Usa Compression Partners, Lp · NYSE:USAC
Usa Compression Partners, Lp — Q1 2025 Earnings Presentation
15 slides from Usa Compression Partners, Lp's earnings presentation, May 6, 2025
Slide 1: Earnings Presentation First Quarter 2025
Earnings Presentation First Quarter 2025
Slide 2: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer Forward Looking Statements This presentation contains forward-looking statements related to the operations of the Partnership that are based on management’s current expectations, estimates, and projections about its operations. You can identify many of these
Slide 3: First Quarter 2025 Highlights
First Quarter 2025 Highlights Operational and Financial Results Accomplishments Record • New compression unit orders of ~40K HP Average revenue- $ per revenue- • Continued strong business execution, generating HP generating HP near fully utilized at 94% 3.56 MM $21.06 • Strong adjusted gross margin
Slide 4: USAC is Well Positioned to Benefit from Natural Gas Demand Growth
USAC is Well Positioned to Benefit from Natural Gas Demand Growth Projected U.S. Gas Demand (bcf/d) 9 127 15 A marked increase in U.S. natural gas demand is 103 projected primarily from increased LNG exports and the electrification of everything (“EoE”) Northeast Market Leader USAC’s leading market
Slide 5: Operational and Financial Performance
Operational and Financial Performance Average Revenue-generating HP (000s) Adjusted EBITDA ($MM)2 +7% CAGR +17% CAGR $590 - 3,528 $584 $610 3,329 $512 3,067 $426 2022 2023 2024 2022 2023 2024 2025E 3 Total Capex ($MM) DCF ($MM)2 +21% CAGR1 $275 $243 $120 - $350 - $145 $140 $355 $370 $281 $221 $24 $2
Slide 6: Full Year 2025 Guidance
Full Year 2025 Guidance $ in thousands Low High 1, 2 Adjusted EBITDA $ 590,000 $ 610,000 Distributable Cash Flow1, 2 $ 350,000 $ 370,000 Capital Expenditures 3 Expansion capital expenditures $ 120,000 $ 140,000 Maintenance capital expenditures $ 38,000 $ 42,000 1 The Partnership is unable to reconci
Slide 7: History of Strong and Consistent Returns to Unitholders
History of Strong and Consistent Returns to Unitholders 105% USAC has outperformed the S&P Value Index and MLP peers over the past three 72% years on a total shareholder return basis1 30% USAC Alerian MLP ETF (AMLP) S&P 500 Value 8% 7% 8% USAC’s durable distribution provides 5% income-seeking invest
Slide 8: Appendix
Appendix 8
Slide 9: Preferred Unitholder Partial Conversions of Preferred Units
Preferred Unitholder Partial Conversions of Preferred Units • On January 22, 2024, and April 2, 2024, EIG Veteran Equity Aggregator, L.P. and FS Specialty Lending Fund (collectively “EIG”) converted 40,000 and 280,000 Series A Perpetual Preferred Units (the “Preferred Units”), respectively, of the P
Slide 10: Illustrative Example of Potential Preferred Unit Conversions
Illustrative Example of Potential Preferred Unit Conversions Three Months Ended March 31, 2025 3 As Reported Pro Forma 4 ($ in thousands) 64% Converted 100% Assumption The potential conversion of Distributable Cash Flow ("DCF") 1 $ 88,695 $ 88,695 Pro Forma increase upon Preferred Unit Conversion -
Slide 11: Capital Structure
Capital Structure • $320MM of $500MM Series A Preferred Units have been converted into common units • Moody’s upgraded corporate and unsecured debt rating in February 2025 • No maturities until December 2026 Maturity Profile (in millions)1 Ratings Summary ABL Drawn ABL Undrawn Senior Unsecured Notes
Slide 12: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted gross margin and Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage 2025 2024 2025 2024 $ in thousands Q1 Q4 Q1 $ in thousands Q1 Q4 Q1 Total revenues $ 245,234 $ 245,892 $ 229,276 Net income $ 20,512 $ 25,437 $ 23,573 Cost of operations, e
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted EBITDA Distributable Cash Flow and Distributable Cash Flow Coverage Years Ended December 31, Years Ended December 31, 2024 2023 2022 $ in thousands 2024 2023 2022 Net income $ 99,575 $ 68,268 $ 30,318 Net income $ 99,575 $ 68,268 $ 30,318 Interest expense, net 193,4
Slide 14: Non-GAAP Reconciliation for Illustrative Example
Non-GAAP Reconciliation for Illustrative Example Three Months Ended March 31, 2025 As Reported Pro Forma2 3 $ in thousands 64% Converted 100% Assumption Net income $ 20,512 $ 20,512 Non-cash interest expense 2,241 2,241 Depreciation and amortization 70,393 70,393 Non-cash income tax expense 85 85 Un
Slide 15: Basis of Presentation; Explanation of Non-GAAP Financial Measures
Basis of Presentation; Explanation of Non-GAAP Financial Measures This presentation includes the non-U.S. generally accepted accounting principles (“non-GAAP”) financial measures, which may include Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage
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