CCLP - CSI Compressco GAAP EPS of -$0.03 revenue of $93.97M

2023-03-10 07:13:03 ET

• CSI Compressco press release ( NASDAQ: CCLP ): Q4 GAAP EPS of -$0.03.
• Revenue of $93.97M (+17.2% Y/Y).
• Adjusted EBITDA for fourth quarter 2022 was $32.4 million compared to $26.4 million for fourth quarter 2021.
• Distributable cash flow for fourth quarter was $13.0 million compared to $9.9 million for fourth quarter 2021
• Net leverage ratio was 5.5x at the end of the fourth quarter of 2022 compared to 6.2x for fourth quarter 2021.
• Utilization at the end of the fourth quarter 2022 was 86.8% compared to 80.8% in the fourth quarter 2021.
• Distribution coverage ratio for fourth quarter 2022 was 9.2x compared to 7.0x in the fourth quarter of 2021.

• "As we look to 2023, we expect a continuing strong demand for horsepower in general but very tight supply for medium to large horsepower.  We plan to spend lower amounts of growth capital in 2023 when compared to 2022 as we want to generate free cash flow.  We will be looking to continue to improve our leverage ratio in 2023 through a combination of improving financial results and absolute debt paydown with our free cash flow.  Our outlook, using the midpoint of our guidance, would reduce our net leverage ratio to approximately 5x by year end 2023. We remain bullish on the industry as the demand for compression combined with a reduced interest in ownership by E&P companies is providing a strong backdrop for growth for the foreseeable future."

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