ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth certain selected financial data as of and for each of the five years in the period ended December 31, 2017, which is derived from the combined financial results of our Predecessor for periods presented through May 13, 2014, and our consolidated financial results for the period beginning May 14, 2014, the date we commenced operations. Our Predecessor includes the financial results of the IPO Assets acquired from PBF Energy and its subsidiaries in connection with the Offering through May 14, 2014. In addition, all financial information has been retrospectively adjusted for the Acquisitions from PBF as noted below.
We acquired from PBF LLC the DCR West Rack and the Toledo Storage Facility in 2014, the DCR Products Pipeline and Truck Rack in 2015, the Torrance Valley Pipeline in 2016, the Paulsboro Natural Gas Pipeline in 2017 and the Development Assets in 2018. All of the acquisitions were transfers between entities under common control. Accordingly, our financial information, and that of our Predecessor, contained herein has been retrospectively adjusted to include the historical results of the assets acquired in the Acquisitions from PBF prior to the effective date of each acquisition for all periods presented, with the exception of the Delaware Ethanol Storage Facility which is considered an asset purchase. Net loss attributable to the Acquisitions from PBF prior to their respective acquisition effective dates were allocated entirely to PBF GP as if only PBF GP had rights to that net income (loss); therefore, there is no retrospective adjustment to net income per unit.
With the exception of revenue generated by the DCR Products Pipeline and the Paulsboro Lube Oil Terminal, our Predecessor generally recognized only the costs and did not record revenue for transactions with PBF Energy prior to the Offering and the Acquisitions from PBF. Affiliate revenues have been recorded for all of our assets subsequent to the commencement of the commercial agreements with PBF Energy upon completion of the Offering and the Acquisitions from PBF. As a result, the information included in the following tables is not necessarily comparable on a year-over-year basis. See “Factors Affecting the Comparability of Our Financial Results” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further information and our Consolidated Financial Statements and the related notes thereto.
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| | | | | | | | | | | | | | | | | | | | |
| | | Year Ended December 31, |
| | | 2017 | | 2016 | | 2015 | | 2014 (a) | | 2013 Predecessor |
| | | (In thousands, except unit and per unit amounts) |
| Statement of operations data: | | | | | | | | | | |
| Total revenues (b) | | $ | 257,588 |
| | $ | 189,006 |
| | $ | 142,696 |
| | $ | 59,990 |
| | $ | 8,708 |
|
| Net income (loss) | | 110,016 |
| | 74,807 |
| | 69,008 |
| | 10,597 |
| | (18,899 | ) |
| Loss attributable to Predecessor | | (4,986 | ) | | (11,832 | ) | | (4,840 | ) | | (19,367 | ) | | (18,899 | ) |
| Income attributable to noncontrolling interest | | 14,565 |
| | 5,679 |
| | — |
| | — |
| | — |
|
| Net income attributable to the partners | | 100,437 |
| | 80,960 |
| | 73,848 |
| | 29,964 |
| | — |
|
| Income attributable to the IDR holder | | 9,055 |
| | 4,031 |
| | — |
| | — |
| | — |
|
| Net income attributable to PBF Logistics LP unitholders | | $ | 91,382 |
| | $ | 76,929 |
| | $ | 73,848 |
| | $ | 29,964 |
| | $ | — |
|
| | | | | | | | | | | |
| Net income per limited partner unit (c): | | | | | | | | | | |
| Common units - basic | | $ | 2.17 |
| | $ | 2.01 |
| | $ | 2.18 |
| | $ | 0.94 |
| | N/A |
|
| Common units - diluted | | $ | 2.17 |
| | $ | 2.01 |
| | $ | 2.18 |
| | $ | 0.94 |
| | N/A |
|
| Subordinated units - basic and diluted | | $ | 2.15 |
| | $ | 2.01 |
| | $ | 2.18 |
| | $ | 0.93 |
| | N/A |
|
| | | | | | | | | | | |
| Weighted-average limited partner units outstanding (c): | | | | | | | | | | |
| Common units - basic | | 35,505,446 |
| | 22,288,118 |
| | 17,956,152 |
| | 16,167,802 |
| | N/A |
|
| Common units - diluted | | 35,568,760 |
| | 22,338,784 |
| | 17,956,152 |
| | 16,169,827 |
| | N/A |
|
| Subordinated units - basic and diluted | | 6,572,245 |
| | 15,886,553 |
| | 15,886,553 |
| | 15,886,553 |
| | N/A |
|
| Cash distribution per unit | | $ | 1.8950 |
| | $ | 1.7400 |
| | $ | 1.5200 |
| | $ | 0.7900 |
| | N/A |
|
| | | | | | | | | | | |
| Balance sheet data (at period end): | | | | | | | | | | |
| Total assets | | $ | 748,215 |
| | $ | 767,380 |
| | $ | 434,136 |
| | $ | 412,488 |
| | $ | 104,377 |
|
| Debt | | 548,793 |
| | 571,675 |
| | 599,635 |
| | 507,848 |
| | — |
|
| | | | | | | | | | | |
| Cash flows from (used in): | | | | | | | | | | |
| Operating activities | | $ | 138,182 |
| | $ | 94,053 |
| | $ | 73,656 |
| | $ | 5,996 |
| | $ | (15,069 | ) |
| Investing activities | | (50,234 | ) | | 70,298 |
| | (9,308 | ) | | (282,740 | ) | | (48,315 | ) |
| Financing activities | | (132,505 | ) | | (118,808 | ) | | (59,835 | ) | | 290,834 |
| | 63,435 |
|
| Net change in cash and cash equivalents | | $ | (44,557 | ) | | $ | 45,543 |
| | $ | 4,513 |
| | $ | 14,090 |
| | $ | 51 |
|
| | | | | | | | | | | |
| Capital expenditures (d): | | | | | | | | | | |
| Expansion | | $ | 85,662 |
| | $ | 121,026 |
| | $ | 8,179 |
| | $ | 43,526 |
| | $ | 46,411 |
|
| Maintenance | | 4,596 |
| | 2,920 |
| | 1,826 |
| | 4,285 |
| | 1,904 |
|
| Total capital expenditures | | $ | 90,258 |
| | $ | 123,946 |
| | $ | 10,005 |
| | $ | 47,811 |
| | $ | 48,315 |
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____________________
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| (a) | The information presented includes the results of operations of our Predecessor for periods presented through May 13, 2014 and of our operations for the period beginning May 14, 2014, the date we commenced operations. |
| |
| (b) | We, and our Predecessor, did not record revenue for transactions with PBF Energy for the IPO Assets prior to the Offering on May 14, 2014 or for the DCR West Rack, Toledo Storage Facility, DCR Truck Rack, Torrance Valley Pipeline, Paulsboro Natural Gas Pipeline or the Development Assets (with the exception of the Paulsboro Lube Oil Terminal) acquired in the Acquisitions from PBF prior to the effective date of each acquisition. |
| |
| (c) | Information is not applicable for the periods prior to the Offering. |
| |
| (d) | Expansion capital expenditures include acquisitions or capital improvements that we expect will increase our operating income or operating capacity over the long term. Maintenance capital expenditures include |
expenditures required to maintain equipment, ensure the reliability, integrity and safety of our tankage and pipelines and address environmental regulations.
