PAA Q1 2021 Earnings Report — Plains All American Pipeline, L.P. Revenue & Financial Results | Market Cap Arena

Plains All American Pipeline, L.P.PAA

Q1 2021 Earnings

Reported May 7, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2021	Q4 2020	Q1 2020	QoQ Change	YoY Change
Revenue	$8.4B	—	$8.3B	—	1.4%
Op. Income	$526M	—	-$2.8B	—	119.0%
Gross Margin	9.2%	—	7.2%	—	2.0pp
Net Margin	5.0%	—	-34.4%	—	39.5pp
EPS (Diluted)	$0.51	—	$-3.91	—	113.0%
Free Cash Flow	$694M	—	$645M	—	7.6%

Revenue Flow

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$7.6B
GROSS PROFIT	$772M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$67M
SG&A Expenses	$67M
Other Expenses	$179M
Operating Expenses	$246M
Cost & Expenses	$7.9B
OPERATING INCOME	$526M
Interest Income	$0
Interest Expense	$107M
Other Income/Expenses	-$79M
INCOME BEFORE TAX	$447M
Income Tax Expense	$24M
Net Income from Continuing Ops	$423M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$422M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$371M
D&A	$177M
EBIT	$528M
EBITDA	$705M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$8.4B
Cost of Revenue	$7.6B
GROSS PROFIT	$772M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$67M
SG&A Expenses	$67M
Other Expenses	$179M
Operating Expenses	$246M
Cost & Expenses	$7.9B
OPERATING INCOME	$526M
Interest Income	$0
Interest Expense	$107M
Other Income/Expenses	-$79M
INCOME BEFORE TAX	$447M
Income Tax Expense	$24M
Net Income from Continuing Ops	$423M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$422M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$371M
D&A	$177M
EBIT	$528M
EBITDA	$705M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$423M
Depreciation & Amortization	$177M
Stock-Based Compensation	$0
Deferred Income Tax	$23M
Other Non-Cash Items	$97M
Change in Working Capital	$71M
OPERATING CASH FLOW	$791M
Capital Expenditure	-$97M
Acquisitions (Net)	-$35M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$24M
NET CASH FROM INVESTING	-$108M
Net Debt Issuance	-$576M
Common Stock Repurchased	-$3M
Common Dividends Paid	-$130M
Other Financing Activities	$59M
NET CASH FROM FINANCING	-$687M
FREE CASH FLOW	$694M
Net Change in Cash	-$4M

Balance Sheet

Item	Amount
Cash & Equivalents	$30M
Short-Term Investments	$0
Net Receivables	$3.4B
Inventory	$484M
Other Current Assets	$509M
TOTAL CURRENT ASSETS	$4.4B
PP&E (Net)	$14.9B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$3.8B
Tax Assets	$0
Other Non-Current Assets	$2.2B
TOTAL NON-CURRENT ASSETS	$20.9B
TOTAL ASSETS	$25.3B
Account Payables	$3.4B
Short-Term Debt	$254M
Deferred Revenue	$0
Other Current Liabilities	$1.0B
TOTAL CURRENT LIABILITIES	$4.7B
Long-Term Debt	$9.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$928M
TOTAL NON-CURRENT LIABILITIES	$10.6B
TOTAL LIABILITIES	$15.2B
Common Stock	$7.7B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$9.9B
Minority Interest	$141M
TOTAL EQUITY	$10.1B
TOTAL LIABILITIES & EQUITY	$25.3B
Total Debt	$9.9B
Net Debt	$9.9B