USA Compression Partners LP
For the period ended Mar 31, 2024. Filed May 7, 2024.
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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$25.52+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $23,573 | $10,941 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 63,251 | 59,486 |
| Amortization of debt issuance costs | 1,995 | 1,822 |
| Unit-based compensation expense | 7,769 | 6,779 |
| Deferred income tax expense (benefit) | 60 | (15) |
| Loss (gain) on disposition of assets | 1,254 | (376) |
| Loss on extinguishment of debt | 4,966 | — |
| Change in fair value of derivative instrument | (6,349) | — |
| Impairment of compression equipment | — | 1,191 |
| Changes in assets and liabilities: | ||
| Accounts receivable and related-party receivables, net | (6,257) | 3,420 |
| Inventories | (30,979) | (13,328) |
| Prepaid expenses and other current assets | 8 | (350) |
| Other assets | 1,100 | 1,177 |
| Accounts payable | 94 | 454 |
| Accrued liabilities and deferred revenue | 3,792 | (28,863) |
| Other liabilities | 1,640 | — |
| Net cash provided by operating activities | 65,917 | 42,338 |
| Cash flows from investing activities: | ||
| Capital expenditures, net | (98,613) | (41,397) |
| Proceeds from disposition of property and equipment | 40 | 536 |
| Net cash used in investing activities | (98,573) | (40,861) |
| Cash flows from financing activities: | ||
| Proceeds from long-term borrowings | 325,062 | 266,470 |
| Proceeds from issuance of senior notes | 1,000,000 | — |
| Repayments of long-term borrowings | (460,770) | (203,338) |
| Investments in government securities in connection with legal defeasance of the Senior Notes 2026 | (748,764) | — |
| Cash distributions on common units | (54,644) | (52,093) |
| Cash distributions on Preferred Units | (11,212) | (12,187) |
| Deferred financing costs | (16,863) | (251) |
| Other | (156) | (107) |
| Net cash provided by (used in) financing activities | 32,653 | (1,506) |
| Decrease in cash and cash equivalents | (3) | (29) |
| Cash and cash equivalents, beginning of period | 11 | 35 |
| Cash and cash equivalents, end of period | $8 | $6 |
| See accompanying notes to unaudited condensed consolidated financial statements. | ||
| USA COMPRESSION PARTNERS, LP | ||
|---|---|---|
| Unaudited Condensed Consolidated Statements of Cash Flows (continued) | ||
| (in thousands) | ||
| Supplemental cash flow information: | ||
| Cash paid for interest, net of capitalized amounts | $44,739 | $63,167 |
| Supplemental non-cash transactions: | ||
| Non-cash distributions to certain common unitholders (DRIP) | $440 | $617 |
| Transfers from inventories to property and equipment, net | $16,010 | $10,636 |
| Changes in capital expenditures included in accounts payable and accrued liabilities | $(4,740) | $2,922 |
| Changes in financing costs included in accounts payable and accrued liabilities | $1,486 | $134 |
| Exercise and conversion of Preferred Units into common units | $38,108 | $— |
| Government securities transferred in connection with the legal defeasance of the Senior Notes 2026 | $748,764 | $— |
| Legal defeasance of Senior Notes 2026 | $725,000 | $— |
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