Csi Compressco Lp (CCLP) 10K Annual Reports & 10Q SEC Filings

THE WOODLANDS, Texas (March 10, 2023) / PRNewswire / - CSI Compressco LP (“CSI Compressco”, “CCLP” or the “Partnership”) (NASDAQ: CCLP) today announced fourth quarter and total year 2022 results.

Fourth Quarter 2022 Summary

•Total revenues for fourth quarter 2022 were $94.0 million compared to $80.2 million for fourth quarter 2021.

•Net loss for fourth quarter 2022 was $4.2 million compared to $17.3 million for fourth quarter 2021.

•Adjusted EBITDA for fourth quarter 2022 was $32.4 million compared to $26.4 million for fourth quarter 2021.

•Distributable cash flow for fourth quarter was $13.0 million compared to $9.9 million for fourth quarter 2021

•Net leverage ratio was 5.5x at the end of the fourth quarter of 2022 compared to 6.2x for fourth quarter 2021.

•Utilization at the end of the fourth quarter 2022 was 86.8% compared to 80.8% in the fourth quarter 2021.

•Distribution coverage ratio for fourth quarter 2022 was 9.2x compared to 7.0x in the fourth quarter of 2021.

•Fourth quarter distribution of $0.01 per common unit was paid on February 14, 2023.

Total Year 2022 Summary

•Total revenues for 2022 were $353.4 million compared to $304.2 million in 2021.

•Net loss was $22.1 million compared to a net loss of $50.3 million in 2021.

•Adjusted EBITDA was $115.5 million compared to $101.8 million in 2021.

•Distributable cash flow was $42.4 million compared to $38.1 million in 2021.

•Long-term debt, net as of December 31, 2022 totals $634.0 million compared to $631.1 million as of December 31, 2021.

Management Commentary and Outlook

John Jackson, CEO of CSI Compressco commented, “Our fourth quarter results reflected a continuing robust demand for compression and related services. We are now seeing over the last couple of quarters the impact of this demand translate into positive improvements in our financial results as the inflation impacts have slowed. The sequential improvements continued with higher EBITDA, contract services revenue, improved utilization and continued pricing improvement. We continued to add new build units to our fleet while upgrading some of our existing units through a combination of electric drive conversions and reconfiguring units to more industry-standard applications. Our overall fleet utilization improved to 86.8%, however, our reciprocating fleet improved to 93.3% and our reciprocating fleet represents over 82% of our total horsepower. Our leverage ratio has continued to improve during the fourth quarter reflecting the improving financial results.”

“As we look to 2023, we expect a continuing strong demand for horsepower in general but very tight supply for medium to large horsepower. We plan to spend lower amounts of growth capital in 2023 when compared to 2022 as we want to generate free cash flow. We will be looking to continue to improve our leverage ratio in 2023 through a combination of improving financial results and absolute debt paydown with our free cash flow. Our outlook, using the midpoint of our guidance, would reduce our net leverage ratio to approximately 5x by year end 2023. We remain bullish on the industry as the demand for compression combined with a reduced interest in ownership by E&P companies is providing a strong backdrop for growth for the foreseeable future.“

The following information was filed by Csi Compressco Lp (CCLP) on Friday, March 10, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Csi Compressco Lp's 10-K Annual Report:

Revenue - Product Highlight
Our potential sources of funds are our existing cash balances, cash generated from our operations, asset sales, and long-term and short-term borrowings, which we believe will be sufficient to meet our working capital and growth capital requirements during 2023.

Other - Other Highlight
Recently Issued Accounting Pronouncements For a discussion of new accounting pronouncements that may affect our consolidated financial statements, see Note 2 - "Summary of Significant Accounting Policies, New Accounting Pronouncements," in the Notes to Consolidated Financial Statements in this Annual Report.
Financial - Cash Flow Highlight
Management compensates for the limitations of Adjusted EBITDA and Free Cash Flow as analytical tools by reviewing the comparable U.S. GAAP measures, understanding the differences between the measures, and incorporating this knowledge into management's decision-making processes.
Revenue - Product Highlight
In addition, due to the improved market conditions, we implemented price increases resulting in an increase in revenues.
Other - Other Highlight
With the improvement in market conditions and the strong oil and gas commodity prices, customers have increased production of oil and gas which, in turn, increased the demand for parts and services needed to maintain their compression fleet.
Other - Other
Interest will accrue at (1)...Read more
Other - Other
As of December 31, 2022,...Read more
Revenue - Product
The increase in revenues is...Read more
Financial - Earnings
Our near-term focus is to...Read more
Financial - Cash Flow
Cash Flows A summary of...Read more
Financial - Cash Flow
Adjusted EBITDA and Free Cash...Read more
Financial - Cash Flow
These measures may not be...Read more
Revenue - Geography
External factors including Russia's invasion...Read more
Other - Other
As of March 9, 2023,...Read more
Other - Other
As of March 9, 2023,...Read more
Financial - Expense
Interest expense, net Interest expense,...Read more
Revenue - Product
Revenue from contract services increased...Read more
Other - Other
Decreases in the amount of...Read more
Other - Other
This increase in commodity prices,...Read more
Revenue - Product
2022 Compared to 2021 Revenues...Read more
Other - Other
Impairments and other charges During...Read more
Other - Other
This was driven by a...Read more
Revenue - Product
Equipment sales revenues decreased $0.4...Read more
Other - Other
Decreases in the amount of...Read more
Revenue - Geography
Cash provided from our foreign...Read more
Financial - Expense
7.50% First Lien Notes due...Read more
Financial - Expense
10.000%/10.750% Second Lien Notes due...Read more
Revenue - Product
Aftermarket services revenues increased $19.4...Read more
Financial - Earnings
The following table reconciles net...Read more
Revenue - Product
Reduced spending by oil and...Read more
Other - Other
As of December 31, 2022,...Read more
Other - Other
Management primarily uses this metric...Read more
Other - Other
Although uncertainty remains, the outlook...Read more
Financial - Cash Flow
Adjusted EBITDA and Free Cash...Read more
Other - Other
If the demand for compression...Read more
Financial - Cash Flow
We define Free Cash Flow...Read more
Revenue - Product
Equipment rentals revenues increased $2.0...Read more
Other - Other
During 2022, oil and gas...Read more
Financial - Expense
This increase was partially due...Read more
Other - Other
These capital expenditures include approximately...Read more
Other - Other
Improved market conditions have provided...Read more
Financial - Expense
Our labor costs consist primarily...Read more
Revenue - Geography
Spartan Credit Agreement On November...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Csi Compressco Lp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CCLP
CIK: 1449488
Form Type: 10-K Annual Report
Accession Number: 0001449488-23-000007
Submitted to the SEC: Mon Mar 13 2023 1:26:05 PM EST
Accepted by the SEC: Mon Mar 13 2023
Period: Saturday, December 31, 2022
Industry: Oil And Gas Field Services