Exhibit 99.1

 

 

Picture 2

News Release

 

USA Compression Partners, LP

 

100 Congress Avenue, Suite 450

 

Austin, Texas 78701

 

usacompression.com

 

USA Compression Partners, LP Reports First Quarter 2017 Results and Confirms 2017 Outlook

 

AUSTIN, Texas, May 4, 2017 

—USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for the first quarter 2017.

 

First Quarter 2017 Summary Results

·

Revenues decreased; first quarter 2017 down 0.5% from first quarter 2016

·

Net income decreased; first quarter 2017 down 81.8%  from first quarter 2016 

·

Net cash provided by operating activities decreased; first quarter 2017 down 16.7%  from first quarter 2016 

·

Adjusted EBITDA decreased; first quarter 2017 down 6.3% from first quarter 2016

·

Distributable Cash Flow decreased; first quarter 2017 down 14.7%  from first quarter 2016

·

First quarter 2017 cash distribution of $0.525 per common unit, consistent with first quarter 2016

·

Distributable Cash Flow  Coverage of 0.82x for first quarter 2017

·

Cash Coverage of 1.04x for first quarter 2017

 

Full-Year 2017 Outlook

USA Compression is confirming the following full-year 2017 guidance:

·

Net income range of $15.8 million to $30.8 million;  

·

A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate the changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow;  

·

Adjusted EBITDA range of $145.0 million to $160.0 million; and

·

Distributable Cash Flow range of $108.0 million to $123.0 million. 

 

Operational and Financial Data 

First Quarter 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

 

 

 

2017

 

2016

 

2016

 

 

Operational Data

    

 

 

    

 

 

    

 

 

 

 

Fleet Horsepower (at period end)

 

 

1,739,379

 

 

1,720,547

 

 

1,711,915

 

 

Revenue Generating Horsepower (at period end)

 

 

1,427,634

 

 

1,387,073

 

 

1,397,278

 

 

Average Revenue Generating Horsepower

 

 

1,406,206

 

 

1,366,371

 

 

1,410,574

 

 

Revenue Generating Compression Units (at period end)

 

 

2,612

 

 

2,552

 

 

2,657

 

 

Horsepower Utilization (at period end) (1)

 

 

89.9

%

 

87.1

%

 

87.9

%

 

Average Horsepower Utilization (for the period) (1)

 

 

88.2

%

 

87.4

%

 

88.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Data ($ in thousands, except per horsepower data)

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

66,032

 

$

74,913

 

$

66,367

 

 

Average Revenue Per Revenue Generating Horsepower Per Month (2)

 

$

14.98

 

$

15.07

 

$

15.72

 

 

Net income

 

$

1,552

 

$

3,269

 

$

8,538

 

 

Operating income

 

$

7,368

 

$

8,894

 

$

13,827

 

 

Net cash provided by operating activities

 

$

18,286

 

$

9,101

 

$

21,960

 

 

Gross Operating Margin (3)

 

$

43,510

 

$

45,120

 

$

45,538

 

 

Gross Operating Margin Percentage

 

 

65.9

%

 

60.2

%

 

68.6

%

 

Adjusted EBITDA (3)

 

$

36,003

 

$

36,461

 

$

38,404

 

 

Adjusted EBITDA Percentage

 

 

54.5

%

 

48.7

%

 

57.9

%

 

Distributable Cash Flow (3)

 

$

27,223

 

$

28,703

 

$

31,913

 

 


The following information was filed by Usa Compression Partners, Lp (USAC) on Thursday, May 4, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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