PAA FY 2019 Earnings Report — Plains All American Pipeline, L.P. Revenue & Financial Results | Market Cap Arena

Plains All American Pipeline, L.P.PAA

FY 2019 Earnings

Reported February 27, 2020

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2019	Prior Q	FY 2018	QoQ Change	YoY Change
Revenue	$33.7B	—	$34.1B	—	-1.1%
Op. Income	$2.0B	—	$2.3B	—	-12.7%
Gross Margin	6.9%	—	7.3%	—	-0.4pp
Net Margin	6.4%	—	6.5%	—	-0.1pp
EPS (Diluted)	$2.65	—	$2.77	—	-4.3%
Free Cash Flow	$1.3B	—	$974M	—	35.8%

Revenue Flow

Item	Amount
REVENUE	$33.7B
Cost of Revenue	$31.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$297M
SG&A Expenses	$297M
Other Expenses	$28M
Operating Expenses	$325M
Cost & Expenses	$31.7B
OPERATING INCOME	$2.0B
Interest Income	$0
Interest Expense	$425M
Other Income/Expenses	$258M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$66M
Net Income from Continuing Ops	$2.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.2B
Net Income Deductions	-$152M
BOTTOM LINE NET INCOME	$2.1B
D&A	$601M
EBIT	$2.7B
EBITDA	$3.3B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$33.7B
Cost of Revenue	$31.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$297M
SG&A Expenses	$297M
Other Expenses	$28M
Operating Expenses	$325M
Cost & Expenses	$31.7B
OPERATING INCOME	$2.0B
Interest Income	$0
Interest Expense	$425M
Other Income/Expenses	$258M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$66M
Net Income from Continuing Ops	$2.2B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.2B
Net Income Deductions	-$152M
BOTTOM LINE NET INCOME	$2.1B
D&A	$601M
EBIT	$2.7B
EBITDA	$3.3B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$2.2B
Depreciation & Amortization	$601M
Stock-Based Compensation	$34M
Deferred Income Tax	-$46M
Other Non-Cash Items	-$253M
Change in Working Capital	-$12M
OPERATING CASH FLOW	$2.5B
Capital Expenditure	-$1.2B
Acquisitions (Net)	-$574M
Purchases of Investments	-$524M
Sales/Maturities of Investments	$524M
Other Investing Activities	-$10M
NET CASH FROM INVESTING	-$1.8B
Net Debt Issuance	$416M
Common Stock Repurchased	$0
Common Dividends Paid	-$1.0B
Other Financing Activities	$66M
NET CASH FROM FINANCING	-$720M
FREE CASH FLOW	$1.3B
Net Change in Cash	$16M

Balance Sheet

Item	Amount
Cash & Equivalents	$45M
Short-Term Investments	$0
Net Receivables	$3.6B
Inventory	$604M
Other Current Assets	$349M
TOTAL CURRENT ASSETS	$4.6B
PP&E (Net)	$15.8B
Goodwill	$2.5B
Intangible Assets	$707M
Long-Term Investments	$3.7B
Tax Assets	$0
Other Non-Current Assets	$1.3B
TOTAL NON-CURRENT ASSETS	$24.1B
TOTAL ASSETS	$28.7B
Account Payables	$3.7B
Short-Term Debt	$486M
Deferred Revenue	$0
Other Current Liabilities	$733M
TOTAL CURRENT LIABILITIES	$5.0B
Long-Term Debt	$9.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$891M
TOTAL NON-CURRENT LIABILITIES	$10.5B
TOTAL LIABILITIES	$15.5B
Common Stock	$10.8B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$13.1B
Minority Interest	$133M
TOTAL EQUITY	$13.2B
TOTAL LIABILITIES & EQUITY	$28.7B
Total Debt	$10.2B
Net Debt	$10.1B