Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — Q2 2019 Earnings Presentation
7 slides from Martin Midstream Partners L.p's earnings presentation, Jul 24, 2019
Slide 1: Second Quarter 2019 Earnings Summary & Revised Guidance
Exhibit 99.2 July 24, 2019 Second Quarter 2019 Earnings Summary & Revised Guidance Martin Midstream Partners L.P. – NASDAQ: MMLP
Slide 2: Legal Notice
LEGAL NOTICE Use of Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures such as EBITDA and Adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting princ
Slide 3: MMLP 2Q 2019 Adjusted EBITDA Comparison to Guidance
MMLP 2Q 2019 ADJUSTED EBITDA COMPARISON TO GUIDANCE $ millions Terminalling Natural Gas Interest Transportation Sulfur Services SG&A 2Q 2019 & Storage Liquids Expense Net income (loss) $4.4 $(183.9) $3.3 $5.3 $(5.3) $(15.0) $(191.2) Interest expense add back -- -- -- -- -- $15.0 $15.0 Depreciation a
Slide 4: MMLP 2019E Adjusted EBITDA Revised Guidance Reconciliation
MMLP 2019E ADJUSTED EBITDA REVISED GUIDANCE RECONCILIATION $ millions Terminalling Natural Gas Transportation Interest Sulfur Services SG&A 2019E & Storage Liquids Services Expense Net Income (loss) $15.7 $(149.5) $22.4 $15.9 $(18.9) $(53.5) $(167.9) Interest expense add back -- -- -- -- -- $53.5 $5
Slide 5: Strong Fee-Based Contract Mix
Strong Fee-Based Contract Mix Terminalling & Storage • Fee-based contracts for traditional storage assets –Specialty and Marine Shore-Based Terminals (with minimum volume commitments) • Fee-based, long-term tolling agreement for Smackover Refinery (with guaranteed minimum volume) • Margin-based, lub
Slide 6: Fee-based Cash Flow Reconciliation
Fee-based Cash Flow Reconciliation 1Q19A 2Q19A 3Q19E 4Q19E 2019E Terminalling & Storage Smackover Refinery $ 5.0 $ 5.3 $ 4.9 $ 5.1 $ 20.3 Fixed Fee Martin Lubricants $ 2.5 $ 3.8 $ 3.8 $ 2.6 $ 12.7 Margin Specialty Terminals $ 3.1 $ 2.6 $ 2.3 $ 3.0 $ 11.0 Fixed Fee Shore Based Lubricants $ 0.4 $ 0.3
Slide 7: 2019E Total Capital Expenditures
2019E Total Capital Expenditures (1) (2) (3) $ millions (1) Excludes $20MM initial investment in the Hondo Asphalt Terminal in 2017 (2) For 2018, One Time M-CapEx Items include an environmental project at the Smackover Refinery (MBBR* - $3.3MM) and five-year regulatory dry docking for Marine Transpo
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