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PBF Logistics (PBFX)

Participants
Colin Murray Investor Relations
Matt Lucey Executive Vice President
Erik Young Chief Financial Officer
Chad Bryant Credit Suisse
Call transcript
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Operator

Good day everyone, and welcome to the PBF Logistics LP Second Quarter 2021 Earnings Conference Call and Webcast. At this time, all participants have been placed in a listen-only mode, and the floor will be opened for your questions, following management’s prepared remarks. [Operator Instructions] Please note this conference is being recorded. It is now my pleasure to turn the floor over to Colin Murray of Investor Relations. Sir, you may begin.

Colin Murray

Paul. you, Thank welcome and call. Good to morning, today’s me Erik Young, are the senior Lucey, other Matt President; Vice partnership’s team. Executive our management our of With members today CFO; several and

earnings you’d release, website. If copy a of it available on like is our our

like statements begin, your direct expectations release conference on in disclaimer the I’d forward-looking In summary, call attention press this the management’s in press or today’s Before the release. the partnerships that it statements future. to we to contained of outlines or state that predications and

the Our the to forward-looking factors federal There covered our expectations, statements SEC. that intended to with we’ve from many differ Safe securities be by those are results under Harbor in including provisions actual our could cause described laws. filings

release, using while be in As certain performance financial press noted the describing results. our measures and operating partnership’s non-GAAP we’ll

to to non-GAAP supplemental I’ll GAAP For over call tables measures in please the now today’s provided reconciliations the press release. Matt. refer the to appropriate of turn figure,

Matt Lucey

Thank sponsor. morning, everyone. results operated underlying our relationship of now second reflect Logistics you, of continue Colin. the through our to business XXXX. consistent and XXXX of XXXX through with the Good second well quarter quarter Partnerships strength during the in PBF

We the XXXX $XXX to million range. expect EBITDA million revenues range in be continue to $XXX for XXXX with partnership in million to the $XXX

debt funds. Maintaining respect to and marketing priorities. $X.XX to flexibility, the our allow turn policy our We'll forward the distribution healthy Our maintain alternate With with distribution it financial and down I’ll liquidity conditions, continue per net and over to review performance, that, partnership Erik. to maintain unit. consistent debt. generations of we use cash of revenues continue distribution company coverage and going Today, reduce are pay strengthening

Erik Young

$X million, limited East million joining Adjusted approximately $XX for Coast call. terminals. EBITDA partnership you, based unit compensation attributable the was reported of remediation to net on and costs Thanks today's Good everyone. morning, the which of We with partners $XX.X second environmental Thank quarter us includes income Matt. non-cash million. associated

$X.X including total CapEx During quarter, million we maintenance. spent approximately the for million in $X

expenditures ended For $XX with small We quarter $XX of to million approximately be expect repaying multiple roughly XXXX, during liquidity strategic $XXX.X we million in $X inclusive the projects. in million second the after currently million capital debt quarter. approximately in

liquidity and approximately million of Our of credit million under EBITDA Net times. X.X cash availability adjusted our a consists of to debt $XX.X balance facility. annualize revolving was $XXX

sheet. excess we've call to to and Operator expect now improve remarks, leverage strengthen cash we'll opening continue concluded open our the We using ratios the balance and questions. for

Operator

[Operator Instructions] you. Thank Thank you.

question. Spiro Our first with Suisse. Please your proceed question comes from Credit with Dounis

Chad Bryant

Chad Hi, for this on is Spiro.

guide guidance range conservative Just the starting to mentioned off you and the $XXX on guide. EBITDA you previously some in pointed million

that EBITDA of would Are half PBF would the any year million a different the the half. half of give the look on drive the the for second second first half as half the kind there of and like year annualized the in constructive we sounds EBITDA drivers versus of at year below net meaningfully outlook $XXX a in second the us of As full well. first the outlook level of year, And the it year. range is for just

Matt Lucey

going cited been that's you nothing forward, the but you, past, say in consistent So that I'd we've certainly generally conservative that--

Chad Bryant

then And growth. just helpful. I Okay, switching that's the get

million project? related to project FID dollars a sounds Chalmette could the kind you it PBF on call, like CapEx so, meaningful for soon. spent. the if progressing for any growth that you're of, or to PBFX the Do And be the see On an few is spend

Matt Lucey

visions, dollars, have it's words. possible. on a but your I based few million Meaningful certainly don't

and a commercial project. job of certainly participate Although in lot possible there's

will the now. Income Washington well, know. will widened to spectrum the discussion course, Of I in qualify but be there's don't come? will well,

course, fact. a today That's has just income. Of PBFX non-qualified zero

go have we too early that? something -- to to It's some tell. like it that way room does So,

Chad Bryant

Okay, understood. That's all I had. Thanks time guys. for the

Operator

We turn call Lucy closing Matt I to now have the end our for any of will over question-and-answer reached session. remarks. the

Matt Lucey

everyone speaking in appreciate and listening look I great again Well, day. a quarter. next to forward Have

Operator

concludes conference. This today's

You this your participation. at lines for you time. may disconnect Thank your