Q1 2020 Earnings Call
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Well go to the PBF logistics first quarter 2020 earnings conference call and webcast. At this time, all participants happened placed in listen only mode and the floor will be opened for your questions. Following management's prepared remarks, you May Register to ask a question at any time by pressing the star and one on your Touchtone phone.
It is now my pleasure turn the floor to common Murray of Investor Relations. Sir you may begin.
Thank you very good morning, and welcome to todays call with me today, or Matt Lucey, Our executive Vice President and Erik Young our CFO and several other members of the partnership senior management team into like a copy of our earnings release. It is available on our website.
Before we begin I'd like to turn your direct your attention to the forward looking statements to blame are contained in today's press release in summary, it outlines that statements in the press release and on this conference call that state the partnerships or management's expectations or predictions of the future are forward looking statements intended to be covered by the safe.
Tons under federal Securities laws.
There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the FCC.
As noted in our press release will be using certain non-GAAP measures, while describing the partnership's operating performance and financial results for reconciliations of non-GAAP measures to the appropriate GAAP figure. Please refer to the supplemental tables provided in today's press release I'll now turn the call over to Matt.
Thank you go and good morning, everyone and thank you for joining us on the call.
PBF logistics operated well during the first quarter.
Well, we were not immune from the impacts of the pandemic.
Our strong sponsor relationship and long term contracts provide support for 90%.
Of our base business.
As the market Rebalances for consumer.
Demand, we have obviously seen a decline in our throughput volumes.
This has been partially offset.
By increased revenues, an opportunities and our storage business.
Gasoline demand across the country appears to have bottomed out approximately 50% down from pre kobin levels in April.
It was recovered to approximately 25% down nationwide relative to historical season seasonal demand.
[music] Iraq system performed to bet a bit better than the national average.
Seeing a decline of just over 40% out its low point.
Well most recent data shows a 20% decline optibase.
Today, we announced distribution of 30 cents per year.
Which we believe is prudent given the uncertain outlook.
The reduction was not based on the company's performance or outlook.
But rather reflects a move to conservatism.
The reduction equates to approximately $14 million per quarter.
Which will be used to strengthen the company's balance sheet.
Longer term this action will provide the capacity for the company jury to react appropriately.
With respect to growth and leverage as we move forward.
In addition to the distribution company is also deferred discretionary projects and we'll continue to reevaluate the marketplace as we go.
With that I'll turn it over there.
Thank you Matt Good morning, everyone and thank you for joining us on todays call.
Reported first quarter net income attributable to the limited partners of 34.8 million adjusted partnership EBITDA was 57.9 million, which includes approximately $1.6 million of transaction related expenses environmental remediation cost associated with our east coast terminals and noncash.
Based compensation.
Our earnings were up quarter over quarter and year over year, which is a reflection of the overall growth of our business through acquisitions and continuing development of our of our organic growth projects.
During the quarter, we spent approximately 4.8 million in maintenance Capex and 6.1 million in total capex.
We ended the quarter with approximately 228.3 million in liquidity.
Including $116 million of cash in approximately 112 million of availability under our revolving credit facility.
Net debt to annualized adjusted EBITDA was 3.4 times.
Operator, we've concluded our opening remarks and now we'll open the call for questions.
If you would like ask a question today. Please press star and one on your Touchtone phone you May remember yourself from the question Q, bypassing the pankey again that star and one.
And we'll pause a moment to allow any questions to Q.
[noise] [noise] and there appear to be no questions. At this time, so I'll turn it back to Matt Lucey for closing remarks.
I appreciate everyone's attendance on the call and look forward to speak to again next quarter. Thank you.
This does conclude today's program. We appreciate your participation you may now disconnect.
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