Summit Midstream Partners, LP SMLP Cash Flow

Summit midstream partners, lp (SMLP)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12
Cash flows from operating activities:
Net income (loss)
5,309	-327,083	-10,645	4,809	-36,914	38,654	57,455	-49,913	-3,845	-18,250	93,637	11,246	-583	13,995	2,038	-50,555	-3,665	-220,890	3,542	-2,395	-2,485	-66,752	7,837	5,622	5,925	14,698	9,680	8,766	13,864	18,885	7,396	9,129	7,587
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncash lease expense
473	787	769	765	765	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
29,863	28,507	27,640	27,163	28,116	27,015	26,592	26,634	26,526	29,140	28,777	28,537	28,418	28,603	28,101	28,092	27,865	27,310	26,581	26,231	25,781	27,111	22,446	21,660	20,605	22,269	18,751	17,052	14,192	10,731	9,156	8,689	8,290
Amortization of favorable and unfavorable contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	160	-51	-134
Amortization of debt issuance costs
1,109	1,115	1,121	1,095	1,080	1,101	1,098	1,046	1,040	1,041	1,045	1,040	1,032	949	1,080	1,042	905	1,069	1,044	1,088	1,108	1,866	750	616	604	1,166	709	447	435	440	439	346	233
Deferred Purchase Price Obligation expense
2,297	-13,881	3,760	3,712	4,427	-32,784	-37,204	69,305	21,658	-145,648	-70,499	-5,058	20,883	24,738	6,188	17,465	7,463	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Unit-based and noncash compensation
2,723	2,801	1,291	1,553	2,526	2,140	1,965	2,261	1,962	1,978	1,974	1,871	2,128	1,985	2,050	1,994	1,956	1,422	2,044	1,988	1,563	2,087	1,160	1,446	1,148	1,888	952	940	462	83	381	952	460
(Income) loss from equity method investees
3,311	-336,654	-677	-79	-441	-7,185	-1,169	-3,920	1,386	1,468	350	-3,385	-656	997	270	-34,471	2,860	931	-240	-3,486	-3,768	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from equity method investees
7,494	9,292	9,791	9,634	8,583	8,743	9,404	7,480	9,644	11,505	10,712	9,059	8,944	10,852	9,958	12,377	11,804	11,206	9,566	7,020	6,849	-	-	-	-	-	-	-	-	-	-	-	-
Loss (gain) on asset sales, net
-115	-59	347	287	961	-6	-6	-62	74	3	-460	-67	-3	-69	-13	-74	63	-42	0	214	0	-	-	-	-	-	-	-	-	-	-	-	-
Long-lived asset impairment
3,821	15,486	0	70	44,951	5,059	1,540	587	0	187,125	1,290	3	284	23	1,172	569	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Early extinguishment of debt
-	-	-	-	-	-	-	-	-	-19	0	0	-22,020	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pay-in-kind interest on promissory notes payable to Sponsors
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	12	1,932	3,482
Changes in operating assets and liabilities:
Accounts receivable
-18,470	12,697	4,874	-8,562	-4,675	9,978	5,292	9,755	-3,490	11,034	5,430	2,168	-43,695	44,916	4,143	-1,245	-40,031	53,623	-20,173	5,002	-41,780	39,397	-3,827	7,533	-21,600	17,609	3,907	-5,310	5,744	9,696	-3,263	-1,780	3,521
Other assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,465	-608	-571
Trade accounts payable
3,960	-916	2,284	-1,734	271	3,072	492	-189	-3,294	-4,446	5,572	-330	-4,042	3,796	-3,242	2,264	-817	950	-369	-456	-1,575	1,839	-4,740	-4,180	6,661	-243	-855	-4,809	7,334	2,714	15,590	-19,169	-1,671
Accrued expenses
-69	1,866	344	-11,338	-1,199	3,616	-1,086	5,462	1,472	-1,616	5,837	-3,829	718	1,173	2,432	-133	1,141	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due from (to) affiliate
-465	169	-245	227	-80	227	-78	-352	-645	574	44	-16	228	144	-69	-212	-754	524	-4,309	4,108	1,054	-655	-1,153	535	390	-6,989	-1,838	616	2,058	-773	0	0	0
Deferred revenue, net
5,161	-227	-97	-316	2,323	195	1,879	2,151	1,130	-1,087	0	-1,186	-38,485	8,423	846	560	1,473	13,153	-30,451	2,100	3,745	13,873	4,041	4,737	3,727	7,124	3,866	3,009	2,686	2,409	1,774	2,627	3,184
Ad valorem taxes payable
-4,781	536	1,204	2,919	-6,184	2,327	1,719	2,670	-4,495	211	823	3,229	-6,522	1,175	1,755	3,369	-5,982	2,670	835	2,684	-5,097	2,239	-176	2,940	-4,199	-726	2,915	2,439	-4,639	-925	2,300	875	875
Accrued interest
3,059	-3,056	2,986	-3,016	3,111	-2,999	3,026	-3,124	3,073	-7,873	3,168	11,312	-11,780	9,750	-9,750	9,750	-9,750	9,750	-9,750	9,750	-11,125	9,750	-2,142	5,510	-6,404	5,619	6,525	0	-16	-	-	-	-
Accrued environmental remediation, net
-17	-259	-1,024	-453	-548	-748	-1,255	-1,445	-360	-1,174	-2,011	-617	-307	-1,583	-876	-1,752	0	-13,022	6,882	3,523	-13,719	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
2,173	235	3,673	-251	2,832	-8,606	4,987	-2,039	4,686	-2,341	-107	-2,045	4,841	-7,721	-78	4,031	-1,898	155	-623	2,695	-3,984	-3,791	1,164	2,437	-1,814	5,554	-3,723	5,973	-903	-383	0	0	0
Other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,027	1,948	-2,751
Net cash provided by operating activities
73,968	38,918	47,173	43,535	52,711	61,437	56,443	58,839	51,210	41,335	75,156	58,892	62,449	61,790	37,205	64,651	66,849	53,278	33,101	57,333	47,663	37,900	33,014	33,796	48,243	32,751	33,188	43,859	25,613	21,484	41,637	9,666	16,605
Cash flows from investing activities:
Capital expenditures
18,583	30,628	40,571	50,244	60,848	63,553	46,639	49,616	40,778	38,009	40,294	31,484	14,428	19,984	31,363	30,046	61,326	66,796	73,912	82,047	49,470	188,675	66,672	34,453	53,580	174,430	25,554	21,345	28,297	-	-	-	-
Proceeds from asset sale (net of cash of $1,475 for the period ended March 31, 2019)
0	12,000	350	300	89,461	0	0	496	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in equity method investee
58,033	6,986	5,409	5,921	0	-	-	-	-	-21,581	5,932	10,713	4,936	-	-	-	15,645	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to Sponsors
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,106	-	-	-	-
Other, net
-217	30	-503	40	120	75	-97	85	221	-121	58	160	361	21	-62	58	377	-85	0	-238	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions of gathering systems from affiliate
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-569	360,000	0	-4,323	290,000	2,941	-	-	-	-	0	0	200,000	0	-	-	-	-
Net cash (used in) provided by investing activities
-76,399	-25,583	-45,127	-48,653	28,493	-79,533	-46,542	-49,205	-40,999	-42,617	-43,984	-42,357	-19,725	-31,430	-35,813	-29,535	-437,348	-78,536	-79,568	-408,375	-80,241	-914,250	-77,544	-34,429	-358,580	-174,430	-24,969	-431,345	-28,297	-16,649	-36,284	-3,786	-20,577
Distributions to unitholders
11,702	23,791	23,777	23,775	45,281	45,221	45,215	45,216	45,053	45,037	45,037	44,577	44,452	44,440	41,044	41,045	40,975	40,975	40,480	35,526	35,093	33,522	31,953	30,383	26,366	25,107	23,741	20,923	20,425	0	0	0	0
Borrowings under Revolving Credit Facility
55,000	104,000	32,000	164,000	69,000	87,000	54,000	98,000	50,000	70,000	65,000	40,500	72,000	30,000	51,000	15,000	424,300	50,000	60,000	168,000	89,000	90,000	44,295	35,000	125,000	116,950	0	345,000	15,000	0	50,000	163,000	0
Repayments under Revolving Credit Facility
34,000	27,000	5,000	25,000	101,000	5,000	26,000	43,000	10,000	315,000	50,000	24,500	245,000	15,000	139,000	15,000	35,300	0	0	125,000	26,000	115,000	295,295	0	20,000	3,000	0	294,180	0	-	-	-	-
Acquisition of gathering systems
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,979	36,566	27,830	0	-294,128	0	305,000	-	-	-	-	-	-	-	20,577
Debt issuance costs
-	-	-	-	-	-	-	-	-	499	278	8,788	6,825	19	247	353	2,413	208	68	71	65	3,097	4,926	235	65	6,271	455	7,333	0	-2,632	1,201	4,196	579
Payment of redemption and call premiums on senior notes
-	-	-	-	-	-	-	-	-	19	0	0	17,913	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash advance from Bison Midstream to SMP Holdings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Proceeds from ATM Program common unit issuances, net of costs
-	-	-	-	-	-	-	-	-	-173	-8	16,892	367	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax withholdings on vested SMLP LTIP awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	656	-	0	0	0	-	-	-	-
Proceeds from underwritten issuance of common units, net of costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-73	-110	-106	198,095	0	0	0	0	-	-	-	-
Proceeds from issuance of Series A preferred units, net of costs
33,946	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Contribution from General Partner
-	-	-	-	-	-	-	-	-	0	0	352	113	0	2,702	0	0	-	-	-	-	0	0	0	4,235	2,229	0	0	0	-	-	-	-
Cash advance from Summit Investments to contributed subsidiaries, net
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	12,214	28,121	5,607	301,267	-14,468	630,267	21,790	8,048	14,278	-47,030	-3,046	-9,177	9,166	-	-	-	-
Expenses paid by Summit Investments on behalf of contributed subsidiaries
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,821	6,240	3,287	4,944	8,408	16,026	1,435	1,560	5,863	-	-	-	-	-	-	-	-
Issuance of senior notes
-	-	-	-	-	-	-	-	-	0	0	0	500,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tender and redemption of senior notes
-	-	-	-	-	-	-	-	-	0	0	0	300,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-1,402	-560	-397	-566	-2,968	-448	-315	-201	-3,222	-334	-526	-111	-2,157	-188	-64	-62	-854	-241	-630	120	-1,056	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
41,842	13,955	2,469	353	-80,249	22,071	-17,743	-4,788	-8,275	-199	-30,849	-20,232	-43,867	-30,529	-538	-41,460	361,793	40,400	25,111	363,090	20,726	884,601	35,236	13,656	300,384	151,943	-24,151	404,441	5,847	1,752	-8,201	-9,196	-579
Net change in cash, cash equivalents and restricted cash
39,411	27,290	4,515	-4,765	955	3,975	-7,842	4,846	1,936	-1,481	323	-3,697	-1,143	-169	854	-6,344	-8,706	15,142	-21,356	12,048	-11,852	8,251	-9,294	13,023	-9,953	10,264	-15,932	16,955	3,163	6,587	-2,848	-3,316	-4,551
Supplemental cash flow disclosures:
Cash interest paid
16,523	22,783	16,594	22,277	15,229	20,552	13,164	18,755	12,207	24,078	14,028	5,342	28,040	5,783	25,753	6,300	25,164	4,999	23,972	4,867	25,464	8,674	12,626	2,845	14,308	6,622	2,534	2,125	1,889	2,009	2,683	1,896	1,695
Less capitalized interest
491	1,222	1,391	2,446	1,915	2,961	2,451	1,863	1,222	1,017	644	450	468	576	1,354	1,063	716	1,091	920	834	527	1,632	-1,005	2,389	1,630	3,639	1,492	1,066	493	593	4,107	-595	-1,321
Interest paid (net of capitalized interest)
16,032	21,561	15,203	19,831	13,314	17,591	10,713	16,892	10,985	23,061	13,384	4,892	27,572	5,207	24,399	5,237	24,448	3,908	23,052	4,033	24,937	7,042	13,631	456	12,678	2,983	1,042	1,059	1,396	1,416	2,408	1,301	374
Cash paid for taxes
0	0	0	150	0	0	0	175	0	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	0	650	0	0
Noncash investing and financing activities
Capital expenditures in trade accounts payable (period-end accruals)
13,765	-2,320	115	-1,338	23,389	12,773	379	655	19,943	-1,855	6,778	-7,108	13,977	-654	-5,246	553	13,769	-4,624	10,244	-15,935	45,292	224	-2,229	16,132	16,983	24,990	-1,142	720	5,960	4,841	525	-2,472	5,629
Excess of acquired carrying value over consideration paid and recognized for 2016 Drop Down Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	569	247,428	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distribution of debt related to Carve-Out Financial Statements of Summit Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	342,926	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of Deferred Purchase Price Obligation to affiliate to partially fund the 2016 Drop Down
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	507,427	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Unit-based compensation
2,723	2,801	1,291	1,553	2,526	2,140	1,965	2,261	1,962	1,978	1,974	1,871	2,128	1,985	2,050	1,994	1,956	-	-	-	-	-	-	-	-	-	-	-	-	-	381	952	460
Capitalized interest allocated to contributed subsidiaries from Summit Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	223	257	264	402	156	781	198	59	272	-	-	-	-	-	-	-	-
(1) A reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets follow:
Excess of consideration paid over acquired carrying value of Red Rock Gathering
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-129,307	0	0	63,183	0	0	0	0	-	-	-	-
Pay-in-kind interest on promissory notes payable to Sponsors
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	21	2,269	4,047
Topic 606
Capital expenditures relating to contributions in aid of construction for day 1 adoption
-	-	-	-	-	0	0	0	33,123	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ASC Topic 842
Right-of-use assets relating to ASC Topic 842
0	-	0	0	5,448	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-