PAA FY 2007 Earnings Report — Plains All American Pipeline, L.P. Revenue & Financial Results | Market Cap Arena

Plains All American Pipeline, L.P.PAA

FY 2007 Earnings

Reported February 28, 2008

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2007	Prior Q	FY 2006	QoQ Change	YoY Change
Revenue	$20.4B	—	$22.4B	—	-9.1%
Op. Income	$518M	—	$355M	—	46.0%
Gross Margin	4.2%	—	2.6%	—	1.6pp
Net Margin	1.8%	—	1.3%	—	0.5pp
EPS (Diluted)	$1.26	—	$1.44	—	-12.5%
Free Cash Flow	$248M	—	-$616M	—	140.2%

Revenue Flow

Item	Amount
REVENUE	$20.4B
Cost of Revenue	$19.5B
GROSS PROFIT	$862M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$164M
SG&A Expenses	$164M
Other Expenses	$180M
Operating Expenses	$344M
Cost & Expenses	$19.9B
OPERATING INCOME	$518M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$137M
INCOME BEFORE TAX	$381M
Income Tax Expense	$16M
Net Income from Continuing Ops	$365M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$365M
Net Income Deductions	$79M
BOTTOM LINE NET INCOME	$286M
D&A	$181M
EBIT	$518M
EBITDA	$699M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$20.4B
Cost of Revenue	$19.5B
GROSS PROFIT	$862M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$164M
SG&A Expenses	$164M
Other Expenses	$180M
Operating Expenses	$344M
Cost & Expenses	$19.9B
OPERATING INCOME	$518M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$137M
INCOME BEFORE TAX	$381M
Income Tax Expense	$16M
Net Income from Continuing Ops	$365M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$365M
Net Income Deductions	$79M
BOTTOM LINE NET INCOME	$286M
D&A	$181M
EBIT	$518M
EBITDA	$699M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$365M
Depreciation & Amortization	$181M
Stock-Based Compensation	$49M
Deferred Income Tax	$0
Other Non-Cash Items	$60M
Change in Working Capital	$190M
OPERATING CASH FLOW	$796M
Capital Expenditure	-$548M
Acquisitions (Net)	-$127M
Purchases of Investments	-$9M
Sales/Maturities of Investments	$40M
Other Investing Activities	$21M
NET CASH FROM INVESTING	-$663M
Net Debt Issuance	-$54M
Common Stock Repurchased	$0
Common Dividends Paid	-$370M
Other Financing Activities	-$2M
NET CASH FROM FINANCING	-$124M
FREE CASH FLOW	$248M
Net Change in Cash	$13M

Balance Sheet

Item	Amount
Cash & Equivalents	$24M
Short-Term Investments	$0
Net Receivables	$2.6B
Inventory	$972M
Other Current Assets	$116M
TOTAL CURRENT ASSETS	$3.7B
PP&E (Net)	$4.4B
Goodwill	$1.1B
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$742M
TOTAL NON-CURRENT ASSETS	$6.2B
TOTAL ASSETS	$9.9B
Account Payables	$2.6B
Short-Term Debt	$960M
Deferred Revenue	$0
Other Current Liabilities	$192M
TOTAL CURRENT LIABILITIES	$3.7B
Long-Term Debt	$2.6B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$129M
TOTAL NON-CURRENT LIABILITIES	$2.8B
TOTAL LIABILITIES	$6.5B
Common Stock	$3.3B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$81M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.4B
Minority Interest	$0
TOTAL EQUITY	$3.4B
TOTAL LIABILITIES & EQUITY	$9.9B
Total Debt	$3.6B
Net Debt	$3.6B