PBFX - Earnings call transcript Q1 2021

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Operator

Good day everyone, and welcome to the PBF Logistics LP First Quarter 2021 Earnings Conference Call and Webcast. At this time all participants have been placed in a listen-only mode. [Operator Instructions] Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Colin Murray

Latonia. you, Thank welcome and call. Good to morning, today’s me Erik Young, are the senior Lucey, other Matt President; Vice partnership’s team. Executive our management our of With members today CFO; several and

earnings you’d release, website. If copy a of it available on like is our our

like statements begin, your direct expectations release conference on in disclaimer the I’d forward-looking In summary, call attention press this the management’s in press of today’s Before release. the partnerships that it statements to we to contained future. outlines or state the the and

Our are Harbor we’ve could those from statements many laws. intended forward-looking differ by to including SEC. that the provisions There described be in Safe cause factors securities to expectations, covered actual our results under filings federal our the are with

press non-GAAP release, using operating our the partnership’s be will measures and describing in financial certain performance we noted results. while As

appropriate non-GAAP turn please provided today’s press the For release. supplemental to reconciliations to to over tables now GAAP of the call Matt. in figure, I’ll measures refer the

Matt Lucey

and our you, partnerships consistent today’s during now The with underlying continued Good quarter. Thank to of Colin. operating first quarter sponsor. through relationship of the reflect thank morning, XXXX first PBF you Logistics through strength call. and results us business XXXX well on and joining for the our the everyone,

in increased relative We increase for $XXX million a positive $XXX to continue to million in XXXX with demand this And third to as to the terminals EBITDA expect Throughput overall and we our last in the quarter. $XXX business. have partnership be to levels range in modestly revenues sign relative potential for see range. XXXX $XXX party to million million

Today, financial maintain and debt, allow and reduce $X.XX revenues consistent priorities. down liquidity we to continue maintaining to pay distribution maintained our coverage of partnership per debt strengthening distributions the cash unit. and healthy are net Our the flexibility, generations

that, distribution and policy over I’ll with use of review to respect financial for With conditions some market going funds. alternate the to highlights. company’s Erik We performance, will forward turn continue our to it

Erik Young

you for you, limited $XX.X net call. million, Thank non-cash income associated with million unit-based EBITDA and reported We environmental partners Matt. first $X compensation the to Good today’s approximately partnership Adjusted includes on East us $XX everyone, was million. joining thank the which of Coast and remediation quarter costs of morning, attributable Terminals.

spent maintenance. quarter, for million the During CapEx, $XXX,XXX we roughly including total $X.X in

we to be million XXXX, roughly million capital For We of strategic for million small balance cash Net liquidity, the $XXX adjusted annualized our $XX a with ended approximately expect credit X.X expenditures approximately million EBITDA and to under $XXX debt of including times. inclusive multiple $XX approximately of quarter million was currently $X projects. facility. in revolving availability

cash improve now opening concluded expect questions. open call leverage And to continue for Operator, We the to remarks. using strengthen sheet. our ratios we’ve balance the excess and we’ll

Operator

Thank first you. proceed. comes Spiro Instructions] [Operator Credit from Please Our question Suisse. Dounis with

Chad Bryant

Chad is quarter. EBITDA from believe this starting on of implies for decline guidance off, Hi, roughly X% the Spiro full year the I first a your high-end just

And of implied the impact you’re PBF is the turnarounds turnarounds in that year, sounds of call, planning second half On the PBFX? what’s several those that like to decline? it driver the from the

Erik Young

go impact shouldn’t a much There turnarounds forward on basis. be really from

more We the product to P&L, Matt’s nature through did the relates a basically some that. think cash about we running maybe that not there’s cost had, against million stable of than that. a I around, flows. sales bit there’s comments $X That have, much probably little

the this an point. of be what think benchmarking driving clearly and ultimate relies will our provides some quite for things of And But at will there terms is be Board frankly, somewhat kind we’ve of those on, ultimately the are So, in floor these of will Directors, profitability. I in we’re away. ultimately out think We’ve our where some I to MVC go terms conservative our where is able estimates. guidance. probably with VCs contracts of the XXXX full that’s we’re of MVC But nature that that what year ourselves laid budget against in than message generate volume full side incremental and certain times higher will key be those year really metrics the really consistent

Chad Bryant

through set just that what for And the Was PBFX just is PBF? renewable and of project second your helpful. Chalmette one. diesel that’s sort Could the opportunity potential you for renewables? Okay, go

Erik Young

to it revolving be Certainly, you would I been there’s a decisions To go are status give you facts. can’t MLP, XX% PBFX your of XX%. But to non-qualified diesel answer you has would way. be would are this renewable I that qualified Nothing around three a tax maintain just up allowed income, non-qualified what guess, over through $X And no been project as income. made. currently pass income.

we that moment. certainly about flexibility there’s the PBFX, So, there’s can nothing but some decided talk or within

Chad Bryant

guys. the Thanks had. Okay, understood. time all for That’s Thanks. I

Erik Young

Thank you.

Operator

Matt Thank no this in back would closing further the time. like you. over are There for call comments. I Lucey to turn queue to questions at

Matt Lucey

look Thank you next to your Have again to you I everyone. quarter. appreciate a great attendance forward today and day. speaking

Operator

This teleconference. concludes today’s

disconnect may lines this thank you time. for at You your And your participation.

PBF Logistics (PBFX) 29 Apr 212021 Q1 Earnings call transcript