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SEC Filings
424B3
SUSSER HOLDINGS CORP filed this Form 424B3 on 09/02/2016
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PHILADELPHIA ENERGY SOLUTIONS LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

    Years ended December 31,  
    2015     2014     2013  

Cash flows from operations:

     

Net income (loss)

  $ 113,531      $ 143,628      $ (102,939

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

     

Gain on sale of assets

    —          —          (1,769

Depreciation and amortization

    55,444        37,646        23,201   

Impairment of inventory

    7,891        49,290        —     

Share-based compensation

    1,564        1,997        1,074   

Amortization of debt discount

    1,650        1,651        1,237   

Amortization of out of market contracts

    (3,016     (2,832     (2,568

Accretion of asset retirement obligations

    1,216        1,383        1,318   

Amortization of deferred financing costs

    3,344        5,394        3,093   

Changes in assets and liabilities:

     

Accounts receivable

    35,172        101,640        (75,884

Accounts receivable from affiliate

    (807     5,221        (1,676

Inventories

    48,262        (118,175     (25,954

Prepaid expenses and other current assets

    (20,494     (78,205     (2,007

Other long-term assets

    (4,118     (610     —     

Accounts payable

    25,281        (75,189     12,166   

Accounts payable to affiliates

    7,139        5,113        (28,223

Accrued liabilities

    44,695        82,293        51,894   

Deferred revenue

    (32,533     166,032        —     

Non-income taxes payable

    (2,786     13,216        3,280   

Other long-term liabilities

    (1,738     (2,554     (2,374
 

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) operating activities

    279,697        336,939        (146,131
 

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

     

Capital expenditures

    (187,397     (140,295     (267,871

Proceeds from Commonwealth of Pennsylvania grants

    —          22,403        2,222   

Proceeds from sale of property, plant, and equipment

    —          —          31,868   
 

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

    (187,397     (117,892     (233,781
 

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

     

Proceeds from debt

    125,000        —          545,290   

Repayment of debt

    (20,407     (7,310     (4,831

Repayment of notes payable to affiliate

    —          —          (28,179

Deferred financing costs

    (3,955     (868     (15,879

Redemption of Preferred A units

    —          —          (25,000

Payment of Preferred A dividend

    —          —          (2,594

Distributions to members

    (249,132     —          (120,546

Advances to members

    (10,396     —          (75,900

Proceeds from repayment of officer loan

    853        —          2,000   
 

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

    (158,037     (8,178     274,361   
 

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash

    (65,737     210,869        (105,551

Cash and cash equivalents, beginning of year

    338,249        127,380        232,931   
 

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of year

  $ 272,512      $ 338,249      $ 127,380   
 

 

 

   

 

 

   

 

 

 

Supplemental cash flow information:

     

Cash paid for interest, net of capitalized interest of $1,187, $1,603, and $1,874

  $ 44,733      $ 36,662      $ 23,441   

Cash paid (received) for taxes

  $ 691      $ (2,311   $ 3,732   

Capital expenditures included in accrued liabilities

  $ 8,142      $ 19,261      $ 5,652   

See accompanying notes to consolidated financial statements.

 

F-24

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