SunCoke Energy Partners, L.P. Q3 2014 Earnings Conference Call October 24, 2014
Q3 2014 Financial Results (1) Adjusted EBITDA Adj. EBITDA up 2.6M due to: ( in millions) 38.3 35.7 0.7 Coal Logistics business up 3.1M and 13.6 Corporate costs down 2.2M due to 37.6 Q3 13 M&A related expense 22.1 Partially…
Distribution and Coverage Distribution per Unit 6th consecutive Q3 cash distribution per unit increased (/unit) quarterly increase +28% 2.4% to 0.5275/unit +11% Raised per unit rate 11% in 2014 alone 0.4125 MQD(1) and 28% over…
Liquidity Position Strong financial flexibility with solid cash position and virtually undrawn revolver 10.2 (12.0) 20.8 (19.7) 7.9M Coal inventory build Revolver availability: (20.0) 249M 4.6M Ongoing 15.1M Environmental…
2014 Outlook Reaffirm 2014 distributable cash flow guidance 2014 Outlook(1) 2014 Proforma(2) ( in millions, except per unit data) Low High Low High Adjusted EBITDA attributable to SXCP 126 132 142 148 Less: Ongoing capital…
Distribution Growth Outlook Ahead of schedule on reaffirmed 8% 10% distribution CAGR guidance SXCP Historical Distribution Growth SXCP Future Distribution Growth 2.40E - 2.53E ( per unit) 9% CAGR Actual Comment 8% - 10% Q4 2013…
SXCP Valuation SXCP trades at discount to other MLPs with similar growth characteristics 2.0 % 3.0 % Latest Quarter Annualized Yield (1) 4.0 % 5.0 % 6.0 % 7.0 % SunCoke Energy Partners, L.P. 8.0 % 0.0 %…
SXCP Investment Thesis however, compelling investment thesis remains intact Well positioned to deliver 8% 10% Visible Distribution CAGR in distributions through 2016 Outlook from dropdowns alone Track record of delivering against…
Definitions Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (EBITDA), sales discounts and the interest, taxes, depreciation, depletion and amortization attributable to our equity method…
Adjusted EBITDA and Distributable Cash Flow Reconciliations As As As As As As As As Reported Proforma Proforma Reported Reported Reported Reported Proforma Reported Reported Reported Proforma Proforma ( in millions) Q1 13 Adj.(1,2)…
Expected 2014E EBITDA Reconciliation 2014E 2014E ( in millions) Low High Net Income 59 70 Depreciation and amortization 43 41 Total financing costs, net 42 39 Income tax expense (benefit) 1 1 Adjusted EBITDA 145 151 EBITDA…
Proforma(1) 2014E EBITDA Reconciliation 2014E 2014E ( in millions) Low High Net Income 55 66 Depreciation and amortization 43 41 Total financing costs, net 46 43 Income tax expense (benefit) 1 1 Adjusted EBITDA 145 151 EBITDA…
Capital Expenditures & Investments ( in millions) 2014E Ongoing 18 Prefunded from IPO and Environmental Remediation 42 dropdown proceeds Expansion - Total CapEx 60 Investments - Total CapEx & Investments 60 SXCP Q3 2014…
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