Delek Logistics Partners LP
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
DKL$53.25+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $142,685 | $126,236 | $159,052 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 96,375 | 92,384 | 62,988 |
| Non-cash lease expense | 8,112 | 9,549 | 16,254 |
| Amortization of marketing contract intangible | 4,206 | 7,211 | 7,211 |
| Amortization of deferred revenue | (3,038) | (1,755) | (1,775) |
| Amortization of deferred financing costs and debt discount | 5,230 | 6,327 | 3,872 |
| Impairment of Goodwill | — | 14,848 | — |
| Income from equity method investments | (43,301) | (31,433) | (31,683) |
| Dividends from equity method investments | 42,922 | 28,729 | 22,954 |
| Loss on extinguishment of debt | 3,571 | — | |
| Other non-cash adjustments | (1,654) | 2,697 | 2,718 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (6,950) | 21,570 | (9,071) |
| Inventories and other current assets | (620) | (131) | 2,233 |
| Accounts payable and other current liabilities | 8,535 | (20,729) | 18,564 |
| Accounts receivable/payable to related parties | (62,473) | (34,498) | (58,368) |
| Net investment in leases - affiliate | 11,927 | — | — |
| Non-current assets and liabilities, net | 812 | 4,314 | (2,781) |
| Net cash provided by operating activities | 206,339 | 225,319 | 192,168 |
| Cash flows from investing activities: | |||
| Asset acquisitions from Delek Holdings | (83,903) | — | — |
| Purchases of property, plant and equipment | (129,040) | (96,101) | (141,098) |
| Proceeds from sales of property, plant and equipment | 9,875 | 1,717 | 143 |
| Purchases of intangible assets | (2,753) | (4,247) | (5,597) |
| Business combinations | (182,535) | — | (625,622) |
| Distributions from equity method investments | 4,277 | 9,002 | 1,737 |
| Equity method investment contributions | (500) | — | — |
| Net cash used in investing activities | (384,579) | (89,629) | (770,437) |
| Cash flows from financing activities: | |||
| Distributions to common unitholders - public | (57,078) | (38,491) | (35,868) |
| Distributions to common unitholders - Delek Holdings | (147,615) | (141,534) | (135,219) |
| Proceeds from term debt | 1,059,000 | — | 298,511 |
| Payments on term debt | (531,250) | (18,750) | — |
| Proceeds from revolving facility | 1,328,100 | 431,800 | 1,752,300 |
| Payments on revolving facility | (1,673,200) | (371,800) | (1,289,800) |
| Redemption of preferred units | (70,768) | — | — |
| Proceeds from issuance of common units, net of underwriters' discount | 297,855 | — | 3,096 |
| Proceeds from other financing agreements | — | 6,214 | — |
| Payments on other financing agreements | (6,214) | — | — |
| Deferred financing costs paid | (18,122) | (4,468) | (8,206) |
| Other financing activities | (839) | (2,876) | (2,867) |
| Net cash provided by (used in) financing activities | 179,869 | (139,905) | 581,947 |
| Net increase (decrease) in cash and cash equivalents | 1,629 | (4,215) | 3,678 |
| Cash and cash equivalents at the beginning of the period | 3,755 | 7,970 | 4,292 |
| Cash and cash equivalents at the end of the period | $5,384 | $3,755 | $7,970 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the period for: | |||
| Interest | $117,299 | $136,420 | $78,148 |
| Income taxes | $— | $20 | $43 |
| Non-cash investing activities: | |||
| Equity attributable to W2W Holdings Acquisition | $(62,783) | $— | $— |
| Forgiveness of related party receivable in connection with W2W Holdings Acquisition | $60,000 | $— | $— |
| Redemption of units in connection with the assignment of Big Spring Refinery Marketing Agreement | $(97,949) | $— | $— |
| Preferred units issued in connection with H2O Acquisition | $70,000 | $— | $— |
| Increase (decrease) in accrued capital expenditures | $10,946 | $(14,765) | $(10,428) |
| Non-cash financing activities: | |||
| Non-cash lease liability arising from obtaining right of use assets during the period | $3,665 | $4,966 | $12,717 |
F-8 |
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