September 1, 2027 |
| Senior Notes 2029 | $1.0 billion aggregate principal amount of senior notes due on March 15, 2029 |
| SOFR | Secured Overnight Financing Rate |
| U.S. | United States of America |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.