PAA FY 2008 Earnings Report — Plains All American Pipeline, L.P. Revenue & Financial Results | Market Cap Arena

Plains All American Pipeline, L.P.PAA

FY 2008 Earnings

Reported February 26, 2009

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2008	Prior Q	FY 2007	QoQ Change	YoY Change
Revenue	$30.1B	—	$20.4B	—	47.4%
Op. Income	$594M	—	$518M	—	14.7%
Gross Margin	3.2%	—	4.2%	—	-1.0pp
Net Margin	1.5%	—	1.8%	—	-0.3pp
EPS (Diluted)	$1.32	—	$1.26	—	4.8%
Free Cash Flow	$268M	—	$248M	—	8.1%

Revenue Flow

Item	Amount
REVENUE	$30.1B
Cost of Revenue	$29.1B
GROSS PROFIT	$965M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$160M
SG&A Expenses	$160M
Other Expenses	$211M
Operating Expenses	$371M
Cost & Expenses	$29.5B
OPERATING INCOME	$594M
Interest Income	$0
Interest Expense	$196M
Other Income/Expenses	-$149M
INCOME BEFORE TAX	$445M
Income Tax Expense	$8M
Net Income from Continuing Ops	$437M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$437M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$325M
D&A	$211M
EBIT	$641M
EBITDA	$853M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$30.1B
Cost of Revenue	$29.1B
GROSS PROFIT	$965M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$160M
SG&A Expenses	$160M
Other Expenses	$211M
Operating Expenses	$371M
Cost & Expenses	$29.5B
OPERATING INCOME	$594M
Interest Income	$0
Interest Expense	$196M
Other Income/Expenses	-$149M
INCOME BEFORE TAX	$445M
Income Tax Expense	$8M
Net Income from Continuing Ops	$437M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$437M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$325M
D&A	$211M
EBIT	$641M
EBITDA	$853M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$437M
Depreciation & Amortization	$211M
Stock-Based Compensation	$24M
Deferred Income Tax	-$1M
Other Non-Cash Items	$71M
Change in Working Capital	$139M
OPERATING CASH FLOW	$857M
Capital Expenditure	-$589M
Acquisitions (Net)	-$709M
Purchases of Investments	-$37M
Sales/Maturities of Investments	$51M
Other Investing Activities	-$4M
NET CASH FROM INVESTING	-$1.3B
Net Debt Issuance	$687M
Common Stock Repurchased	$0
Common Dividends Paid	-$532M
Other Financing Activities	-$6M
NET CASH FROM FINANCING	$464M
FREE CASH FLOW	$268M
Net Change in Cash	-$13M

Balance Sheet

Item	Amount
Cash & Equivalents	$11M
Short-Term Investments	$0
Net Receivables	$1.5B
Inventory	$801M
Other Current Assets	$259M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$5.1B
Goodwill	$1.2B
Intangible Assets	$0
Long-Term Investments	$396M
Tax Assets	$0
Other Non-Current Assets	$771M
TOTAL NON-CURRENT ASSETS	$7.4B
TOTAL ASSETS	$10.0B
Account Payables	$1.5B
Short-Term Debt	$1.0B
Deferred Revenue	$0
Other Current Liabilities	$426M
TOTAL CURRENT LIABILITIES	$3.0B
Long-Term Debt	$3.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$261M
TOTAL NON-CURRENT LIABILITIES	$3.5B
TOTAL LIABILITIES	$6.5B
Common Stock	$3.5B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$83M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.6B
Minority Interest	$0
TOTAL EQUITY	$3.6B
TOTAL LIABILITIES & EQUITY	$10.0B
Total Debt	$4.3B
Net Debt	$4.3B