Delek Logistics Partners, LP
For the period ended Mar 31, 2025. Filed May 7, 2025.
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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, 2025 · Filed May 7, 2025
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 March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Net revenues | ||
| Affiliate (1) | $126,321 | $139,625 |
| Third party | 123,609 | 112,450 |
| Net revenues | 249,930 | 252,075 |
| Cost of sales: | ||
| Cost of materials and other - affiliate (1) | 89,966 | 92,882 |
| Cost of materials and other - third party | 39,086 | 30,810 |
| Operating expenses (excluding depreciation and amortization presented below) | 40,630 | 31,695 |
| Depreciation and amortization | 26,498 | 25,167 |
| Total cost of sales | 196,180 | 180,554 |
| Operating expenses related to wholesale business (excluding depreciation and amortization presented below) | 355 | 221 |
| General and administrative expenses | 8,864 | 4,863 |
| Depreciation and amortization | 1,218 | 1,328 |
| Other operating (income) expense, net | (4,286) | 567 |
| Total operating costs and expenses | 202,331 | 187,533 |
| Operating income | 47,599 | 64,542 |
| Interest income | (22,547) | — |
| Interest expense | 41,101 | 40,229 |
| Income from equity method investments | (10,150) | (8,490) |
| Other income, net | (21) | (171) |
| Total non-operating expenses, net | 8,383 | 31,568 |
| Income before income tax expense | 39,216 | 32,974 |
| Income tax expense | 182 | 326 |
| Net income | 39,034 | 32,648 |
| Comprehensive income | $39,034 | $32,648 |
| Net income per unit: | ||
| Basic | $0.73 | $0.74 |
| Diluted | $0.73 | $0.73 |
| Weighted average common units outstanding: | ||
| Basic | 53,604,659 | 44,406,356 |
| Diluted | 53,633,836 | 44,422,817 |
(1)See Note 3 for a description of our material affiliate revenue and purchases transactions.
4 |
Condensed Consolidated Statements of Partners' Equity (Unaudited)
(in thousands)
| Common - Public | Common - Delek Holdings | Total | |
|---|---|---|---|
| Balance as of December 31, 2024 | $440,957 | $(405,429) | $35,528 |
| Cash distributions (1) | (21,609) | (37,693) | (59,302) |
| Net income | 14,224 | 24,810 | 39,034 |
| Issuance of units | 91,511 | — | 91,511 |
| Unit repurchase | — | (10,000) | (10,000) |
| Other | 58 | 606 | 664 |
| Balance as of March 31, 2025 | $525,141 | $(427,706) | $97,435 |
| Common - Public | Common - Delek Holdings | Total | |
|---|---|---|---|
| Balance as of December 31, 2023 | $160,402 | $(322,271) | $(161,869) |
| Cash distributions (1) | (10,012) | (36,198) | (46,210) |
| Net income | 7,404 | 25,244 | 32,648 |
| Issuance of units | 132,327 | — | 132,327 |
| Other | (70) | 707 | 637 |
| Balance as of March 31, 2024 | $290,051 | $(332,518) | $(42,467) |
(1) Cash distributions include $0.2 million related to distribution equivalents on vested phantom units for the three months ended March 31, 2024. There wereno distribution equivalents on vested phantom units for the three months ended March 31, 2025.
5 |
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