USD Partners Q4 net loss $3.2M; credit facility amended, expires Nov 2023

USD Partners LP

Q4 2022 net loss of $3.2M vs net income of $4.3M in Q4 2021; Adjusted EBITDA $13.3M, DCF $9.6M.
Revenue declined on lower contracted capacity at Hardisty terminal, Stroud contract end, and lower Casper throughput.
Quarterly distribution unchanged at $0.1235/unit; sponsor waived distribution on its 17.3M units, saving ~$2.1M.
Jan 2023 credit facility amendment provides relief from leverage and interest coverage covenants; facility matures Nov 2, 2023.
Borrowing capacity limited to 5.0x trailing EBITDA through Dec 2022; $55.5M available as of Dec 31, 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

USD Partners LP reported fourth quarter of 2022 results: net income $3.2 million.

Period: fourth quarter of 2022
Net income: $3.2 million
Result: reported results

Exact text from the filing

ial highlights with respect to the fourth quarter of 2022 include the following: • Generated Net Cash Provided by Operating Activities of $8.3 million, Adjusted EBITDA (1) of $13.3 million and Distributable Cash Flow (1) of $9.6 million • Reported Net Loss of $3.2 million • Declared a quarterly cash distribution of $0.1235 per unit ($0.494 per unit on an annualized basis) • Announced that its sponsor (the “Sponsor”) will waive the fourth quarter distribution on all of its 17.3 million units, reducing this quarterly distribution by approximately $2.1 million “The underlying economics that support our DRUbitTM by RailTM network were positive in 2022 and improved significantly in the fourth quarter of the year.

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Source: SEC EDGAR

accession 0001610682-23-000022

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