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Name | Symbol | Market | Type |
---|---|---|---|
CSI Compressco LP | NASDAQ:CCLP | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.42 | 2.37 | 2.44 | 0 | 01:00:00 |
Delaware
|
94-3450907
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
24955 Interstate 45 North
|
|
The Woodlands,
|
|
TX
|
77380
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
COMMON UNITS REPRESENTING LIMITED
PARTNERSHIP INTERESTS |
CCLP
|
NASDAQ
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☒
|
|
|
Emerging growth company
|
☐
|
CSI Compressco LP
|
|
Table of Contents
|
|
|
Page
|
PART I—FINANCIAL INFORMATION
|
|
|
|
|
|
PART II—OTHER INFORMATION
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Revenues:
|
|
|
|
|
|
||
Compression and related services
|
$
|
65,765
|
|
|
$
|
63,060
|
|
Aftermarket services
|
17,970
|
|
|
13,614
|
|
||
Equipment sales
|
6,544
|
|
|
26,762
|
|
||
Total revenues
|
90,279
|
|
|
103,436
|
|
||
Cost of revenues (excluding depreciation and amortization expense):
|
|
|
|
|
|||
Cost of compression and related services
|
31,608
|
|
|
32,621
|
|
||
Cost of aftermarket services
|
16,245
|
|
|
11,260
|
|
||
Cost of equipment sales
|
6,700
|
|
|
24,219
|
|
||
Total cost of revenues
|
54,553
|
|
|
68,100
|
|
||
Depreciation and amortization
|
19,908
|
|
|
18,532
|
|
||
Impairments and other charges
|
5,371
|
|
|
—
|
|
||
Selling, general, and administrative expense
|
10,256
|
|
|
10,665
|
|
||
Interest expense, net
|
13,169
|
|
|
13,299
|
|
||
Series A Preferred fair value adjustment (income) expense
|
—
|
|
|
1,304
|
|
||
Other (income) expense, net
|
440
|
|
|
(381
|
)
|
||
Loss before income tax provision
|
(13,418
|
)
|
|
(8,083
|
)
|
||
Provision (benefit) for income taxes
|
212
|
|
|
4,373
|
|
||
Net loss
|
$
|
(13,630
|
)
|
|
$
|
(12,456
|
)
|
General partner interest in net loss
|
$
|
(192
|
)
|
|
$
|
(177
|
)
|
Common units interest in net loss
|
$
|
(13,438
|
)
|
|
$
|
(12,279
|
)
|
|
|
|
|
|
|||
Net loss per common unit:
|
|
|
|
||||
Basic
|
$
|
(0.28
|
)
|
|
$
|
(0.26
|
)
|
Diluted
|
$
|
(0.28
|
)
|
|
$
|
(0.26
|
)
|
Weighted average common units outstanding:
|
|
|
|
||||
Basic
|
47,176,640
|
|
|
46,830,605
|
|
||
Diluted
|
47,176,640
|
|
|
46,830,605
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Net loss
|
$
|
(13,630
|
)
|
|
$
|
(12,456
|
)
|
Foreign currency translation adjustment, net of tax of $0 in 2020 and 2019
|
(353
|
)
|
|
272
|
|
||
Comprehensive loss
|
$
|
(13,983
|
)
|
|
$
|
(12,184
|
)
|
|
March 31,
2020 |
|
December 31,
2019 |
||||
|
(Unaudited)
|
|
|
|
|||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
7,416
|
|
|
$
|
2,370
|
|
Trade accounts receivable, net of allowances for doubtful accounts of $3,237 as of March 31, 2020 and $3,350 as of December 31, 2019
|
71,774
|
|
|
64,724
|
|
||
Inventories
|
63,288
|
|
|
56,037
|
|
||
Prepaid expenses and other current assets
|
5,153
|
|
|
4,162
|
|
||
Total current assets
|
147,631
|
|
|
127,293
|
|
||
Property, plant, and equipment:
|
|
|
|
|
|
||
Land and building
|
32,058
|
|
|
35,125
|
|
||
Compressors and equipment
|
989,493
|
|
|
976,469
|
|
||
Vehicles
|
8,875
|
|
|
9,205
|
|
||
Construction in progress
|
18,788
|
|
|
26,985
|
|
||
Total property, plant, and equipment
|
1,049,214
|
|
|
1,047,784
|
|
||
Less accumulated depreciation
|
(421,062
|
)
|
|
(405,417
|
)
|
||
Net property, plant, and equipment
|
628,152
|
|
|
642,367
|
|
||
Other assets:
|
|
|
|
|
|
||
Deferred tax asset
|
24
|
|
|
24
|
|
||
Intangible assets, net of accumulated amortization of $28,491 as of March 31, 2020 and $27,751 as of December 31, 2019
|
27,277
|
|
|
28,017
|
|
||
Operating lease right-of-use assets
|
27,374
|
|
|
21,006
|
|
||
Other assets
|
3,844
|
|
|
3,539
|
|
||
Total other assets
|
58,519
|
|
|
52,586
|
|
||
Total assets
|
$
|
834,302
|
|
|
$
|
822,246
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|||
Accounts payable
|
$
|
48,362
|
|
|
$
|
47,837
|
|
Unearned income
|
27,426
|
|
|
9,505
|
|
||
Accrued liabilities and other
|
38,832
|
|
|
42,581
|
|
||
Amounts payable to affiliates
|
14,964
|
|
|
7,704
|
|
||
Total current liabilities
|
129,584
|
|
|
107,627
|
|
||
Other liabilities:
|
|
|
|
|
|
||
Long-term debt, net
|
638,429
|
|
|
638,238
|
|
||
Deferred tax liabilities
|
986
|
|
|
1,211
|
|
||
Long-term affiliate payable
|
11,618
|
|
|
12,324
|
|
||
Operating lease liabilities
|
18,903
|
|
|
13,822
|
|
||
Other long-term liabilities
|
23
|
|
|
33
|
|
||
Total other liabilities
|
669,959
|
|
|
665,628
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Partners' capital:
|
|
|
|
|
|
||
General partner interest
|
(19
|
)
|
|
180
|
|
||
Common units (47,292,095 units issued and outstanding at March 31, 2020 and 47,078,529 units issued and outstanding at December 31, 2019)
|
49,704
|
|
|
63,384
|
|
||
Accumulated other comprehensive income (loss)
|
(14,926
|
)
|
|
(14,573
|
)
|
||
Total partners' capital
|
34,759
|
|
|
48,991
|
|
||
Total liabilities and partners' capital
|
$
|
834,302
|
|
|
$
|
822,246
|
|
|
Partners' Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Partners' Capital
|
|||||||||||||
|
|
|
||||||||||||||||
|
|
|
Limited Partners
|
|
|
|||||||||||||
|
General
Partner
|
|
Common
Unitholders
|
|
|
|||||||||||||
|
Amount
|
|
Units
|
|
Amount
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2019
|
$
|
180
|
|
|
47,079
|
|
|
$
|
63,384
|
|
|
$
|
(14,573
|
)
|
|
$
|
48,991
|
|
Net Loss
|
(192
|
)
|
|
—
|
|
|
(13,438
|
)
|
|
—
|
|
|
$
|
(13,630
|
)
|
|||
Distributions ($0.01 per unit)
|
(7
|
)
|
|
—
|
|
|
(471
|
)
|
|
—
|
|
|
$
|
(478
|
)
|
|||
Equity compensation
|
—
|
|
|
—
|
|
|
229
|
|
|
—
|
|
|
$
|
229
|
|
|||
Vesting of Phantom Units
|
—
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|||
Translation adjustment, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
(353
|
)
|
|
$
|
(353
|
)
|
|||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|||
Balance at March 31, 2020
|
$
|
(19
|
)
|
|
47,292
|
|
|
$
|
49,704
|
|
|
$
|
(14,926
|
)
|
|
$
|
34,759
|
|
|
Partners' Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total Partners' Capital
|
|||||||||||||
|
|
|
||||||||||||||||
|
|
|
Limited Partners
|
|
|
|||||||||||||
|
General
Partner
|
|
Common
Unitholders
|
|
|
|||||||||||||
|
Amount
|
|
Units
|
|
Amount
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2018
|
$
|
505
|
|
|
45,769
|
|
|
$
|
81,984
|
|
|
$
|
(15,086
|
)
|
|
$
|
67,403
|
|
Net loss
|
(177
|
)
|
|
—
|
|
|
(12,279
|
)
|
|
$
|
—
|
|
|
$
|
(12,456
|
)
|
||
Distributions ($0.01 per unit)
|
(6
|
)
|
|
—
|
|
|
(470
|
)
|
|
—
|
|
|
(476
|
)
|
||||
Equity compensation, net
|
—
|
|
|
—
|
|
|
312
|
|
|
—
|
|
|
312
|
|
||||
Vesting of Phantom Units
|
—
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Conversions of Series A Preferred
|
—
|
|
|
1,113
|
|
|
3,048
|
|
|
—
|
|
|
3,048
|
|
||||
Translation adjustment, net of taxes of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
272
|
|
|
272
|
|
||||
Other
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
|
(69
|
)
|
||||
Balance at March 31, 2019
|
$
|
322
|
|
|
46,999
|
|
|
$
|
72,526
|
|
|
$
|
(14,814
|
)
|
|
$
|
58,034
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
Operating activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
(13,630
|
)
|
|
$
|
(12,456
|
)
|
Reconciliation of net income (loss) to cash provided by operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
19,908
|
|
|
18,532
|
|
||
Impairments and other charges
|
5,371
|
|
|
—
|
|
||
Provision for deferred income taxes
|
8
|
|
|
1,466
|
|
||
Series A Preferred Unit distributions and adjustments
|
—
|
|
|
2,437
|
|
||
Equity compensation expense
|
324
|
|
|
365
|
|
||
Provision for doubtful accounts
|
222
|
|
|
56
|
|
||
Amortization of deferred financing costs
|
670
|
|
|
600
|
|
||
Other non-cash charges and credits
|
(85
|
)
|
|
54
|
|
||
(Gain) loss on sale of property, plant, and equipment
|
7
|
|
|
(26
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|||
Accounts receivable
|
(7,364
|
)
|
|
5,992
|
|
||
Inventories
|
(12,102
|
)
|
|
(11,990
|
)
|
||
Prepaid expenses and other current assets
|
(1,160
|
)
|
|
(567
|
)
|
||
Accounts payable and accrued expenses
|
21,625
|
|
|
27,442
|
|
||
Other
|
(437
|
)
|
|
(273
|
)
|
||
Net cash provided by operating activities
|
13,357
|
|
|
31,632
|
|
||
Investing activities:
|
|
|
|
|
|||
Purchases of property, plant, and equipment, net
|
(6,483
|
)
|
|
(23,152
|
)
|
||
Net cash used in investing activities
|
(6,483
|
)
|
|
(23,152
|
)
|
||
Financing activities:
|
|
|
|
|
|||
Proceeds from long-term debt
|
15,501
|
|
|
—
|
|
||
Payments of long-term debt
|
(16,000
|
)
|
|
(2
|
)
|
||
Cash redemptions of Preferred Units
|
—
|
|
|
(9,399
|
)
|
||
Distributions
|
(478
|
)
|
|
(476
|
)
|
||
Other financing activities
|
(886
|
)
|
|
—
|
|
||
Advances from affiliate
|
—
|
|
|
2,402
|
|
||
Net cash used in financing activities
|
(1,863
|
)
|
|
(7,475
|
)
|
||
Effect of exchange rate changes on cash
|
35
|
|
|
7
|
|
||
Increase (decrease) in cash and cash equivalents
|
5,046
|
|
|
1,012
|
|
||
Cash and cash equivalents at beginning of period
|
2,370
|
|
|
15,858
|
|
||
Cash and cash equivalents at end of period
|
$
|
7,416
|
|
|
$
|
16,870
|
|
Supplemental cash flow information:
|
|
|
|
|
|||
Interest paid
|
$
|
10,823
|
|
|
$
|
10,727
|
|
Income taxes paid
|
$
|
36
|
|
|
$
|
648
|
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Compression service contracts remaining performance obligations
|
$
|
38,720
|
|
|
$
|
15,941
|
|
|
$
|
2,026
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
56,741
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Unearned income, beginning of period
|
$
|
9,505
|
|
|
$
|
24,898
|
|
Additional unearned income
|
23,545
|
|
|
48,955
|
|
||
Revenue recognized
|
(5,624
|
)
|
|
(24,557
|
)
|
||
Unearned income, end of period
|
$
|
27,426
|
|
|
$
|
49,296
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Compression and related services
|
|
|
|
||||
U.S.
|
$
|
57,275
|
|
|
$
|
54,018
|
|
International
|
8,490
|
|
|
9,042
|
|
||
|
65,765
|
|
|
63,060
|
|
||
Aftermarket services
|
|
|
|
||||
U.S.
|
17,285
|
|
|
13,332
|
|
||
International
|
685
|
|
|
282
|
|
||
|
17,970
|
|
|
13,614
|
|
||
Equipment sales
|
|
|
|
||||
U.S.
|
6,038
|
|
|
26,166
|
|
||
International
|
506
|
|
|
596
|
|
||
|
6,544
|
|
|
26,762
|
|
||
Total Revenue
|
|
|
|
||||
U.S.
|
80,598
|
|
|
93,516
|
|
||
International
|
9,681
|
|
|
9,920
|
|
||
|
$
|
90,279
|
|
|
$
|
103,436
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Parts and supplies
|
$
|
33,388
|
|
|
$
|
42,814
|
|
Work in progress
|
29,900
|
|
|
13,223
|
|
||
Total inventories
|
$
|
63,288
|
|
|
$
|
56,037
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows - operating leases
|
$
|
2,216
|
|
|
$
|
1,174
|
|
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
|
||||
Operating leases
|
$
|
7,626
|
|
|
$
|
2,487
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
|
(In Thousands)
|
|
|
||||
Operating leases:
|
|
|
|
||||
Operating right-of-use asset
|
$
|
27,374
|
|
|
$
|
21,006
|
|
|
|
|
|
||||
Accrued liabilities and other
|
$
|
7,667
|
|
|
$
|
6,706
|
|
Operating lease liabilities
|
18,903
|
|
|
13,822
|
|
||
Total operating lease liabilities
|
$
|
26,570
|
|
|
$
|
20,528
|
|
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||
Weighted average remaining lease term:
|
|
|
|
||
Operating leases
|
4.90 Years
|
|
|
4.51 Years
|
|
|
|
|
|
||
Weighted average discount rate:
|
|
|
|
||
Operating leases
|
9.05
|
%
|
|
8.73
|
%
|
|
Operating Leases
|
||
|
(In Thousands)
|
||
|
|
||
Remainder of 2019
|
$
|
7,160
|
|
2020
|
7,622
|
|
|
2021
|
5,499
|
|
|
2022
|
3,295
|
|
|
2023
|
3,257
|
|
|
Thereafter
|
6,503
|
|
|
Total lease payments
|
33,336
|
|
|
Less imputed interest
|
(6,766
|
)
|
|
Total lease liabilities
|
$
|
26,570
|
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
|
|
Scheduled Maturity
|
|
(In Thousands)
|
||||||
Credit Agreement (presented net of the unamortized deferred financing costs of $0.8 million as of March 31, 2020 and $0.9 million as of December 31, 2019)
|
|
June 2023
|
|
$
|
2,184
|
|
|
$
|
2,622
|
|
7.25% Senior Notes (presented net of the unamortized discount of $1.5 million as of March 31, 2020 and $1.7 million as of December 31, 2019 and unamortized deferred financing costs of $2.6 million as of March 31, 2020 and $2.8 million as of December 31, 2019)
|
|
August 2022
|
|
291,863
|
|
|
291,444
|
|
||
7.50% Senior Secured Notes (presented net of the unamortized deferred financing costs of $5.6 million as of March 31, 2020 and $5.8 million as of December 31, 2019)
|
|
April 2025
|
|
344,382
|
|
|
344,172
|
|
||
|
|
|
|
638,429
|
|
|
638,238
|
|
||
Less current portion
|
|
|
|
—
|
|
|
—
|
|
||
Total long-term debt
|
|
|
|
$
|
638,429
|
|
|
$
|
638,238
|
|
|
|
US Dollar Notional Amount
|
|
Traded Exchange Rate
|
|
Settlement Date
|
||
|
|
(In Thousands)
|
|
|
|
|
||
Forward sale Mexican peso
|
|
$
|
4,974
|
|
|
24.40
|
|
4/21/2020
|
Foreign currency derivative contracts
|
|
Balance Sheet
|
|
Fair Value at
|
||||||
|
Location
|
|
March 31, 2020
|
|
December 31, 2019
|
|||||
|
|
|
|
(In Thousands)
|
||||||
Forward sale contracts
|
|
Current liabilities
|
|
(155
|
)
|
|
(53
|
)
|
||
Net asset (liability)
|
|
|
|
$
|
(155
|
)
|
|
$
|
(53
|
)
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
Description
|
Total as of
March 31, 2020 |
|
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
(In Thousands)
|
||||||||||||||
Midland manufacturing facility and related assets
|
$
|
19,646
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,646
|
|
Liability for foreign currency derivative contracts
|
(155
|
)
|
|
—
|
|
|
(155
|
)
|
|
—
|
|
||||
|
$
|
19,491
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using
|
|||||||||
|
|
|
Quoted Prices in Active Markets for Identical Assets or Liabilities
(Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|||||
Description
|
Total as of
December 31, 2019 |
|
|
|
||||||||
|
(In Thousands)
|
|||||||||||
Liability for foreign currency derivative contracts
|
(53
|
)
|
|
—
|
|
|
(53
|
)
|
|
—
|
|
|
|
$
|
(53
|
)
|
|
|
|
|
|
|
•
|
assess our ability to generate available cash sufficient to make distributions to our common unitholders and general partner;
|
•
|
evaluate the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis;
|
•
|
measure operating performance and return on capital as compared to those of our competitors; and
|
•
|
determine our ability to incur and service debt and fund capital expenditures.
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Net loss
|
$
|
(13,630
|
)
|
|
$
|
(12,456
|
)
|
Provision (benefit) for income taxes
|
212
|
|
|
4,373
|
|
||
Depreciation and amortization
|
19,908
|
|
|
18,532
|
|
||
Impairments and other charges
|
5,371
|
|
|
—
|
|
||
Interest expense, net
|
13,169
|
|
|
13,299
|
|
||
Equity compensation
|
324
|
|
|
365
|
|
||
Series A Preferred redemption premium
|
—
|
|
|
448
|
|
||
Series A Preferred fair value adjustments
|
—
|
|
|
1,304
|
|
||
Severance
|
272
|
|
|
—
|
|
||
Non-cash cost of compressors sold
|
1,809
|
|
|
940
|
|
||
Other
|
327
|
|
|
—
|
|
||
Adjusted EBITDA
|
$
|
27,762
|
|
|
$
|
26,805
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Cash flow from operating activities
|
$
|
13,357
|
|
|
$
|
31,632
|
|
Changes in current assets and current liabilities
|
(562
|
)
|
|
(20,604
|
)
|
||
Deferred income taxes
|
(8
|
)
|
|
(1,466
|
)
|
||
Other non-cash charges
|
(814
|
)
|
|
(684
|
)
|
||
Interest expense, net
|
13,169
|
|
|
13,299
|
|
||
Series A Preferred accrued paid in kind distributions
|
—
|
|
|
(685
|
)
|
||
Provision for income taxes
|
212
|
|
|
4,373
|
|
||
Severance
|
272
|
|
|
—
|
|
||
Non-cash cost of compressors sold
|
1,809
|
|
|
940
|
|
||
Other
|
327
|
|
|
—
|
|
||
Adjusted EBITDA
|
$
|
27,762
|
|
|
$
|
26,805
|
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Cash from operations
|
$
|
13,357
|
|
|
$
|
31,632
|
|
Capital expenditures, net of sales proceeds
|
(6,483
|
)
|
|
(23,152
|
)
|
||
Free cash flow
|
$
|
6,874
|
|
|
$
|
8,480
|
|
|
March 31,
|
||||
|
2020
|
|
2019
|
||
Horsepower
|
|
|
|
||
Total horsepower in fleet
|
1,195,186
|
|
|
1,167,164
|
|
Total horsepower in service
|
1,033,256
|
|
|
1,017,452
|
|
Total horsepower utilization rate
|
86.5
|
%
|
|
87.2
|
%
|
|
Three Months Ended March 31,
|
|||||||||||||||||||
|
|
|
|
|
Period-to-Period Change
|
|
Percentage of Total Revenues
|
Period-to-Period Change
|
||||||||||||
Consolidated Results of Operations
|
2020
|
|
2019
|
|
2020 vs. 2019
|
|
2020
|
|
2019
|
|
2020 vs. 2019
|
|||||||||
|
(In Thousands)
|
|
|
|
|
|
|
|||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Compression and related services
|
$
|
65,765
|
|
|
$
|
63,060
|
|
|
$
|
2,705
|
|
|
72.8
|
%
|
|
61.0
|
%
|
|
4.3
|
%
|
Aftermarket services
|
17,970
|
|
|
13,614
|
|
|
4,356
|
|
|
19.9
|
%
|
|
13.2
|
%
|
|
32.0
|
%
|
|||
Equipment sales
|
6,544
|
|
|
26,762
|
|
|
(20,218
|
)
|
|
7.2
|
%
|
|
25.9
|
%
|
|
(75.5
|
)%
|
|||
Total revenues
|
90,280
|
|
|
103,436
|
|
|
(13,157
|
)
|
|
100.0
|
%
|
|
100.0
|
%
|
|
(12.7
|
)%
|
|||
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of compression and related services
|
31,608
|
|
|
32,621
|
|
|
(1,013
|
)
|
|
35.0
|
%
|
|
31.5
|
%
|
|
(3.1
|
)%
|
|||
Cost of aftermarket services
|
16,245
|
|
|
11,260
|
|
|
4,985
|
|
|
18.0
|
%
|
|
10.9
|
%
|
|
44.3
|
%
|
|||
Cost of equipment sales
|
6,700
|
|
|
24,219
|
|
|
(17,519
|
)
|
|
7.4
|
%
|
|
23.4
|
%
|
|
(72.3
|
)%
|
|||
Total cost of revenues
|
54,553
|
|
|
68,100
|
|
|
(13,547
|
)
|
|
60.4
|
%
|
|
65.8
|
%
|
|
(19.9
|
)%
|
|||
Depreciation and amortization
|
19,908
|
|
|
18,532
|
|
|
1,376
|
|
|
22.1
|
%
|
|
17.9
|
%
|
|
7.4
|
%
|
|||
Impairments and other charges
|
5,371
|
|
|
—
|
|
|
5,371
|
|
|
5.9
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|||
Selling, general, and administrative expense
|
10,256
|
|
|
10,665
|
|
|
(409
|
)
|
|
11.4
|
%
|
|
10.3
|
%
|
|
(3.8
|
)%
|
|||
Interest expense, net
|
13,169
|
|
|
13,299
|
|
|
(130
|
)
|
|
14.6
|
%
|
|
12.9
|
%
|
|
(1.0
|
)%
|
|||
Series A Preferred fair value adjustment (income) expense
|
—
|
|
|
1,304
|
|
|
(1,304
|
)
|
|
—
|
%
|
|
1.3
|
%
|
|
(100.0
|
)%
|
|||
Other (income) expense, net
|
440
|
|
|
(381
|
)
|
|
821
|
|
|
0.5
|
%
|
|
(0.4
|
)%
|
|
(215.5
|
)%
|
|||
Loss before income taxes
|
(13,418
|
)
|
|
(8,083
|
)
|
|
(5,335
|
)
|
|
(14.9
|
)%
|
|
(7.8
|
)%
|
|
66.0
|
%
|
|||
Provision for income taxes
|
212
|
|
|
4,373
|
|
|
(4,161
|
)
|
|
0.2
|
%
|
|
4.2
|
%
|
|
(95.2
|
)%
|
|||
Net loss
|
$
|
(13,630
|
)
|
|
$
|
(12,456
|
)
|
|
$
|
(1,174
|
)
|
|
(15.1
|
)%
|
|
(12.0
|
)%
|
|
9.4
|
%
|
|
Three Months Ended March 31,
|
||||||
|
(In Thousands)
|
||||||
|
2020
|
|
2019
|
||||
Operating activities
|
$
|
13,357
|
|
|
$
|
31,632
|
|
Investing activities
|
(6,483
|
)
|
|
(23,152
|
)
|
||
Financing activities
|
(1,863
|
)
|
|
(7,475
|
)
|
|
|
Payments Due
|
||||||||||||||||||||||||||
|
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
||||||||||||||
|
|
(In Thousands)
|
||||||||||||||||||||||||||
Long-term debt
|
|
$
|
649,430
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
295,930
|
|
|
$
|
3,500
|
|
|
$
|
—
|
|
|
$
|
350,000
|
|
Interest on debt
|
|
$
|
185,387
|
|
|
$
|
35,779
|
|
|
$
|
47,705
|
|
|
$
|
40,593
|
|
|
$
|
26,310
|
|
|
$
|
26,250
|
|
|
$
|
8,750
|
|
Operating leases
|
|
$
|
33,336
|
|
|
7,160
|
|
|
7,622
|
|
|
5,499
|
|
|
3,295
|
|
|
3,257
|
|
|
6,503
|
|
||||||
Affiliate financing obligation
|
|
$
|
13,618
|
|
|
2,261
|
|
|
3,015
|
|
|
3,015
|
|
|
3,015
|
|
|
2,312
|
|
|
—
|
|
||||||
Total contractual cash obligations
|
|
$
|
881,771
|
|
|
$
|
45,200
|
|
|
$
|
58,342
|
|
|
$
|
345,037
|
|
|
$
|
36,120
|
|
|
$
|
31,819
|
|
|
$
|
365,253
|
|
•
|
economic and operating conditions that are outside of our control, including the trading price of our common units;
|
•
|
the current significant surplus in the supply of oil and the ability of the OPEC + to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently, which is negatively impacting our business;
|
•
|
the availability of adequate sources of capital to us;
|
•
|
our existing debt levels and our flexibility to obtain additional financing;
|
•
|
our ability to continue to make cash distributions, or increase cash distributions from current levels, after the establishment of reserves, payment of debt service and other contractual obligations;
|
•
|
the restrictions on our business that are imposed under our long-term debt agreements;
|
•
|
our dependence upon a limited number of customers and the activity levels of our customers;
|
•
|
the levels of competition we encounter;
|
•
|
our ability to replace our contracts with customers, which are generally short-term contracts;
|
•
|
the availability of raw materials and labor at reasonable prices;
|
•
|
risks related to acquisitions and our growth strategy;
|
•
|
our operational performance;
|
•
|
risks related to our foreign operations;
|
•
|
the credit and risk profile of TETRA;
|
•
|
the ability of our general partner to retain key personnel;
|
•
|
information technology risks including the risk from cyberattack;
|
•
|
the severity and duration of the COVID-19 pandemic and related economic repercussions and the resulting negative impact on the demand for oil and gas;
|
•
|
operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts, and supply chain disruptions;
|
•
|
other global or national health concerns;
|
•
|
risks associated with a material weakness in our internal control over financial reporting and the consequences we may encounter if we are unable to remediate the material weakness in our internal control over financial reporting or if we identify other material weaknesses in the future;
|
•
|
the effect and results of litigation, regulatory matters, settlements, audits, assessments, and contingencies, and
|
•
|
other risks and uncertainties under “Item 1A. Risk Factors” in our 2019 Annual Report, and as included in our other filings with the U.S. Securities and Exchange Commission ("SEC"), which are available free of charge on the SEC website at www.sec.gov.
|
Period
|
|
Total Number
of Units Purchased
|
|
Average
Price
Paid per Unit
|
|
Total Number of Units Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Units that May Yet be Purchased Under the Publicly Announced
Plans or Programs
|
|||
January 1 – January 31, 2020
|
|
—
|
|
|
$
|
—
|
|
|
N/A
|
|
N/A
|
February 1 – February 29, 2020
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
March 1 – March 31, 2020
|
|
—
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
Total
|
|
—
|
|
|
|
|
|
N/A
|
|
N/A
|
10.1*
|
|
10.2*
|
|
31.1*
|
|
31.2*
|
|
32.1**
|
|
32.2**
|
|
101.SCH+
|
XBRL Taxonomy Extension Schema Document
|
101.CAL+
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF+
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB+
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE+
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed with this report.
|
**
|
Furnished with this report.
|
+
|
Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) Consolidated Statements of Operations for the three month periods ended March 31, 2020 and 2019; (ii) Consolidated Statements of Comprehensive Income for the three month periods ended March 31, 2020 and 2019; (iii) Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019; (iv) Consolidated Statement of Partners’ Capital for the three month period ended March 31, 2020; (v) Consolidated Statements of Cash Flows for the three month periods ended March 31, 2020 and 2019; and (iv) Notes to Consolidated Financial Statements for the three months ended March 31, 2020.
|
|
|
CSI COMPRESSCO LP
|
|
|
|
By:
|
CSI Compressco GP Inc.,
|
|
|
|
its General Partner
|
|
|
|
|
Date:
|
May 7, 2020
|
By:
|
/s/Brady M. Murphy
|
|
|
|
Brady M. Murphy
|
|
|
|
President
|
|
|
|
Principal Executive Officer
|
|
|
|
|
Date:
|
May 7, 2020
|
By:
|
/s/Elijio V. Serrano
|
|
|
|
Elijio V. Serrano
|
|
|
|
Chief Financial Officer
|
|
|
|
Principal Financial Officer
|
|
|
|
|
Date:
|
May 7, 2020
|
By:
|
/s/Michael E. Moscoso
|
|
|
|
Michael E. Moscoso
|
|
|
|
Vice President - Finance
|
|
|
|
Principal Accounting Officer
|
|
|
|
|
1 Year CSI Compressco Chart |
1 Month CSI Compressco Chart |
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