Delek Logistics Partners LP
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Comprehensive Income
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except unit and per unit data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net revenues | ||||
| Affiliate (1) | $114,899 | $156,411 | $411,352 | $414,403 |
| Third party | 99,171 | 119,413 | 319,421 | 351,857 |
| Net revenues | 214,070 | 275,824 | 730,773 | 766,260 |
| Cost of sales: | ||||
| Cost of materials and other - affiliate (1) | 84,015 | 115,149 | 279,962 | 298,262 |
| Cost of materials and other - third party | 33,495 | 35,479 | 99,300 | 106,587 |
| Operating expenses (excluding depreciation and amortization presented below) | 27,746 | 32,611 | 88,895 | 85,302 |
| Depreciation and amortization | 19,969 | 23,261 | 67,882 | 65,494 |
| Total cost of sales | 165,225 | 206,500 | 536,039 | 555,645 |
| Operating expenses related to wholesale business (excluding depreciation and amortization presented below) | 174 | 392 | 569 | 1,397 |
| General and administrative expenses | 15,745 | 5,545 | 26,624 | 19,666 |
| Depreciation and amortization | 1,235 | 1,324 | 4,024 | 3,923 |
| Other operating income, net | (117) | (491) | (1,294) | (804) |
| Total operating costs and expenses | 182,262 | 213,270 | 565,962 | 579,827 |
| Operating income | 31,808 | 62,554 | 164,811 | 186,433 |
| Interest income | (23,470) | — | (23,498) | — |
| Interest expense | 37,022 | 36,901 | 112,547 | 104,581 |
| Income from equity method investments | (15,602) | (9,296) | (31,974) | (22,897) |
| Other expense (income), net | 34 | (3) | (177) | (24) |
| Total non-operating (income) expenses, net | (2,016) | 27,602 | 56,898 | 81,660 |
| Income before income tax expense | 33,824 | 34,952 | 107,913 | 104,773 |
| Income tax expense | 150 | 127 | 533 | 685 |
| Net income attributable to partners | $33,674 | $34,825 | $107,380 | $104,088 |
| Comprehensive income attributable to partners | $33,674 | $34,825 | $107,380 | $104,088 |
| Net income per limited partner unit: | ||||
| Basic | $0.71 | $0.80 | $2.32 | $2.39 |
| Diluted | $0.71 | $0.80 | $2.32 | $2.39 |
| Weighted average limited partner units outstanding: | ||||
| Basic | 47,109,008 | 43,588,316 | 46,248,003 | 43,578,636 |
| Diluted | 47,135,101 | 43,604,792 | 46,269,423 | 43,598,547 |
(1)See Note 3 for a description of our material affiliate revenue and purchases transactions.
4 |
Condensed Consolidated Statements of Partners' Equity (Deficit) (Unaudited)
(in thousands)
| Common - Public | Common - Delek Holdings | Total | Preferred | |
|---|---|---|---|---|
| Balance as of June 30, 2024 | $287,195 | $(338,502) | $(51,307) | $— |
| Cash distributions | (14,082) | (37,181) | (51,263) | — |
| Net income attributable to partners | 9,308 | 24,366 | 33,674 | — |
| Issuance of units | — | — | — | 70,000 |
| Redemption of units | — | (97,949) | (97,949) | — |
| Contributions | — | 50,873 | 50,873 | — |
| Other | 37 | 827 | 864 | — |
| Balance as of September 30, 2024 | $282,458 | $(397,566) | $(115,108) | $70,000 |
| Common - Public | Common - Delek Holdings | Total | Preferred | |
|---|---|---|---|---|
| Balance as of June 30, 2023 | $167,760 | $(297,262) | $(129,502) | $— |
| Cash distributions | (9,757) | (35,513) | (45,270) | — |
| Net income attributable to partners | 7,412 | 27,413 | 34,825 | — |
| Other | 57 | 738 | 795 | — |
| Balance as of September 30, 2023 | $165,472 | $(304,624) | $(139,152) | $— |
| Common - Public | Common - Delek Holdings | Total | Preferred | |
|---|---|---|---|---|
| Balance as of December 31, 2023 | $160,402 | $(322,271) | $(161,869) | $— |
| Cash distributions (1) | (37,987) | (110,092) | (148,079) | — |
| Net income attributable to partners | 27,812 | 79,568 | 107,380 | — |
| Issuance of units | 132,202 | — | 132,202 | 70,000 |
| Redemption of units | — | (97,949) | (97,949) | — |
| Contributions | — | 50,873 | 50,873 | — |
| Other | 29 | 2,305 | 2,334 | — |
| Balance as of September 30, 2024 | $282,458 | $(397,566) | $(115,108) | $70,000 |
| Common - Public | Common - Delek Holdings | Total | Preferred | |
|---|---|---|---|---|
| Balance as of December 31, 2022 | $172,119 | $(282,819) | $(110,700) | $— |
| Cash distributions (1) | (28,695) | (105,679) | (134,374) | — |
| Net income attributable to partners | 22,135 | 81,953 | 104,088 | — |
| Other | (87) | 1,921 | 1,834 | — |
| Balance as of September 30, 2023 | $165,472 | $(304,624) | $(139,152) | $— |
(1) Cash distributions include $0.3 million and $0.2 million related to distribution equivalents on vested phantom units for the nine months ended September 30, 2024 and 2023.
5 |
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